When starting your new small business, you probably already know the certain things that are essential for you to get started – you need to have a smart business idea, a vision, the right capitalisation, your employees, market research, business plan, etc. But one important that is often overlooked by soon-to-be entrepreneurs is their business location and premise.Commercial lease
Choosing the right location for your business premise can be a great factor in determining the success or failure of your business. A good location is important, but choosing the right one can be something of a balancing act. Of course, the business premise should not be too expensive, but ideally the location should be convenient for your employees, suppliers and more importantly to your customers. You should weigh up the advantages and disadvantages of location when deciding on a business property.
Depending on the type and nature of business you are running, the first factor to consider when choosing your location is the volume of passing trade. You also need to consider the number of competitors in the location. With the exceptions of business like the real estate which can benefit from being located in a cluster of similar businesses, for many others having too many close competitors can have a severe impact on sales and profitability.
Another factor to put into consideration when choosing your business premise is good transportation. Having good public transport links and local parking facilities make it easier for employees and customers who don’t live within walking distance.
Once you have decided what type of premise your business’ need, the next step for you is to decide whether you will buy or lease your premise. For most business, especially here in Perth, they opt leasing. There are many advantages of leasing, but there are also some disadvantages.
If you want to learn more about commercial leasing, read this: https://www.smallbusiness.wa.gov.au/business-advice/leasing-business-premises/understanding-commercial-leases