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3 Things to Consider When Finding a Base for Your Business
Starting your own business gives you the freedom to do something that you're passionate about, and to fit your work commitments around your family commitments. Many entrepreneurs will start out as sole traders, doing all the main tasks themselves from design and sales to order fulfilment, so you'll have to work hard if you want great results.
There comes a point, however, when you'll want your small business to grow, and that means hiring employees and finding a base for your business to work from. If you're looking at this process right now, here are three things to consider to help you find the building or office that's perfect for your business.
1. Can You Afford It?
The number one consideration when choosing a new base for your enterprise is how much it will cost. This will always be a fine balancing act, so don't rush into a decision just because you've found offices that you like the look of. If you're stretching your finances to the limit to pay the rent, then you won't have enough money to invest in stock, marketing and the other essentials that can drive your business forward. On the other hand, if your premises are too small, you could find yourself having to move again within a short space of time, doubling your expense.
2. How Much Will Your Energy Costs Be?
Businesses of all sizes are becoming reliant on ever more powerful technology, from computers to manufacturing equipment, which is one reason that power usage is increasing. Energy costs are increasing too, so it's essential to ensure that your business isn't paying more than it has to on its corporate electricity and gas bills.
If your new premises are larger than they have to be, then you could be wasting money heating it, and you should also look into the advantages that can come from energy saving bulbs and more power efficient electrical equipment. Even more importantly, you should click here to visit Utility Bidder, the site that allows you to compare business electricity and gas tariffs in a matter of minutes, meaning you can find the deal that's right for you.
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3. Is the Location Right?
Location, location, location really should be at the front of your mind when you're selecting a new base for your business. There are three location based factors to consider - it has to be in an area that has good transport links to places of population, meaning that prospective employees can easily reach you; it should also be in a place that is close to other businesses that supply products or services you need; finally, the location should inspire confidence in those that work for you, and clients and potential clients who visit you. Don't forget that your business premises can be one of the best adverts possible for your company.
The initial cost and location of the premises should always be kept in mind before agreeing to purchase or rent premises, but it's also important to consider other costs such as business rates and energy bills. When you have the right premises at the right price, you're ready to grow your small business into a larger business.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 8th September 2019.