Top 5 factors to consider for startups when investing in new property
From recruiting the right staff to successfully marketing to a target audience, start-ups face many challenges. One challenge many startups face is finding the right premises for their business. When located in the right property, startups can start to develop their business and begin to thrive.
Naturally, there is a whole host of aspects to consider when investing in new property for your startup. MTX Contracts – modular healthcare building specialists explore the top five factors to consider for startups when investing in new property.
Location
One of the biggest factors to consider when investing in commercial premises is the location. Whether you’re looking for modern office space for a small team, or a large warehouse to house equipment, products and a 50-strong workforce, the location of the premises is a crucial factor in nurturing business success.
“Finding the right small business premises and business location is a key step in starting or expanding a new business.”
Consider various elements such as does the premises need to be located in an urban environment? Is the building situated near motorways and public transport, meaning employees and clients can conveniently travel to the building? How close to amenities such as cafes for lunches and shops for picking up office essentials like milk and teabags, is the building?
The size of the building
You might be a startup with a five-man team now but where do you want your company to be in three, five and even ten years’ time?
When investing in new property for your startup, the size of the building should be carefully considered. Whilst purchasing or leasing a building that is too spacious for your immediate needs might seem like an unnecessary cost, it is important to contemplate how much growth you perceive the business will enjoy in forthcoming years.
In this sense, devising a growth strategy plan prior to investing in commercial property might be a good idea. In the plan, consider how may new clients and staff you aim to take on in the next few years. Investing in premises that has the potential to accommodate for a growing business might be a shrewd move. Committing to a small building for the next five years or more could create problems further down the line.
Do you require a modular building construction?
When investing in commercial property for your startup, you may opt for a modular building construction. This type of construction process involves the off-site manufacturing and the on-site assembly of complete buildings. The buildings comprise of sectional ‘modules’, made from steel frames.
One of the benefits of a modular building construction is the fact these buildings are manufactured in factory conditions and, consequently, are not exposed to potential adverse weather conditions and other issues on-site buildings can be affected by.
Style of the interior décor
The style and overall look and feel of a commercial property speaks volumes about a business. With the right décor, an office or other commercial premises can enhance a brand and reflect its identity and personality in a positive way.
This can be particularly important for startups, which need to make a mark in their particular niche. With the right interior and décor in its commercial building, a startup can develop its brand.
When investing in new property for your startup consider the existing interior design of the building. Does it reflect your startup’s personality or brand? If it doesn’t, it may be a good idea to look elsewhere, or, at the very least, consider whether it would be within budget and timeframes to refurbish the interior so it does correspond with the image you are striving to create for your startup.
IT infrastructure
A business’s IT requirements significantly depends on the nature of the business. Whilst some start-ups rely on a complex IT infrastructure, others need considerably less technology to carry out its business operations.
When investing in a building for a startup, the IT infrastructure of the premises will need to be carefully considered. Does the building have everything in place for your business to operate immediately? Or, if it doesn’t, is there capacity to install the correct IT infrastructure and what would be the timescale involved with making the IT updates?
It is essential that startups find the right building and location to help take their business further. Doing your homework before you make this vital business investment could save you a significant amount of time, money and anxiety in the long-term.
By MTX Contracts – modular healthcare building specialists. MTX Contracts are innovators in the construction of high-quality modular buildings, designed to help start-ups succeed from day one.
