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Compare business premises
Finding the right location for your business may take time as you research and compare several premises. Comparing premises will help you to find the location that is the most suitable and best value for your business. Consider the future.
Think about the future needs of your business. If you find a location that gives you the space or option to expand in the future, you can avoid the expense and time of relocating your business later. You may also be able to negotiate discounted rates with your landlord if you lease another warehouse in the same complex, or a second floor in the same building.
Investigate the lease
When comparing premises, you should also compare the lease documents. Leases are legally binding, so ask your solicitor for advice on the terms and conditions before you sign. Your financial adviser or accountant can analyse your cashflow and expected earnings to help you set a budget for leasing premises.
If you are comparing leases for different premises in the same area and the rent for one is much higher than another, find out why. A higher rent may indicate a strong traffic flow of potential customers, generating a higher income.
A lower rent may not be a bargain if the location generates less income for your business. Also, read the lease carefully to see if the low rent is only for the first year, with a clause allowing a big increase for the remaining years of the lease.
Remember, comparing leases involves more than just looking at the rent for each premises. You should also consider additional expenses such as:
- the lease terms and conditions
- renewal options
- any restrictions the lease may impose on your business.
Learn more about leasing premises.