As the owner of a new business you face many important decisions. One of which is deciding on where to base your business, and it can be a very difficult decision to make. You will need to ask yourself such question as, is it a viable option to operate from home? Will I need a warehouse for stock? What does all this mean for my small business insurance policy?
For office based business, working from an official office space is likely to project a more professional image, but before your make the move ask yourself: Do I have the budget to rent/let a commercial property? How much space do I need for employees? Will clients be visiting my site for meetings? How important is an office to the image of my business? Should you determine that your business can successfully function from a home office, it is still possible to hold client meetings in a more professional setting by renting out workspaces or meeting rooms in hotels.
If, after assessing these various factors, you decide that the best move for your business is to buy or rent an official office or trading space, there are yet more things to consider. For offices, location is an important but not pivotal decision, however for businesses such as restaurants and shops you should measure the amount of foot traffic the area is exposed to, how plausible or necessary a position on the high street is, proximity to car parking and much, much more.
It is also a good idea to conduct thorough research into local competition, the population of an area, how accessible it is, and the costs that are involved with the type of business you run and the type of customers you are hoping to attract. All of these factors should help to form your decision of where to move to.
When it comes to deciding on how much space you require, there are certain guidelines that have been laid out by the Health and Safety Executive (HSE). It states that employees require enough space in which to move around freely and that each business will have a minimum requirement. To work out the minimum for your business, divide the volume of the empty space by the number of employees. If there is less than 11 cubic metres per person then you will need to find a bigger space.
For office based business, working from an official office space is likely to project a more professional image, but before your make the move ask yourself: Do I have the budget to rent/let a commercial property? How much space do I need for employees? Will clients be visiting my site for meetings? How important is an office to the image of my business? Should you determine that your business can successfully function from a home office, it is still possible to hold client meetings in a more professional setting by renting out workspaces or meeting rooms in hotels.
If, after assessing these various factors, you decide that the best move for your business is to buy or rent an official office or trading space, there are yet more things to consider. For offices, location is an important but not pivotal decision, however for businesses such as restaurants and shops you should measure the amount of foot traffic the area is exposed to, how plausible or necessary a position on the high street is, proximity to car parking and much, much more.
It is also a good idea to conduct thorough research into local competition, the population of an area, how accessible it is, and the costs that are involved with the type of business you run and the type of customers you are hoping to attract. All of these factors should help to form your decision of where to move to.
When it comes to deciding on how much space you require, there are certain guidelines that have been laid out by the Health and Safety Executive (HSE). It states that employees require enough space in which to move around freely and that each business will have a minimum requirement. To work out the minimum for your business, divide the volume of the empty space by the number of employees. If there is less than 11 cubic metres per person then you will need to find a bigger space.
About the Author:
Betty Friggott writes around a range of business and finance topics, including business insurance.
