When you begin to lay out your plans for a new business, it is an exciting time to say the least. You are entering a new phase in your life and if you succeed it could make you financially comfortable for the rest of your life. The basic principles for a new enterprise are the same whatever the product or service you provide to your customers.
Property can be problematic if you don’t consider all of the variables. You need a suitable location and building from which to launch your operation. Luckily, the country is full of them, so you have a vast resource from which to choose.
We are going to investigate ways to help you find the best property today, so that you can concentrate on doing what you do best; business.
A Suitable Location
Just as for those buying a new home, location means everything to your business. For a large factory or warehouse, there must be suitable and convenient access by road. An area close to a motorway junction is ideal for lorries making deliveries and collecting goods. On the other hand, the residents of a small village may not appreciate such vehicles travelling through their high street to reach you.
If you are opening a small retail establishment, you face a dilemma. Do you find a premise on the high street or in a side road? You would think the answer is obvious. Think again because the financial implications could scupper your business plans.
When you find a suitable building in an estate agent in New Milton, ask what the current rateable value is. You will find that the business rates for a property in a prominent position will be much higher than those that are away from the main road. That is because the local authority will expect you to make a higher profit there. There is a small business rate rebate in operation at the moment, but you can’t guarantee that the government will renew it next year. Excessive business rates send many companies into bankruptcy. You can reduce them by finding a building in a less favourable position.
You can either buy the property outright without taking out a loan; take out a mortgage or rent. Most new businesses have to rent a building and that it’s a positive thing in many ways. The monthly cost is easy to factor into your outgoings. Maintenance and repairs are the responsibility of the landlord, so you shouldn’t expect any surprise bills. Of course, if you have the money to buy premises outright, you might benefit from the security it provides.
Imagine for a moment that your company becomes successful overnight. Do you have the space to take on extra employees and machinery? Sometimes it is better to overestimate your requirements so that you don’t have to move when expansion becomes inevitable. The upheaval can have a negative effect on your enterprise.
A suitable base from which you can build an empire is essential. You have a lot to think about but if you factor every variable into your business plan, you can succeed. Planning is the answer to everything when you start a business, so leave nothing to chance. The right property is out there; you just have to find it.