You know that you’re on the right track if your small business is ready to make the jump from online to a commercial property. It won’t have been an easy journey, especially given everything that UK businesses have been through over the last couple of years. Moving to a physical location is one of the best demonstrations there is that your big idea is working and working well.
But a physical, brick-and-mortar location comes with a few hazards. It’s not always the easiest process to find the perfect fit for you. The chances are that it’s not going to be like that scene in the movies where you will just stumble across a dream location that just happens to be available. The process of locating, securing, and setting up a commercial property may well end up being a bit of a grind. Any preparation that you can do ahead of time will stand you in good stead, so let’s get started.
Know Where Your Customers Are Based
It doesn’t really matter if you love the commercial property space you’ve found if your target audience isn’t anywhere near it. This may matter less if you’re looking for office space, for example (although the location for employees will be covered in just a moment), but if you’re depending on people coming into your location and spending money, then you need to know that it’s going to be easy for them to get there. You may need to make some sacrifices in other areas if you’re going to be relying on footfall.
Identify Your Budget
The question of price is always going to be looming when you’re taking on a physical location. The property market in the UK has been more than a little turbulent in recent years, but even if the upfront cost is low, remember that you may need to put a lot of work into the property itself to bring it up to the standard that you want. You need to figure out exactly how much you have available to spend before you start looking at potential locations. There’s a good chance that you will end up going over your ideal total, but you must have that firm ceiling. Even if the cost of living does eventually come down, this is still a very tough time for businesses.
Find Good Contractors Now
You’re going to have to deal with contractors sooner or later when you’re taking on a commercial property. From the electrics to the plumbing, you simply can’t afford to leave this until the last minute. Regular servicing is the best way to keep everything running smoothly and to avoid the risk of any major issues surfacing without warning. Take your washrooms as an example. Having issues here could cause health and safety problems, it could inconvenience your customers, and it’s simply essential to have clean working washrooms if you have employees on site. You need to find a washroom servicing company that is reliable, that has good reviews and is upfront about their washroom management costs. Woosh is a trusted washroom servicing partner that offers bespoke price agreements, and they’ll only promise what they can deliver.
Accessibility For Employees Is Important
Following on from the point about whether or not your customers will be able to find you, it’s important to remember that your team is going to have to get to the site easily too. The location of your property might not seem like it would be a major factor in your search for good employees, but it’s worth thinking about given the skills shortage in the UK. If you can offer a place of work that is near local transport links, then you have a much better chance of finding people who live nearby. Being near places where they can grab a bite to eat or relax on their breaks is also worth thinking about.
Decide If You Want To License, Lease Or Buy
This is one of the biggest questions for small businesses looking at commercial property. Licensing a property means that you will generally have an option on the space for a fairly short amount of time, and it will often be up to the landlord to take care of it. This is often a good option for anyone looking to share office space in a managed building, for example. There can sometimes be local financial incentives for leasing to give new local businesses a bit of a boost. Leasing is a more common option because it gives you a lot more freedom when it comes to making alterations to the property in question. However, it’s worth noting that this is a longer-term commitment, and you may end up paying more than you might want if property prices continue to fall, and depending on where you are. Finally, there’s always the option to buy. As you might expect, this is less common because it’s a massive financial commitment, and there’s no one to call if something goes wrong on the premises. You should talk to a financial advisor if you’re not sure which of these options is the right fit for you.
Let People Know Where You Are
This is particularly important if you’re opening a shop, but it’s true for offices too. This is a major investment, and it should result in an uptick in business if everything goes right. So, you can’t be shy about shouting about your exciting new location. If you are opening a new shop, this is a journey that you should hype on your social media. Get posting about the process of converting it into your brand-new home, and make sure that you keep people up to date on when you will be open. Find out if there are any websites or other local businesses where you can flag up your new location. A flyer campaign might seem a little old-fashioned these days, but it can be surprisingly effective. Encourage people to leave reviews when they visit. Remember that some people might just stumble across your property by accident, but the vast majority will need to be told.
