What to consider when choosing your premises.
The property you choose will play a major role in determining the success of your business. So, it is important that you get it right and give your business the best opportunity to thrive.
Factors to consider include not only the location, pitch, and footfall but also things like the property configuration, condition, lease terms, timings, and planning use class (although this was relaxed in Sept 2021). Specifics like extraction, power supply, outdoor seating and licencing should also be given consideration by F&B (food and beverage) businesses. And be wary of shops lacking ample window size, sufficient storage space, or adequate signage. Even steps up to the shop door impact on consumer decision making (think parents with prams or the less abled).
You will need to assess the total property costs. Aside from rent, these typically include business rates, insurance, utilities, refuse collection and service charge. You will also need to budget for your Fit Out so have a bearing on the amount of work required, when viewing properties. We have built an easy-to-use Affordability Checker so you can assess the viability of each property by inputting all costs and forecasting turnover.
6 steps to maximise your property search.
Imagine finding a property is like fishing. You want to land yourself the best possible fish in the shortest amount of time. You have several ponds to fish in and various techniques to use. Your best chance is to fish in multiple ponds with the biggest net. Here are 6 ways in which you can cast the net as wide as possible and maximise your property search.
1. Create A Requirement Listing on Hatch
Much like a property listing but in reverse. Your listing contains information about your business and your requirements (e.g. location, size, budget). Once posted, it is advertised to landlords or agents. They then send through suitable properties matching your requirement without you having to lift a finger. It takes less 5 minutes to create a listing here and make it a two-way search.
2. Email Landlords and Agents
Get proactive. Circulate your requirements via email to our database of active landlords and agents so they can reply with suitable options. Proactive agents and landlords will keep your details on file for future reference. And when they have something on their books they will be in often before they have started marketing, so it is a great way of getting ahead of the competition.
3. Online Trawl and Alerts
There are specific commercial property listing websites in addition to the Rightmove and Zoopla’s commercial sections. These include Realla, Shop Property, Pipnet, Propertylink and for pop up space Sook and Appear Here. Save yourself time from browsing each one by setting up daily alerts in your chosen locations.
4. Pound the pavements
Visit each location you are targeting. Often local agents will only market a property with a ‘To Let’ board and a listing on their own website. Meaning it is virtually impossible to discover online. It is really important therefore, to find time to visit each target location on foot. We guarantee you will see properties you were not previously aware of. But also being familiar with your target locations means you can move quickly in making an offer, when a property hits the market.
5. Canvass Landlords
Another advantage to walking your target locations is the chance to get ahead of the competition and secure a property before it reaches the market. On your travels you will see vacant properties not on the market and sometimes ‘Closing Down’ signs in the window. Don’t wait for these to reach market. Instead find out who owns the property using the Land Registry and write to the landlord. Use our template canvass letter for best results.
6. Create a Requirement Flyer and Landlord Pack
Requirement Flyer – A 2-page double sided A4 document to be used as a supplement in your property search. Effectively a hard copy of your listing which can be posted to local agents.
A landlord deck in essence it’s a 5 – 10-page pdf document about your business. How it started, your USP, what you are looking for, financials, photos, your requirement, and your team. It allows landlords to get a feel for your business and how you will use their space. A smart landlord pack goes a long way to convincing the landlord that you are the right tenant.
Patience is a Virtue
Finding a property does take time and it is important not to rush. You need to look at more than one high street or you will be waiting a long time for the right unit to become available. Speed up your property search by having a minimum of 5 target locations. Then put the 6 steps above into practice.
If you are unsure a location will work for your business, use our Location Insight tool to look at demographic breakdowns. You can analyse locations by population size, average age, average household income, age group breakdowns by sex, % unemployed, % students, % retired and many other variables meaning you can gauge your potential customer base.