When starting out with a new business it’s vital to follow a logical and methodical procedure for setting up. Finding premises is arguably the most important part of your start-up. It has to be just right for you to lay down the foundations of your business and begin to grow.
Research
Doing a lot of research before you make any moves is crucial. Make a list of criteria and business priorities for you; think about growth – where do you want your business to be in the next year or further. Look out for shops to let in your desired areas in person – nothing compares to first-hand viewing.
Make sure you check out what property to let is available in your area to give you a few ideas and get you inspired. Come up with a property specification that encompasses the following for your upcoming business rental:
- Facilities
- Size
- Condition
- Local amenities
- Transport links
- Potential for planning or renovation
The Area
Think about the demographics of your chosen area. If you’re in an area with a high degree of young people aged 16-25 for example, think about the obvious implications that will have on your business.
If it’s a student area, and your business depends on brand loyalty, it probably isn’t the best area to set up in. However, businesses that have a universal appeal like street food vendors and fashion boutiques have great potential to do really well. If your business is retail geared towards families for instance, pick an affluent area with high levels of disposable income.
Doing research on the competition you may be up against in an area is a really good way to avoid disasters down the line, and make sure you’re on top of your niche.
The Building
Ask yourself questions: what type of building do you want to be operating from? Do you even need to operate from a building at all? Look for mobile premises, industrial units to let, or other commercial property, like warehouses and shops to rent. There is a great variety of business property to rent at places like London & Cambridge Properties for instance. Certain areas are richer in commercial property to rent than others.
Businesses like street food vendors as a recurrent example in the start-up industry as they cut their costs and increase their flexibility by working in vans. Yet, a lot of mobile style start-ups have their beginnings in commercially rented property.
Finding premises is likely to be the biggest business decision you make, so ensure your research is as good as you want your business to be.
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