Obviously, where you are going to set up business depends mostly on the scale and nature of your business. If you are working as a sole trader it may be possible for you to work from home. Alternatively, if your business is going to involve more than just you, it’s likely you will have to begin the search for premises. This is where you need to consider whether to rent or buy.
Working at home
If most of your dealings with clients can be handled on the telephone or at their place of work or residence you may wish to consider working at home.
If you are working from home, it’s likely you will need to devote a room in the house to your business. While it has its advantages, it can be a lonely experience so try and build contact with clients into your schedule. Working from home can help keep costs down and saves you the drudgery of commuting.
Choosing to rent?
With renting, less capital is tied up and it’s easier to move premises as your business grows. You should ask your prospective landlord, how much will it be, when must it be paid and how often rent reviews take place to give you the chance to question how much the landlord is charging you.
Buying your property?
Buying a property is generally cheaper than renting and once you’ve paid off the mortgage the property is yours, and of course the building is yours to do what you want with – subject to planning rules of course.
Health and safety
Healthy and safe employees are less likely to take sickness absence, and being environmentally responsible can enhance your reputation as an organisation and can reduce costs in some areas such as energy bills. All companies that have more than five employees must draw up and adhere to a health, safety and environment policy. Visit www.hse.gov.uk