Taking the leap from a bedroom startup to owning your first premises is an exciting prospect. However, it's also a very important decision not to be taken lightly. There are several factors to consider before signing on to a new space - we've rounded up our top advice below.

1. Location

Location is absolutely key to the success of your business, even more so if it is your first premise. If you are a business-to-consumer focused organisation, you may rely hugely on curiosity of passersby initially before having a recognised brand name that customers would specifically come and visit you for. You should also consider how close your business is to parking allotments (if you don't have any spaces yourself) as well as public transport options.

There are pros and cons to both being based in the city and further out, detailed as follows:

Being based in the city:

Pros

• Plenty of ways to get there, both driving and via public transport
• Brings in curious passersby
• Easy to get out to other local businesses and network

Cons

• Parking can be very expensive if you do not have your own space, which can put off some staff and clients from visiting
• Office space can be much more expensive
• Competitors are more likely to be based near you

Being based further out:

Pros

• Can be cheaper
• Less likely to be based near competitors
• Can be an attractive option for locals who live further out due to shorter commute

Cons

• May put off potentially great staff and clients who may not be able to get there as easily
• Harder to network with other businesses
• Harder to attract new customers who aren't aware of your brand

As you can see, there are pros and cons to both, so it is up to you as the business owner which is the best option for you. It might be that you decide on one option for the short term and bear the other in mind longer term once you are more established.

For example, you may want to rent a property outside of the city center for now, and then plan on upgrading once more revenue is brought in and you can afford the rates.

1. How much space you need

There are a wide variety of factors that can affect how much space you need. A shop selling a wide variety of fashion for men, women and children will need much more room than a digital startup.

You may have ambitious growth plans, or have received funding that allows you to buy a space you eventually hope to fill. There's no point signing onto a tiny office space if you hope to have a team of ten in the next six months! There are also legal requirements in the UK for the amount of space each employee needs - a minimum of five square metres per person.

1. Freehold vs leasehold

You may have heard of these terms before, but not everyone really understands the difference between a freehold and a leasehold commercial property.

With a freehold, you will own both the property and the business, or businesses, within it. This is a very popular option due to the complete ownership it gives you, as well as the relief of knowing that there is little chance you could be moved on from the property due to increased rent or other uncontrollable outside circumstances.

Another benefit is that the property is likely to increase in value over time due to inflation, so you may even be able to rent out some of the property to another business for some extra income depending on the terms of your freehold. Alternatively, you could share one large office with another small business and simply section it into two.

On the other hand, a leasehold is a more attractive prospect for some entrepreneurs due to the freedom that it allows - especially as a startup. You're not committed to paying back a mortgage, which can be a serious long term commitment for some businesses, especially if you want to scale and eventually move as you hire more employees. You also don't have to worry about paying for expensive repairs or insurance as this is the responsibility of the landlord.

1. Interior design

Your new space is yours to make your own. Think about where you want branding, if any at all - perhaps you want a nicely designed logo for outside of the office door as well as branded artwork on your walls. If you are setting up a cafe or restaurant, is there anything you can introduce to make it more 'Instagrammable', such as neon signs or flower displays?

You should also consider the specifics of your space, such as a meeting table/conference room, bean bags, whiteboards, interactive walls etc. You may also add some of these to a 'wish list' for once you are settled in and are bringing in some serious revenue, or can lease furniture for now before committing to buying outright.

Having a welcoming office space that you can proudly share on social media is a great conversation starter for your contacts who may want to drop by and see the new space. Consider sprucing it up with some bright colours and plants!

1. Security

You may need to consider hiring security guards if the building is not entirely secure, or you have valuable goods inside. This extra cost should be worked into your budget for facilities management if you have chosen the freehold route.

If you are allowing staff to have keys, consider who has them and when they will be in the building, especially if you have a flexible working policy or work on shift patterns. You may also want a coded pin only known to staff for double security.

You may also want to consider getting shutters for B2C businesses if they are not already installed - glass doors can be easily smashed and broken into overnight. Security cameras should also be considered to put off scheming criminals - in fact, you may want to consider a full security system with a variety of alarms, cameras and locks.