Choose the right location for your business premises

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Your business premises can make or break your business, the location should be convenient for your customers, employees and suppliers - without being too expensive. You should weigh up the advantages and disadvantages of location when deciding on a business property.

Budget - Your rent or mortgage payment will not be your only monthly bill – various overhead costs will inevitably drive up your payments. Before making a final decision, you should fully investigate the property’s utility rates, along with local business taxes, insurance premiums, and security costs.

The Look and Space - Appearances are always important in business. However, your property must also be able to meet your specific requirements. You should also assess whether the building is large enough for your purposes, from parking to operations, try to choose a property which can absorb your growth.

Operating Legally - There are a number of legal issues to consider when choosing a new business location. The building complies with all legal regulations – from fire and ventilation, to heating and space. Are there any waste disposal issues? Will your suppliers be able to unload products easily, or are there local time constraints?

Location, Location, Location - Your ideal location will depend entirely on the nature of your business. If you rely on passing trade, you should look for premises in an area of high footfall. However, companies which need a lot of storage space should consider an out-of-town location. The location of your enterprise can determine whether you succeed or fail, so do your research, take your time and make sure it is the right choice.

Your premises should help you to operate effectively without excessive costs. You should avoid being tied to premises that might not suit you in the future. Different options suit different businesses. By taking into account all the relevant factors, including legal issues, you can identify suitable premises at a location that meets the needs of your business, your customers and your staff.

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John O'Donnell
Business Finance Manager
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