Relocating your business can present a wide range of challenges – here are our top tips to consider:
1. Flexibility v established presence
A “Licence Agreement” can provide flexibility to hire premises for a short term. The downside is that the arrangement can be terminated at short notice by the Landlord.
Leases give a greater degree of permanence and, if well negotiated, can also give a good degree of flexibility such as introducing break clauses which entitle you to vacate the property.
It can be easy to get a false picture of the cost of business premises. It is essential that you have a global picture of the cost of the premises to include not only rent but also insurance, service charges, utilities and maintenance.
3. Beware hidden dangers
Knowing the legal position on issues such as your repairing obligation can potentially save you thousands. A good lawyer can tailor the Lease to get the best deal possible. A building survey is also a good idea to flag any potential future problems.
4. Keep focused on your desired outcome.
It is easy to lose sight of why you are moving and many factors will feed into the equation. What are your future growth needs? Do the logistics of the building make it suitable for your purposes (for example can the building be sub-divided)? How important is “footfall” important to your business?
Taylor Walton is running a seminar on 28 March on Successful Business Relocations. Click here to book your place now.