Most businesses choose to lease their premises, but that’s not the only option. In some cases, it can make more sense for the business to build its own premises. While that approach does with its challenges, it can offer a wide variety of long-term benefits. For instance, it allows for complex flexibility about how the space looks and feels, it decreases property costs (in the long term), and it becomes an asset.

Still, while there are advantages to building your own business premises, it’s not without its challenges. Getting the building right involves ensuring that you meet a number of criteria, such as the ones that we’ve outlined below. 

The Location

One of the advantages of leasing a space is that you’ll have the freedom to move elsewhere once the lease is up if the location is no longer working for you. When you build your premises, you won’t have that flexibility. As such, it’s essential to take your time identifying the right location to build your new premises. In a perfect world, the location would be handy for employees to reach, make logical sense for your type of business, and isn’t overly expensive.

The Cost

There’s no getting around the fact that building your own business premises requires significant capital. You’ll need to have money for buying land, the construction process, and buying any relevant permits. All of these things can quickly add up. It’ll be best to speak to an accountant to ensure that you can meet the costs of building the premises without impacting your cash flow and day-to-day operations. With that said, while the initial costs can be eye watering, it’s important to remember that it’s an investment that can pay off again and again. Everything from saving money on rent to making it easier to get lines of credit become possible when you own the property. 

The Materials

You’re not just building your new business premises for today; you’re building them with an eye on the future. Done correctly, your business premises will still be standing decades into the future, and should, at that point, be worth a considerable sum of money. However, that’ll only happen if the materials used to construct the premises are made to last. Understanding which materials make sense for the climate in which the building will stand is paramount for longevity. There are differences between TPO vs EPDM roofs, concrete vs steel structures, vinyl flooring vs polished concrete flooring. Taking the time to assess the pros and cons of each will ensure you end up with a building that isn’t only fit for purpose, but which stands the test of time. 

The Timescale

Finally, remember that even in the best case scenario, your business premises won’t go up overnight. At the lower end of the scale (small offices or shops), you can expect the process to take around 4 – 6 months. Bigger projects might take years from beginning to end. It’s important to consider this timescale and how it’ll impact your general business operations.