Are you looking for business premises but have not been able to find what you want? Maybe you’ve decided to build your own so you can get it just right. Or maybe you plan to build to rent to other business people? Whatever your reasons for taking on a business build, here are four essential elements you’ll definitely want to ensure you’ve got right before you get started.
There is a story that Charles Forte, who was of Italian descent but lived in the UK, was looking for a location for his first ice-cream parlour. He went to four or five different places, sat down and then proceeded to count the number of people who went past in an hour. He returned at different times, on different days, until he knew approximately how many potential customers would pass each location each day. In the end, he chose Leicester Square and the rest, as they say, is history. From that one location, he built a multi-billion pound hotel group. Location is king.
You need to know exactly how much you need to pay and how much you have available to spend. Once you have worked out what you need to spend, add another 20% on top of it. Now, look at what you have to spend and see if they are more or less the same number. If your budget is dramatically lower than what you need to spend (+20%), then you are going to have to rethink things. You may think a 20% contingency fund is high, but even if that is a worst-case scenario, it’s better to be over-prepared for emergencies, than under-prepared. On any build, there will always be ‘extras’ that crop up along the way.
Once you have found your ideal location, you will want to find your ideal architect and builder. Unless you are an architect and builder yourself, you’ll need people to this for you. A good architect and builder will help you find your way through the maze of red tape and regulations that have the potential to tangle builds up for years at a time. Whilst you may not always see eye-to-eye with your building team, it’s important to have a good working relationship and a healthy respect for those charged with making your vision a reality, as your building project will pay the price otherwise.
Finally, it goes without saying that you will need planning permission for your new business premises. If you live in an area where planning permission is frustratingly difficult, then you may want to consider hiring a town planning consultant who will be able to guide you through the entire process. While you may think that this is an unnecessary extra cost, you could find that you end up saving a lot more than you spend with an experienced and qualified town planning consultant. They are worth their weight in gold.
Building new business premises, whether for you or as an investment in the future, is an exciting step forward. Even though the process can be long and you will undoubtedly face obstacles along the way, the rewards make it all worthwhile.
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