Starting your own small growing business is an exciting roller-coaster journey filled with many decisions. From crafting a unique value proposition to building a robust customer base, every step plays a crucial role in sculpting your success.
However, one of the most valid decisions you’ll make involves selecting the right premises. It isn’t just about finding four walls and a roof – it’s about choosing an environment that fits your needs, promotes growth, and sparks innovation while still being affordable and practical.
This article offers some helpful tips for small, burgeoning businesses on their quest for ideal premises.
Identify Your Business Needs
Before launching your search for new premises, take a beat and identify your small growing business needs. Not only should the size and layout fit your operations, but factors such as proximity to suppliers or clientele may also come into play.
It’s about finding a spot that best suits what you do and contributes positively to how you operate.
Think About How Parking Will Work
Parking is a factor often overlooked in the initial stages of premises selection. However, ample and secure parking can be a boon for both your workforce and visiting customers alike.
Think about whether your business will attract heavy traffic and consider options to control traffic with gate barrier arms for organization and security.
Remember, the easier it is for people to access your establishment without fretting over parking issues, the smoother your day-to-day operations will run.
Choose the Right Location
Location undeniably influences many aspects of your business. From visibility and accessibility to clients to the ease of sourcing supplies or drawing in the right talent, your location matters immensely.
Research thoroughly into your target market demographics, as well as traffic patterns and surrounding businesses for maximized exposure and suitability.
In essence, your location should reinforce your brand and support every aspect of operating a small growing business.
Consider Potential Growth and Expansion
As an entrepreneur, it’s not enough to consider just the present needs of your business. A good premise should offer room for expansion in tune with your growth strategy.
Will you be able to add more staff or increase inventory? Will you need an additional department in the not-so-far future?
These are essential questions when contemplating a new workspace.
Be forward-thinking about the potential of growth and ensure that your premises can accommodate future scaling without excessive costs or constraints.
Budget Appropriately for Your Business Premises
Budgeting is a paramount consideration when choosing new premises. Beyond the lease and mortgage payment, you also need to factor in costs like:
- Property taxes
- Maintenance fees
- Decor adjustments
Nonetheless… ensuring that you don’t push the boundaries of your financial capabilities when settling on a premise is strongly advised.
An affordable business property benefits both your bottom line and financial stability in the long run.
Cost-cutting is a crucial element of running a small business successfully after all. However, overdoing it defeats the purpose, so it’s good to strike a balance between affordability and the needs of your business when creating a budget for your new premises.
Security Considerations for Your Premises
A key consideration when choosing a business premise has to revolve around security. Not only does a secure location provide peace of mind, but it can also impact factors such as insurance costs.
Survey the surroundings during both day and night times, inquire about crime rates in the area, and invest in good security measures like alarms, surveillance cameras, or even on-site security personnel.
Your employees and clients should feel safe while at your premises. This will foster a positive work environment and build a trustworthy brand image.
Picking the ideal premises for your budding business is far from being a clear-cut decision. It’s a jigsaw puzzle, where elements like location, expansion potential, budget, parking accessibility, and security must fit together seamlessly.
As you venture on this journey, remember that the right premises aren’t merely a physical space; they’re an integral part of your business identity and growth story. The above few tips will hopefully help you make informed decisions that will propel your business forward.