It’s all about position, position, position

THE location of your business can be crucial to the success of your business.

Renting, leasing or buying premises is often costly, so you must consider which option is best for your business.

Choosing where to locate your business is a big decision that requires thorough research and planning.

The type of business that you run may influence where you choose to locate it. For example:

primary producers may need easy access to a regional distribution facility

retailers may need to be close to other retailers or tourist attractions

manufacturers may need to be located in a zoned industrial area close to major transport links.

The following information may help you find the right location for your business:

Leasing, renting and buying

Short-term renting – suitable if you expect your business to grow quickly and you will soon need bigger premises.

Long-term leasing – can give your business stability if you find a great location with an affordable rent.

Buying premises – gives you the freedom to customise your location. The premises also become an asset to your business.

Leasing premises

A lease is a legally binding contract that gives you certain rights to a property for a set term.

You should never sign a lease without understanding all of its terms and conditions. If you don't understand what you are agreeing to, you could experience serious financial and legal problems.

We recommend you ask your solicitor to explain each clause of the lease to you. Your solicitor can also help you to negotiate lease terms to suit your business.

It would be wise to consider a premises checklist including the following:

Ask your financial adviser or accountant to analyse your cash flow to help you set a premises budget.

Contact your local council for information about any legal regulations or compliance requirements (e.g. planning permits, zoning, and parking) for your suggested premises.

Ask your solicitor to investigate and explain the terms and conditions of a lease or sales contract before you sign.

Ask your insurer to read the lease or sales contract, so you understand who is responsible for insurance.

As you can see, business owners have many things to consider when choosing the location of their business and these choices will have a dramatic effect on its success.

Geoff Percy (pictured above) at Ray White Commercial is well equipped with the properties and the knowledge (after 30 years in the real estate industry) to assist you in choosing the right site for your business.

The Queensland Government is a site that can provide considerable support for businesses. Ref: https://www.business.qld.gov.au/

For assistance in finding the perfect commercial property, contact Geoff Percy, Ray White Commercial Toowoomba on 0438 424 672.