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Premises and leasing
The location of your business can be crucial to the success of your business. Renting, leasing or buying premises is often costly, so you must consider which option is best for your business.
Choose a business location
Thorough research will help you to find the most suitable and best-value location for your business.
Learn more about finding the right location for your business and use the sample checklist to help you compare business premises.
Leasing, renting and buying
- Short-term renting – suitable if you expect your business to grow quickly and you will soon need bigger premises.
- Long-term leasing – can give your business stability if you find a great location with an affordable rent. Learn more about leasing premises.
- Buying premises – gives you the freedom to customise your location. The premises also become an asset to your business.
- Home business – working from home lowers your overheads and can give you more of a work-life balance. Learn more about starting a home business.
- Online business – operating an online business may reduce your need for a shopfront, lowering your overheads. Learn more about doing business online.
- Ask your financial adviser or accountant to analyse your cash flow to help you set a premises budget.
- Contact your local council for information about any legal regulations or compliance requirements (e.g. planning permits, zoning, parking) for your suggested premises.
- Ask your solicitor to investigate and explain the terms and conditions of a lease or sales contract before you sign.
- Ask your insurer to read the lease or sales contract so you understand who is responsible for insurance.