Finding the right premises for your business is crucial. A key decision is whether to buy or rent business property.
Renting business property ties up less capital than buying which means you can invest it in the business instead. It can also give you flexibility to relocate your business easily should you need to.
Choosing to rent business premises
The type of premises you rent and the location will depend on the type of business you are running. The amount you can afford will also be a deciding factor. Remember to take into account extra costs such as business rates, utility bills and building insurance.
This guide outlines the things you should consider before deciding whether renting business premises is a better option for you than buying property. It highlights the practicalities you need to consider as a tenant and the type of expert help you can get to make the renting process as trouble free as possible.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC