Choosing the right premises for you business can be vital to its success.
Here is a range of options and considerations when choosing your business premises.
Co-working spaces are shared working spaces which allow you to connect and collaborate with other business owners and entrepreneurs.
The ACT Government supported CBR Innovation Network is home to Entry 29 co-working space at Level 5, 1 Moore Street, Canberra. By joining Entry 29 you can enjoy the office facilities, including wi-fi, desks, meeting spaces and more, available at CBR Innovation Network.
Buying or leasing a property
Once you have chosen where you would like your business premises to be located, you need to decide whether you will buy or lease a property. Things to consider when you are deciding include:
- How much capital you have available.
- How stable your income is likely to be in order to meet your loan or lease payments.
- Whether your business is likely to out-grow a premises.
- How long your lease period would need to be.
- The clauses within a lease, for example if your lease can be transferred if you decide to sell or close your business.
There can be high upfront costs and long term commitment involved with both buying and leasing a property.
It is recommended that you seek independent legal and financial advice and talk to a qualified real estate agent to help you decide the best option for your business.
To find out more about what is involved with leasing commercial or retail property in the ACT you should view the Leases (Commercial and Retail) Act 2001 .
Running a home-based business can include using your own residence as the business premises, or using a premises that is zoned as residential.
There are plenty of things to consider when running a home-based business including registration and licences, taxation and insurance.
To find out more about this visit business.gov.au’s Starting a home-based business page .
In the ACT, your business is allowed to operate from a residential premises subject to specific planning criteria being met. Approval is not required if your business is conducted in your home provided it complies at all times with the prescribed conditions.
To find out if your business complies with the prescribed conditions read Environment and Planning Directorate's Home Business page or view Schedule 1 of the Planning and Development Regulation Act 2008 .
If your business does not comply with the prescribed conditions, you may be required to apply for approval. To find out more about this view the Home Business General Code within the ACT Territory Plan (under General Codes) or contact the ACT Environment and Planning Directorate .
How did you decide what was the best premises for your business? Have you got any lessons learned from the process? Share your tips with other small businesses at facebook/ACTGov.business or tweet them to @ACTGov_Business .