Got A Growing Business? Here’s How To Find The Right Premises For Growth
If you have a growing business, it is critical to find the right premises for growth. Without it, you’ll be spinning around in circles, never making any progress.
Whether you’re looking for a factory, retail outlet or workshop, there are some essential principles you should abide by. Check them out below.
Work Out The Optimal Lease Length
As a growing company, your space needs are going to change dramatically over time. For that reason, it’s essential to consider the lease length that you will need.
Most real estate firms will push for the longest leases that they can to improve their profits. The longer they can lock a company into a contract, the less advertising, marketing and changeover costs they have to bear.
But, from the perspective of the buyer, that’s not a good deal, especially if you have a growing company. What you want is a space that offers you a good lease length, but that will end in time for your move.
Jacob A. Kupp is a veteran of the commercial property market. Companies with a high rate of growth should choose shorter lease lengths to match their growth trajectories. If that means paying a slight premium in some locations, then so be it. That’s the price of flexibility.
Find A Location That Suits Your Employees
The next step is to find somewhere that is actually a great place for your employees to work. Ideally, it should be easy to get to. It should also offer them the features that they need. For instance, it should offer bike racks and showers for employees who cycle to work.
It should also offer some forms of outdoor space. Many employees will also appreciate being close to shops. It may even encourage them to stay for longer.
Find Somewhere Large Enough To House Your Growing Staff
Growing firms also need to consider practical things, such as whether they have the necessary space to house their growing staff. You want a space that will provide sufficient desks for a growing team over the course of the lease. Piling workers on top of each other is never a good idea and could lead to all sorts of problems in the office.
You want to aim for around 200 square feet per person. You can whittle down this figure in some settings, but it does make things feel a little cramped.
If you’re having trouble with this, you can also transition some of your employees to remote work. This strategy may be able to free up space in the short run (or at least until you wait for the lease to expire).
Look For Good Footfall
If you have a customer-facing business, you’ll also want to find a location that offers good footfall. You need somewhere where customers can easily find you and interact with your services. Locations with great footfall tend to be expensive. But there are many examples of cheaper areas that are just off the beaten track that offer companies exceptional value for money.
Categories: Outside Contributors