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Getting The Right PremisesFinding the right premises to operate your business from is important. It’s about image and reaching out to the right sort of client. In this section we will also look at the sort of equipment you will need when you start out. PremisesYou have a number of choices when it comes to deciding where to locate your business. Working from HomeIf you provide a service at people’s homes, or perhaps a mail order or internet based business then working from home is a simple and cheap way of establishing a base. Here are some things to think about if you decide to work from home: - Make sure your family know which part of the house ‘belongs’ to the business. This is your job and if you have children you don’t want them bursting in ever 5 minutes demanding to play a game! - Make the room business-like with a desk, chair, filing cabinet etc. This will put you in the right frame of mind for work - If your budget allows, get a dedicated business telephone line installed. Ideally you will need 2, one for calls and one for the internet especially if you anticipate being a high user – you don’t want to prevent clients talking to you - If you have a garden shed you could consider converting that to an office. Obviously the security risk is higher so take the necessary precautions when you lock up at night - Check with your local Planning Authority to ensure you are not breaking any regulations. If it’s just you and a computer you should be fine but any machinery that creates a noise or fumes may be a problem - Advise your insurance company or preferably take out a separate business-in-home policy. You don’t want any arguments when you try to claim on an ordinary household policy for a business-related item. Don’t give the insurance company the chance to wriggle out it! - Will you be receiving visitors? If so consider the space this will require - Remember that you can claim a portion off your electricity bills as tax deductible items. For further details discuss this with your Accountant. There are good advantages to working from home but all the implications need to be examined. Finding Premises If your business needs premises away from your home, then you’ll have the task of finding somewhere suitable. Here are some of the points which have to be considered. - Which area? Before embarking on your search, plan in advance and decide which areas you want to base yourself in. Thinking before you go off on your search will help keep you focused. Do you want to be in an industrial or retail area? Will a Business Park be more appropriate for your type of business or are you looking for a High Street location? Are good road links important? Is parking outside your premises an important factor? - Where to search out available premises? Commercial property is not as widely advertised as residential properties are, so you will need to look a little harder. Places to check out include
By using some of these options you will eventually find something but you may have to be patient. To Buy or Lease? If you have a choice then the only option for a start up business is to let or lease, not buy. The main reason for this is flexibility: - you may quickly realise that despite all your research the location you chose is not right and you need to relocate - the business may expand or grow quicker than you thought (wouldn’t that be a great problem to have?) and you need somewhere bigger - the reason you chose the area is no longer there. For example you may have opened your shop in a certain area because it was on a busy main road but a new by-pass has reduced the stream of traffic to a trickle Owing your premises during the early years can tie you down. You need flexibility. However, if you think that buying is the right choice then you will need to get your finances arranged. You will need at least 20% cash deposit and evidence in the form of a profit and loss forecast that you can repay the loan. During your budgeting exercise, factor in all the search fees, stamp duty and Solicitors fees. If you prefer to lease or rent consider these points. - what is the remaining term of the lease? Anything more than 30 years then the cost is almost the same as purchasing the freehold and has the inflexibility of owning your own property - look for short term leases with a guaranteed period of at least 3 years including the option to cancel on either side with say 3 months notice - how often are the rent reviews? When is the next one due? Does the lease specify how the rent is reviewed, for example, does it increase by inflation or is it subject to negotiation? - who is responsible for decoration or repairs? - are there restrictions on use of the property? It’s advisable to ask your Solicitor to review all the documents before you sign or commit to anything. Equipment What line of trade you are in will obviously dictate the equipment you need. However, as a minimum you will need general office equipment such as desks, chairs, filing cabinets, fax, photocopier, telephone lines, PC, and furniture for your customer waiting area. Depending on your budget you can either buy new or second hand. Search through the on-line auction sites, local papers etc for the best deals in both new and second hand equipment. |
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Free E-Book on Setting up a Successful Small Business
If you don't have the time to go through all the steps, why not request our FREE 82 page e-book, 'Steps to Setting Up a Successful Small Business' Just complete the request form below
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Steps to Setting Up a Successful Small Business So You Want To Run a Business? |
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