Jun 05, 2016
The first few years of operation for any new business are an unpredictable period. It’s exciting to watch your business grow, but ensuring that you can meet this newfound demand can also be stressful. When you can no longer get away with simply storing your inventory in your garage at home, it’s time to start searching for an industrial unit for rent. Here’s what you need to know.
Deciding Whether to Buy or Rent
The first question you have to ask yourself is whether you should be looking to buy or rent. In the long-term, buying will often prove to be more cost-effective, but it will require significant capital upfront, especially if you’re shopping in major cities like London. You’ll likely need to take out a mortgage on the property, so think long and hard about whether the premises is worth this kind of commitment. For startups or small businesses, finding an industrial unit to let is typically much more realistic. This will allow you to be more flexible, which could critical be in fast-paced, unpredictable markets.
Establishing Your Required Feature Set
When looking at your options, it’s important to establish a required feature set early on. This will be different for every business, but the major factors will be location, security, and size. The location of the property needs to provide you with sufficient transport links, so you can easily access your inventory when you need it. Ideally, you’ll be able to access the premises 24/7, 365 days a year, including national holidays, but you may need to make some compromises depending on your preferred location. Secondly, you should pay close attention to the security features that any industrial units for rent offer, including CCTV cameras and adequate security fencing.
Calculating How Much Space You Need
Finally, you need to calculate how much square footage you’ll need. This can be difficult because your business is still expanding, so you don't want to put yourself in a position where you’re looking for another industrial unit for rent in a couple of years. To prevent this, look for a provider that offers you flexibility with the ability to scale your square footage as needed. Having the ability to increase your floor space during the busier parts of the year, while downgrading it during the slower months, is ideal for not only seasonal businesses, but any small business operating in competitive industries.