New business - set up at home or business park

Hi folks, I'd appreciate some advice from others who have been or are in business. I'm a civil servant but have been retraining in counselling/wellness coaching etc and want to open a new business this year if possible. The business is a small wellness centre and will have cryotherapy/flotation units, as well as a counselling room. I need approx 600sqft. 
I have space at my property to build a garden room which I think could be the best idea, however it's a massive initial outlay, or I can get a business unit locally for £500 rent per month not including rates and the initial outlay is reduced but considerably more long term if it takes off as I believe it will. The biggest outlay will be the tanks for cryotherapy/flotation at approx £35,000 and I will need to borrow to achieve this full amount.
Just wondered what others would consider the pro's and con's of where to have a premise are? I'm still at the business plan stage but would like to seriously push it on this year as I've been building towards it for a few years now 
Thanks
Kate

Comments

  • Savvy_Sue
    Savvy_Sue Posts: 45,938
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    I think I'd be minded to go for external premises, because if the biggest outlay is the tanks they would presumably be movable, and I'd want to be sure it was viable before spending even more in order to build a garden room. 

    PLUS before you even consider basing it at home, check whether you would get planning permission, plus permission to run a business from home from your mortgage provider (if you have one) or landlord (which I assume doesn't apply to you because you wouldn't be considering building a garden room if you were renting). 

    Also bear in mind that the garden room would probably attract business rates, and potentially create a CGT liability when you sell. 

    And in favour of the business park, you'd presumably have parking (which might be or create an issue at home), plus you should be able to negotiate very good terms at the moment. Don't skimp on this: you need a solicitor with experience of this kind of thing on your side to ensure there's a good break clause, and also to highlight any terms such as full redecoration before you leave the premises. 
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