How to Choose the Right Property for Your Business
Moving your business to a new site is a tricky task. With so many factors to consider before committing, it can be easy to lose sight and focus of what you need and why you’re making a move if you’re not prepared and organized before you start browsing what’s on offer.
By taking some extra time to fully appreciate what it is you’re looking for, why it is you’re moving and the many variables that can impact cost and viability first, you can save yourself from making any mistakes or commitments that could cause long-term harm that would’ve been otherwise avoidable.
Budget
Staying within a predetermined budget might seem like an extremely obvious point, but with so many businesses allowing spiraling costs to get away from them, it makes more sense than ever to operate within your means.
With so many plush, modern office spaces popping up, you’re more than able to shop around for the best fit, and ensure you’re getting the very best facility for what you can afford, without settling for less or overstretching for something that might prove to put more strain on your finances than it really ought to.
Location
This is entirely depending on why you’re moving – is the adjustment inspired by a change of requirements, or is a full-scale relocation the thinking behind taking the business elsewhere? It’s important to get those ideas and needs down on paper before you start looking, as you could be wasting time or get persuaded by somewhere that isn’t actually right for what you need.
Location choices can also greatly amend the type of price you’re looking at paying, too. City centre space is far dearer than being further out of the way in a suburb, and larger cities are naturally more expensive to be based within than a smaller town would be.
Again, if you decide first how important which locations are to your business needs, that will make shortlisting potential options all the easier.
Buy or Rent?
This is a major factor, and something you should have decided well in advance of even looking at potential sites. Buying a site is a real commitment to all that has come before: budget, location and what you require from the space itself. Not a step that many businesses choose to take, it can be an option for those located out of the way or needing specialized equipment – like a mechanic or manufacturer of some sort.
For most companies though, renting is the more likely route, especially in the leasehold office blocks most businesses find themselves in. In this case, you want to take extra care to look at the terms of the lease, including how long you have it for, any incremental price increases and if you have to pay and group service fees, which isn’t an uncommon clause.
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