The first decisions you make when starting a small business may seem minor, but can be the most instrumental in determining the fate of the company in the long term.
This is definitely the case for new enterprises that need their own, distinct premises from day one. With so many pitfalls to avoid, it’s worth researching rigorously and planning carefully before doing anything else.
So what challenges of setting up a business premises do you need to overcome, and how can you go about this efficiently?
Think about security (e.g. gated access)
Managing access to your premises is crucial because you want to protect your assets as well as your employees.
Security should not come at the expense of convenience, of course. That’s where things like automatic gate openers become a good investment.
If you can control the comings and goings of people and vehicles, while also not needing to have a flesh and blood employee who’s responsible for overseeing this 24/7, you’ll save time and money.
Consider location
The suitability of the location for your business premises will depend on several factors. You’ll need to analyze things like how convenient it is to get to for yourself and any employees who will be commuting for work each day.
You also have to look into transport links and accessibility for things like deliveries or materials and machinery, as well as its proximity to your customers, where relevant.
In the case that the work you do is disruptive in terms of noise pollution, or hazardous because of the processes or materials involved, your choice of location may be dictated by local legislation.
Checking on-site facilities
The cost of acquiring a business premises can vary dramatically, and much of the cost comes down to whether or not the site is already set up to accommodate the type of work you’ll be doing.
This matters more for industrial operations, of course, but can also be relevant for office-based businesses, particularly if things like high speed internet connectivity are important.
Before you sign on the dotted line, whether to buy or lease a premises, ensure that you understand what facilities and utilities are already present, and budget for the costs of installing additional features or upgrading what’s there already.
Getting insurance
Your place of business needs to be insured to avoid common dilemmas costing you a bomb. You’ll likely need several different types of policy to cover you comprehensively and achieve total peace of mind.
Liability insurance is useful to deal with any issues and accidents involving employees and customers that occur on-site, for example. You will also want to get insured against theft, since you don’t want mission-critical equipment and assets to be stolen and leave you unable to continue operating. Insuring equipment individually, whether that’s the boiler, the production gear you use, or anything else, may also be necessary.
Comparing insurance quotes to get a good deal is a wise move, and speaking with a broker or other expert for impartial advice will help you navigate what might otherwise be a tricky process.
Looking to the future
Lastly, you need to assess how your business premises will serve you not just in the first few weeks and months, but also in the years to come.
Assuming your business grows and is successful, will your chosen location allow you to flourish and keep pace with your expansion, or will it become a limiting factor?
As with any aspect of starting a business, there’s some risk-taking involved when choosing a place to establish your operations. In spite of this, you stand a good chance of making the right decision so long as you don’t rush into it and you have the best advice available.
