Somewhere around 50% of UK start-ups fail within their first five years of trading. This statistic can be a scary one if you’re considering starting up your own business, so how can you reduce the risk of your own start-up falling victim to the perils of a struggling economy?
A large amount of money from a business goes towards rent. Renting premises is necessary for some industries, such as manufacturing, e-commerce and other sectors. However, it’s not always ideal to get the ball rolling from home – stock items and equipment can take up an awful lot of space, and renting business premises can be very costly. As a new business, you need to keep your costs down if you have any chance of succeeding. If you don’t own your own home and instead rent from a landlord, there’s probably a clause in your tenancy agreement forbidding you from using the property as business premises. That means you need to find somewhere, but you just don’t have the capital yet.
Rents and business rates vary by area, but it’s almost always expensive within a city – much higher than the rent or mortgage (and council tax) that you pay on your residential home.
The answer is self-storage.
Self-storage units come in a variety of sizes, and while they are usually thought of as places to store bulky items you don’t have room for, hold items before a move or store things you don’t use often, you can run a business from a self-storage unit. In fact, if you’re a small business or just starting out, it might be the option for you for a few reasons.
It’s cheaper: Not only is the rent considerably cheaper on a month-by-month basis, you don’t have to pay business rates (council tax) on a self-storage unit, giving you an extra saving to help get your business off the ground.
It’s secure: Storing information, stock and equipment in a rented premises usually means you’ll have to invest in some security (such as CCTV, alarm systems and door entry), but most self-storage units are secure, with existing security features, restricted access and locked units.
It’s not home: Working from home, even if you do have the space to store what you need, isn’t always the most productive thing to do. People are often tempted to fall into procrastination and find it more difficult to concentrate. A self-storage unit gives you all the benefits of having your own office space, without having to pay high prices. Want to find out more? Contact us at Flexi Space in Manchester today.