How To Choose The Best-Fitting Premises For A New Venture

When you’re starting a new venture, there are many things you need to consider to make it a success. It might be that you need it in a good location where people will find you, you might have a specific budget you need to stick to, or perhaps you want to think about the sort of premises you’re after.

Here are some top tips to help you choose the best-fitting premises for a new venture.

Decide if you want move-in-ready or a fixer-upper

The two main property conditions are ones that are ready to move your business straight into, and doer-uppers. There are pros and cons to both and it’s a totally personal decision which one you opt for. Those that are ready to move in can be good as you don’t need to do much work, but they can come with a higher cost. If you choose a property that needs to be done up, it can be cheaper, but then you need to factor in funds for both cosmetic and potentially structural issues that might arise with the property. Think about where you want to spend your money, and if you have the time to do the work. 

For example, if you’re going to renovate an older church to attract people to visit, whether for worship or activities like youth clubs, consider adding elements like outdoor digital signs for churches. This can help showcase what you're offering to those who walk by. This same logic applies to shops, restaurants and salons, you just need to be savvy and think ahead at all times. And be sure to set aside a budget for marketing!

Don’t rush into anything

Buying or renting a property for a venture is a huge decision so you don’t want to just rush into it and end up making a mistake. Instead, make sure you take time to look through everything and ensure it’s a decision you’re making for all the right reasons. You want to ensure the location is perfect for what you need it for, that the property will serve you for what you need, and that you consider the wider picture.

Scope the area out before you move

If you have no clue about an area, but you have found a property for your venture there that you love, it’s a good idea to scope out the area before you move. There are many elements you want to think about, from how safe it feels when you are wandering around, to what facilities there are. You could book a hotel and stay overnight if you aren’t from anywhere near, or just go for a day. Take the time to scope out the area, speaking to locals, visiting shops and just getting a feel for it. This can really help you know if you’re making the right choice.

These are just a few things you should consider before you choose the best-fitting premises for your new business. Whether you’re moving somewhere new or to a place that needs to be renovated, you’ve got a lot to think about and you want to make the right choice. From a church, to a hotel, to a sports hall, the main elements are the same when you want to succeed in the long term.