The average SME isn’t exactly rolling in cash. Instead, they’re trying to cut corners while still maintaining at least a semblance of amazing customer service.
But if you’re a business owner who’s struggling to make ends meet, there’s one element of your company you can’t compromise – your working premises.
Just like a great product, your working space will leave a lasting impression on customers. And it’s up to you if that impression is good or bad.
Luckily for you, we’ve put together a few tips to help you understand the property purchasing process a little better.
Take a look and you might even pick up a bargain on your next place of business.
Consider transport links
Are there buses, trains or other cheap forms of transport near your chosen place of business? If not, then you could be missing out on a huge amount of custom.
The rule’s simple – the higher the number of nearby transport links, the greater the amount of footfall you’ll receive every day.
What’s your target demographic?
Are you aiming your products at rinse-haired grannies or tie-dye wearing teens? Don’t know? Then your business is already in a lot of trouble.
The age and interests of your customer base could significantly alter where you locate your business, so thoroughly research buying trends in your local area before you sign a lease.
Is parking adequate?
If your business doesn’t have a car park nearby, footfall might again be affected. The closer a car park is to your premises, the greater the likelihood you’ll receive visitors.
Can you afford it?
This might seem like an obvious one, but you’d be surprised by how many new business owners forget to factor in utilities alongside their rent when leasing a new property. If you don’t consider electricity, internet and council tax bills alongside wages and rent, you could find yourself in a financial black hole.
You might think you’ve looked over a property thoroughly but have you really checked every nook and cranny?
It’s easy for some letting agents to paper over faults in the property they’re renting, so look for a company like Town Door which will fully refurbish a premises before tenants move in.
Scope out the competition
If you’re a tool shop, chances are you don’t want a Homebase on the other side of the street. This is true for almost any company – unless you’re especially confident about your product, you don’t want competitors leaving you in the shadows.
Can you expand on it?
Moving premises whenever you want to expand your operation is no one’s idea of financial prudence. Make sure you choose a property that can be easily expanded upon, and you won’t have to worry about moving, at least for a little while.
So that’s our list. Can you think of any other great tips on finding the ideal business location? Then let us know in the comments below.