When your business gets to the stage that you can move into your first industrial premises everything will start to feel that bit more real and a whole heap more tangible. It marks expansion, profit, and the beginning of good things to come. It doesn’t mean you’re out of that difficult early years stage where everything can still fall apart, but it does suggest that you’re not completely off track either. |
And it matters for two reasons. Many people will get over excited with the idea of moving into some brand new industrial premises, and start looking at the biggest and most expensive options available. For fairly obvious reasons, this isn’t the best idea. You’re still not a huge and well established company, and the chances are you don’t need that space either. The smaller the space the cheaper it will be, and usually out of town locations offer better value as well. There doesn’t need to be a lot going on, just enough space for your basic setup and to keep you going for at least the first year.
While you’re going to want a bit of room for expansion, don’t go wild. If you can get away with it, it isn’t a bad idea to share with another business when you’re first starting up, paying only for the space you’re actually usually, and splitting the costs of bills and boardrooms, a receptionist and security.
Think about style
Be practical here. What sort of business are you running? For offices, the hot desking option is usually a good first foray into the world of industrial premises because it allows you to grow at your own speed, and only pay for the space you need and use. There is no need to move out of the offices immediately when you take on new staff because you can simply add another desk to your rent package. As you grow this will cease to be a cost effective way of renting industrial premises, but in the early days it can save you thousands.
Budget, budget, budget
If you’ve managed this long without offices, the chances are they’re not entirely desperate yet. Think about how much you can afford to spend on rent and other associated costs very carefully before you rush into any sort of leasing agreement. If there’s nothing you can afford on the market at the moment, play the waiting game. As other companies grow they will move out of the small offices, freeing up the space for you.
Joseph works for Oaktree Partnership, a commercial lettings agency in Norfolk. While he isn't working he enjoys blogging and writing articles on tips about choosing the perfect commercial property or industrial premises for your needs.
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