Decide where you're going to work
Whether you're an online business or need premises, you will still need a base for your business.
When it comes to running a business from home, which could be anything from a spare room to a corner of the kitchen table, there are lots of benefits, as Wendy Shand, founder of Tots to Travel explains.
Depending on what sort of business you're running, you may need to speak to the following people
- Mortgage provider / landlord
To check whether your home can be used as a workplace
To check whether you have sufficient cover. For more information, head to Get insured
To check whether there are any tax implications. You might also have a look at the Inland Revenue's site
- The Valuation Office Agency
To check whether you will be charged business rates
- Health and Safety Executive
To check whether there are any health and safety risks
- Local authority
If the use of your building changes a lot or will have an effect on where you live, you may need to apply for planning permission
If you really need to open premises for your business, picking the right space for your business falls largely into three categories: What's right for your customers; What's right for your business; What's right for your finances.
What's right for your customers?
Ask yourself the who, what, where, how, whens of your customers
- Who are your most profitable customers likely to be?
- What will they be expecting from your premises?
- Where are they?
- How will they get to you?
- When will they need to get to you?
If the answers to these questions are covered by your choice of premises, then you're on the right track.
What's right for your business?
Make a list of what your business needs.
- Do you need a lot of space to showcase your goods?
- Do you need a kitchen space?
- Do you have special plumbing requirements?
- Will you need access for large vehicles to make deliveries?
- Do you need a license – and is that likely to cause an issue in your chosen location?
If you try to find premises that already offer many of the right features, moving in and launching could be a lot cheaper and easier.
What's right for your finances?
The money side. When you're creating your budget, it should become clear how much you could afford to spend on premises, whether that's renting or a deposit and mortgage repayments. Make sure you include any maintenance costs that go along with running your business.
If you are buying, factor in all those costs that always seem to get forgotten, such as surveying costs, legal fees and any refurbishment costs to get your business premises up to scratch. Take a look at the range of commercial mortgage options that Barclays offer.
Premises in areas with lower footfall or lots of empty stores may be cheaper, but make sure you're not unwittingly choosing an area in decline.
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Last updated: over 1 year ago