Click here to get this post in PDF
As a thriving small business or successful entrepreneur, you may eventually find yourself in the fortunate position of being able to expand your offices or rent your first property and take on some additional employees. If you find yourself in this situation, an exciting period in your business’ story can be undermined by the stress of renting a commercial property. It is a complex process and there are a great many aspects that need to be considered before you settle on where you would like to establish your new offices, many of which tend to be forgotten among the enormous pile of things to think about. Here are some of the most important questions to think over before you choose a new property for your business:
Is the location ideal for your staff?
The property you purchase is not just for your business; it is also for the staff who will be working there. Business owners must ensure they are taking care of the needs of their current or future employees with the office space. This includes making sure their commute to work is as painless as possible as 13% of people find travelling to work stressful. Is the office accessible on public transport, and is there sufficient parking there or nearby? You should also consider whether it is close to local amenities your staff may require – post offices and supermarkets so they can run errands, for instance, or bars and restaurants where they might congregate outside of work hours. If your new offices can’t provide this you may lose some of your current workforce and struggle to recruit new ones.
Have you instructed a conveyancing solicitor?
With so many other things to worry about, the legal procedures involved in renting a commercial property (preparing the relevant documentation, conducting property searches and performing the handover of contracts) can feel like an unnecessary waste of time. These are best left to property conveyancing solicitors – legal experts who will be able to manage some of the workload for you and can do so with specialist knowledge of how the process works.
Is the size of the property able to match your growth?
Your commercial property is a long-term investment which you will want to use for the foreseeable future. Business owners who consider an expansion may put limits on the size of their ambitions but the last thing you want is to reach maximum capacity in a year’s time and have to move again – it is stressful enough just doing it once. Before you choose an office to relocate to, you should analyse the estimated size of your company’s growth and how you imagine your business in the not-too-distant future. Are there other departments you might need to introduce if your company continues to grow, for instance? Is any work you currently outsource likely to be brought in-house?
Have you researched the neighbourhood yet?
Just like moving into a residential property, it is important to get to know the neighbours. You shouldn’t be surprised by how many clients will look at a company on Google Maps before they visit, and if you are in an unsatisfactory neighbourhood they might take their business to a competitor that is. Where you are located says a lot about your image as a business. Would you rather work with an advertising company in the business district of a city centre or in a suburban industrial unit? It is also worth keeping in mind where your competitors are (if your competition are too nearby it might make attracting clients harder) and if there is any ongoing construction in the area that could distract the team.
About The Author
Daniel Sarath is an online writer based in the United Kingdom who has published articles about business, marketing and technology. He is also a digital marketing executive for Magnus Legal.