The Small Business Specialists
Phone: 13 12 49
Selecting the right option for accommodating your business is one of the most important decisions when getting started. A great location can help improve sales and productivity, attract the right kind of clients and good employees.
The location you choose will depend on the nature of your business, for example: retail, manufacturing, or professional services. It will also depend on your target market and consumer demographics such as age, gender, income, lifestyle and whether you need to see clients or customers at your premises.
You should already have an idea of who your customers are from conducting market research. This research will help you locate your business in an area where you are likely to attract the most customers.
Generally, you have four options for accommodating your business:
It is strongly recommended that you seek advice from your accountant or financial advisor about the viability of each option for your business in relation to your personal financial circumstances, and obtain legal advice before entering into any agreement to lease or buy commercial premises.
If you are starting out, it may be possible to operate your business from home until you become more established, especially if you provide a service.
You need to consider what facilities you require for your home-based office. This will depend on whether you operate your business from home or at home. Read more...
If you are starting a new business, or have outgrown your home office, you may find all the space and flexibility you need in a business incubator unit.
Several Small Business Centres throughout Western Australia offer premises to emerging small businesses at competitive rates. Some offer shared administration facilities or meeting and training rooms. Tenants in business incubators also have easy access to free assistance and support services provided by the Small Business Centre or incubator manager. Read more...
Leasing commercial premises does not require the large capital investment necessary for buying premises. Once the lease expires you can leave the premises without any further financial commitment. If you decide to end or relocate your business before the lease expires, you may have the option to sublet or assign the lease.
However, security of occupancy extends only until the lease expires and your business may suffer losses from business disruption and loss of client base that often result if you need to relocate. Generally, leases commit the tenant to increases in rent despite how well their business is doing. Also, If you don't have an investment in the property you don't benefit from capital gains. Read more...
In some cases it could be more cost-effective for a small business owner to purchase a commercial property instead of leasing it. Buying commercial premises is a major financial investment. However, depending on your individual financial and personal circumstances, you may be able to make such an investment. Read more...