From bedroom to boardroom: finance tips to rent your first biz premises

As the internet continues its global domination, we’ve moved into an age where large commercial properties are becoming immaterial to small businesses. After all, why would a high-flying bedroom programmer feel the need to invest in an office twice the size of their bedroom?

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But it only takes a few extra employees and a number of unimpressed clients having coffee in your front room before the penny drops – a place of business isn’t a money drain, but a necessary status symbol in our increasingly aesthetic business space.

You could have a website that makes you seem like a high-flying professional, but you’ll have to illustrate that to clients on a real life, face-to-face basis.

Finances do, however, become a tight balancing act when you’re establishing a business premises. Deposits, building permits and refurbishment will all factor into your initial calculations. So it’s up to you to find the right commercial property to rent if you want to make your hard-earned investment worth it.

With that in mind, we’ve come up with a few pointers to help you move from the bedroom to the boardroom – all without falling into the red.

The right provider

Most people have nightmare anecdotes involving landlords from hell. Deposits never fully repaid, nosy flat inspections and repairmen who never bother to arrive.

So it’s important to find the right provider of commercial property before you jump headlong into a lease agreement. Look up customer reviews online to get the real scoop on your potential new property providers.

With this knowledge in your back pocket, you’ll know who to avoid and who will get you a great deal.

Know your demographic

Are your core customers ageing blue-haired grannies or big-bearded hipsters who ride tricycles to work? Not sure? Then your business will fall at the first hurdle.

Your main demographic should impact the location you choose for your business. After all, no self-respecting hipster is going to travel to the industrial sector to find a vintage clothes shop, much like no old dear will hitch a bus just to find the latest youth-oriented knitting shop.

Look for a premises that will court the customers you’re searching for and your profits will enter the stratosphere.

Buddy up

The travails of the high street are no secret to anyone. As the internet reigns supreme, brick-and-mortar premises fold. But savvier entrepreneurs have been teaming up to remedy this, sharing floor space with businesses that complement each other.

Electronic and book retailers work particularly well with coffee chains, for example. Just look at the continued success of Waterstones and Costa. And they’re not the only success stories.

With the right pairing businesses will see a marked increase in their profits – and a decrease in the price of rent.

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