Category Archives: Business
Things to Consider When Letting Commercial Property
Many landlords stick exclusively to letting residential property, particularly those who are new to it, however there is a lot of money to be made by letting commercial property providing you go about it in the right way.
To help you get started with letting commercial property below are some of the biggest things you need to consider.
Getting the right property
- Type of property – The first thing you need to decide when looking for a commercial property to invest in is the type of building you’re looking for. A lot of people instantly think of office buildings when they think commercial property but there are many other types of property you can get. Smaller commercial buildings that can be used by shop or restaurant owners can be a very wise investment, particularly if they’re in a good location.
- Size – The size of the property is obviously a big consideration. Generally the larger the property is the more you can expect to pay. A multi-story office building will obviously require a more substantial investment then a smaller building on a single floor.
- Location – A good location is vital when investing in commercial property. You need to do as much research as possible and find out what the tenant demand for different types of property is in that particular area. Commercial property can be a big money sink if you’re not able to secure tenants quickly.
Your responsibilities as a commercial landlord
- Health and safety – As a commercial landlord it’s your responsibility to ensure any property you let out is safe. Things like asbestos, fire safety and repairs to the building are all things you need to take responsibility for.
- Gas and electricity – Gas and electrical safety are your responsibility as a commercial landlord too. You will need to have both gas and electric regularly inspected by qualified engineers on a regular basis in order to ensure the building is safe. As far as electrical or gas appliances go – they would be the responsibility of the tenant.
- Maintenance – You will need to make sure the building is properly maintained too. This means if there is any damage to the structure of the building then it falls on you to ensure it’s repaired.
- Fixtures and fittings – Fixtures and fittings can be a tricky area when it comes to commercial property. Any fittings that were already installed when you let out the property will generally be your responsibility whereas those that the tenant fitted after will be theirs. It’s a good idea to make it clear upfront exactly what is your responsibility and what isn’t in the lease. Things like bifold blinds can add a lot of appeal to a property but they also need to be maintained to ensure they’re safe and work properly.
- Insurance – you need to make sure you are insured adequately for for specialist thatched property insurance or standard all risks/standard buildings cover.
Setting Up A Motor Trade Business
If you have a passion for cars and like the idea of starting your own business then setting up a motor trade business could be the perfect fit for you.
Below are some of the most practical things to consider.
What you need to get started
- A plan – You’ll certainly want to think about how you’ll make your business a success before you get started. You don’t necessarily need to write out a hyper-detailed business plan but you should at least outline things like what your biggest overheads will be, what competition you’ll have and how you’ll go about finding customers.
- The right insurance – As soon as you start operating as a motor trade business, you’ll want to make sure you’re covered by getting a good motor trade insurance policy. Motor trade insurance is typically very flexible and you can even get part time policies from sites such as https://www.cleangreencars.co.uk if you don’t intend on working full time as a trader to start with.
- Expertise – In order to make your business a success, you’ll certainly need a minimum level of expertise. In order to work as a mechanic for example, you’ll of course need to have a trained and have a good working knowledge of cars and other types of vehicles. Even if you intend to buy and sell cars i.e. something that doesn’t necessarily need technical skills, you’ll still need to know where to buy, what models you can make the most profit from and how to deal with the legal side of things.
Expanding your business
Once you’ve established yourself a bit, you’ll want to expand your business. There are a couple of ways to do this, including –
- Hiring employees – Once your business has enough customers, you’ll want to take on employees to help you run it. When looking for employees you’ll typically want people with the right attitude, who have a good amount of experience in the industry and who don’t have any past convictions.
- Getting a premises – Getting a premises for the first time can be a daunting step for any new business owner but providing you go about it in the right way and do your research, it doesn’t have to be a stressful thing.
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Getting Insurance as a Young Van Driver
If you are under the age of 25 and plan to purchase a van then you might be worried that you won’t be able to get cover at a reasonable price. It’s certainly true that insurance providers charge more to those under the age of 25. This is simply because younger drivers are more likely to be involved in collisions. However getting van insurance as a young driver isn’t impossible.
There are a number of specialist providers of van insurance for young drivers who can offer you cover at a reasonable rate.
Why get cover online?
If you’re looking for young van drivers insurance then there are a few good reasons to get it online. These include –
- Get the exact type of policy you want – When you look for insurance online, it’s very easy to add and remove cover options as you need. You can also easily find out more details about different cover options to help you decide if you need them or not. This is very useful since it’s easy to end up paying for additional cover that you don’t need or fully understand when taking a policy out over the phone.
- Save time & money – Another key reason to get insured online is that getting quotes is very easy. Getting quotes from different insurance providers is one of the best ways to save money and using an online insurance comparison service makes getting quotes a very quick and simple process.
- Get cover instantly – When you make your first payment for your policy, you will then be covered immediately and be sent your documents by email as well as by post. This gives you peace of mind that if you were to be involved in an accident or pulled over by the police, you would have proof of coverage.
What are some good ways to save money?
Below are a couple of drive ways to save money on young van drivers insurance –
- Increase excess – Increasing your excess is a very good way to lower the cost of your premium when you first take out your policy.
- Limit cover options – If you’re happy with a third party only policy then this is another great way to keep the cost of your insurance to a minimum.