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Premises
Will I have to change premises if I grow my business?
Not necessarily. It may be possible to extend your current premises. However, if this is not possible, you may have to move to larger premises if you need to:
- Store more stock or raw materials
- Provide space for more staff and visitors
- Invest in more machinery
How do I choose new business premises?
First, make a list of what you need your new business premises to provide. For example, you will need to think about the following:
- Size, layout and appearance of your premises
- Special requirements, such as employee/visitor facilities, power, drainage, and planning permission
- Location
- Your budget
Once you have done this, you can decide if you want to rent or buy.
I think I may rent bigger premises, what do I need to consider?
You will need to know:
- Rent and deposit costs.
- Business rate costs.
- The length of your rental contract. You don’t want to be tied in for too long, or have to leave when things are going well.
- If you have the right to renew your rental contract.
- Who will be responsible for maintaining the premises.
- If you will be allowed to decorate, make alterations or move things around.
Is buying bigger premises a good option?
Buying business premises can be a good idea in certain circumstances, for example, if you want a shop combined with living accommodation. However, there are a number of advantages and disadvantages to consider, for example:
You will need capital to buy premises which will reduce the amount you have to invest in your business, and you will be committed to various ongoing costs associated with the property. Generally, buying involves more risk than renting.
However, advantages include not being tied to a fixed term renting lease, and having more freedom over how you use and manage the property.
Where can I get more information?
Register with us now to benefit from the professional expertise of one of our 200 highly experienced and knowledgeable business advisers.
Find more detailed information about choosing business premises on the national Business Link website.