There’s little more exciting than starting your own business.
You’ve discarded the corporate shackles, told your boss to stick his job where the sun doesn’t shine, and finally managed to get your own idea off the ground – but beyond the initial exhilaration, there’s a cruel world waiting for the wet behind the ears business owner.
Whilst a record 581,173 businesses registered at Companies House in 2014, more than half of new firms don’t survive beyond five years, with the UK tax system, day-to-day running costs, and stifling bank lending combining to kill off many small companies.
But your business is different.
Rather than crashing and burning in its first 60 months, it’s gone from strength to strength, hiring new staff and wisely investing its profits back into the company – and it’s time to move out of your pokey offices into something bigger.
Nevertheless, success often comes at a cost, so when you’re shopping around for new premises, there are a few things you must keep in mind to make sure you’re not spreading yourself too thin AND that there’s room for future growth.
Here’s a few pointers …
Find a Fixer Upper
Admittedly, when you’re riding the crest of a business wave, the last thing you want is to hit the shore with a shuddering shunt – and that’s what you think may happen if you were to choose a fixer upper over an all-singing-all-dancing property.
However, by hiring a crack team of shop fitters and a specialist cleaning company, you can take a ramshackle building and turn it into the workplace of your dreams – all at a fraction of the cost of splashing out on ready-to-go premises.
Use the Web
If you lack the patience for a fixer upper, it’s best to begin your search for a new property on the web. As with most considered purchases, the internet will furnish you with a smorgasbord of options, making your decision a cinch from the comfort of your favourite chair.
Indeed, by punching in your parameters on your chosen letting site, you’ll be given a selection of spaces that meet your price and square footage requirements – all you have to do next is find the time to visit the location to get a feel for whether or not it’ll suit the needs of your business.
Widen Your Net
If you can’t find anything in your preferred area (which is always a distinct possibility), it’s a good idea to widen your net and include other locations in your search. Indeed, this may even throw up the possibility of more footfall depending on where your new property is sited.
Be sure to stick to your budget, however, as the cost of a cavernous property can quickly slow your cash flow to a trickle if your business suddenly hits a sticky patch and finances begin to look decidedly shaky.