Choose your business location
Unless you run a home-based business, you’ll likely need to buy or lease business premises.
Each business has different requirements. It's important to consider your business needs and priorities when deciding on the type and location for your business.
Type of business premises
The type of premises you may need will depend on your business type. For example, if you:
- sell products, you may require a retail store
- provide a professional service, you may only need a shared office with access to a meeting room for client meetings
Types of business premises include:
- warehouses, manufacturing plants or storage facilities
- retail premises
- home offices for home-based businesses
- shared commercial offices, hubs or co-working spaces
- temporary premises, such as market stalls or pop-up businesses
When choosing business premises, make sure you also consider the future needs of your business.
Buying or leasing
Once you've decided what type of premise you want, you'll need to decide if you want to buy or lease the space.
Buying or leasing commercial property is different to engaging in residential agreements.
Accountants, solicitors and business advisers can advise whether you should buy or lease your business premises and your business equipment. An accountant can advise you on tax implications for each option.
If you’re considering signing a lease, make sure you understand and agree with the clauses in the lease.
It's important to seek financial and legal advice before signing any contract. This will help you avoid expensive mistakes that could cost you and your business.
Choose a location
You may pick a location because:
- your suppliers or distributors are nearby
- the area is known for the products or services you provide
- businesses in the area complement yours
- the cost of buying or leasing is affordable
- the area is a growing business hub with many future opportunities
Tips to choosing a location
- Research different locations – gather demographic information on the area you’re interested in including population, age and income to see if it’s the right market to sell your product or service in.
- Find out about other businesses in the area – other local businesses might complement your business's product or service.
- Research your competitors – find out your competitors locations and the type of premises they use to sell products and services.
- Contact local councils – find out about the area, any future or planned development, zoning, rates and business activity in the region.
- Consider the current and future needs of your business – make sure your marketing plan is current and your chosen location is in line with your business goals and objectives.
Changing your premises
Reasons to move your business may include:
- Customer convenience – it’s important your location is relevant to your target market. Do some research to help you understand your customers.
- Lower business costs – you may be able to cut costs by moving your business to a cheaper location. You may also find a different location will help you increase your profits.
- More space – is your business bursting at the seams? Maybe you no longer have enough parking space for your customers? If your business grows, consider relocating your business to a bigger location.
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