Consider start-up business costs for commercial premises

Tuesday 22 January 2013

Business

When starting a small business, it is important to be aware of where initial costs may lie, it has been claimed.

Writing for the Guardian, Lloyds TSB's property sector specialist Graham McKean said the ideal business base for any company has to fit its budget.

Firstly, he claimed, the company boss needs to consider the pros and cons of buying and renting and decide which is most appropriate.

Then they need to make a detailed schedule of the regular bills they need to pay, and be clear whether these are monthly or quarterly.

Facilities are another key consideration, Mr McKean stated.

"If you're office-based, you may need to build or adapt bathrooms and a kitchen for employees. Lighting and heating also need to be considered, he stated.

Communications come next - business leaders need to establish whether IT and internet facilities already exist or they will require new hardware and telephony solutions.

"Plan where you and your staff will sit and work – and how much furniture you'll need to buy," Mr McKean urged.

And in terms of moving premises, he said the bosses should prepare a clear schedule of the costs of transportation, decorating and physically setting up.

"While there's plenty of sound operational advice you can access at no cost, such as www.gov.uk, it's important to budget for the key tax and accountancy, legal and other professional guidance you'll also need," the expert noted.

Posted by Dan Smith