Investing In New Business Property

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If you’re looking to start your own business, then it’s highly likely that your top priority will be to secure a businesspremises. This should be a property that suits your needs and helps you continually grow your business. In the world of commercial property, there are many factors to consider that will directly influence the success of your business. In this blog post, we provide a checklist for you.

Location

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Depending on the industry your business operates in, location can have a huge impact on efficiency, brand awareness and cost. Business needs will ultimately help direct where your new premises should be located, how easily can it be accessed and what it is near to.

For example, retail businesses require foot traffic and would be well suited to a busy high street or city road. However, distribution companies will often require access routes to main roads and motorways. Depending on the type of service you provide, it will also be worth considering whether there is sufficient infrastructure in the local area to accommodate a new business.

Loans

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Crucial to any successful business is proper budgeting. Securing a business loan can help push your venture forward, but it is not a guaranteed funding option. As part of your application process, you should support your financial decisions with business projections.

This will help you identify the correct amount to borrow, boost your credibility and improve your chances of applying successfully. Retaining reliable records of business income, managing a positive credit score and reducing personal debt will help to secure a loan from a business lender. This documentation will also help with your projections, as you’ll be able to display growth. Also, consider applying for business loans from reliable resources such as Kapitus, which are credible and quick in processing loans.

Insurance

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As with location, the type of business insurance you choose will be heavily influenced by the services you offer. Protecting your investment is key when your business begins to grow into a new area, new equipment is purchased, or inventory is increased.

Depending on the type of business insurance you choose, you can cover most aspects of your investment. In some cases, this can also be tax deductible. For most businesses, the most important form of insurance is Personal Liability Insurance, which can protect business owners against claims of injury in the workplace. Working with reputable agents can help your business secure the most appropriate insurance, and you should ask professionals if you have any questions.

Business Rates

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Business rates are chargeable to most commercial properties and vary depending on the location. Automatic reductions in the rate are applied in some cases, while certain properties are exempt.

Zoning/ Planning Laws

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In the UK, development of land areas resides under the control of local and regional governments. They allow land use by right, as long as the type of land is not changed. The planning of new buildings and properties is at the discretion of elected local councils and applications must be made to change the land use type of any building. Therefore, it is worth knowing what developments are underway in proximity to your new business location, as they could have an effect on the local area.

Utilities

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Regardless of the type or size of business you run, investing in new property will almost certainly incur further utility costs such as water, electricity, and gas. Projecting business costs in this area will help manage the outcome when budgeting for a new commercial location.

 

If you’re unsure of what type of property you require, or have any questions on rates, utilities or insurance, you should contact professionals or find more information here.