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Buying your own premises – Is this the boost your business needs to grow?

Richard Branson was able to do it. So too were Anita Roddick and Alan Sugar. Henry Ford managed to do it even after his bank balance was whittled down to $223.65.
So, what do you need to do to give your business the boost it needs to grow?

Many of us have aspirations of becoming the next big success in the world of business – or, at the very least, living the lavish lifestyles of the rich and famous we read about so regularly.
The big question though is how do you get there? How do you give your business the nudge it needs to allow you to blossom into the next Branson or Roddick?

A great step in the right direction is owning your commercial business premises.

A recent survey found that whilst 40% of UK firms between six and 10 years old still lease their premises, 70% believe ownership would further spur their business growth.
Buying a property gives you the freedom to use and alter it as you wish – subject to planning regulations or any conditions imposed by the bank. There are many advantages to buying a property. As you are in control, you can:

• Have more flexibility over the management or repair of the building

• Profit from the building when you sell it, if it gains in value

• Let the property in the future and receive another income stream

• Move when you wish – you won’t be tied to a fixed-term contract

• Forecast your costs with more certainty – particularly if you have a fixed-rate mortgage

Peter Knight, managing director of Manchester-based property and construction consultancy Knight Site Solutions Ltd, said: “Owning your own premises means you’re guaranteed no more rent increases, no worries about whether your landlord is going to extend your lease and it can also be a major financial benefit.

The key is to pay a fair price for the property and to purchase it with the long-term in mind. Holding on to the premises for the long-term gives you a greater chance of seeing it appreciate in value, which will provide you with a financial gain when the property is sold. You may also be able to borrow against the value of your premises in the future to help fund future development.

Knight Site Solutions offers a friendly, all-encompassing property management service, taking the headache out of your property and facility related issue, leaving businesses free to conduct business as usual.