Your business premises


If you are starting up a business you will need to think about whether you will need offices, industrial premises, a workshop or whether you could work from home.  Making the right decision is easier with the help of experts such as an accountant, an independent financial adviser (IFA) and a commercial property specialist.

If you are buying a commercial property it’s important to find the right building – for you, for your employees, and for your financial situation.  You will need to think about its location - will it be close to your home?  Does it need to have a high-street location to catch passing trade?  Will there be an opportunity to expand at a later date?  Who will look after the building’s maintenance – will it be you, a member of your staff, a supplier commissioned to take care of facility management or a landlord?

You may be thinking about setting up your business from home instead.  If so there are a number of things to think about, such as letting your mortgage lender know, as well as your building and contents insurance provider – otherwise you could invalidate your policy.

Your local authority will also want to understand how much of your property will be given over to commercial premises for certain businesses.  It’s possible that there could be very little impact on your home, especially if you’re working from one room of the house.  But if you’re setting up a business that has clients visiting you on a regular basis, then you may find that your insurance costs and possibly your council tax increases.  In certain circumstances, if your business takes up a significant proportion of your home, or if it affects the local area – because your clients need to park their cars or you have lots of deliveries for example – you may need planning permission from your local authority.

An IFA can explain how the costs involved could impact on your projected overheads, which is important to consider in advance of making a commitment to any property. When you understand the budgets involved, a commercial property specialist can help you find the right premises for your business. Find an IFA here.

Questions you might like to ask an IFA…

  • What are the implications of using part of my home as my working premises?
  • Could it be financially beneficial to rent, rather than buy commercial premises?
  • If I rent a property, how will this affect my cash flow if I’d like to buy in the future?