When your business starts to grow, there are many things to think about. Not only will you need to think about hiring more people or figuring out how to market your business, but you may also need more space. Working from home is fine if you’re the only employee, but if you need warehouse or manufacturing space, you’ll need to find a business property. Here are some of the best ways to make sure your business has the right office space.
What Do You Need?
The first step in finding the right property for your business is to make a list of what you need from it. Things like location and layout will need to be thought about. Other things to consider include how much parking there is, how big it is, and what facilities it either offers or is near to.
Make sure you know what’s most important to you and what you can give up. This could make the difference between getting the right place and missing out on something that might be perfect.
Make sure you also think about your long-term business plans. What you need now might not be big enough for you in the future. Should you move directly to a bigger place or wait a few years and move again? Or could you make the place you’re looking at bigger, either by extending it, buying an adjacent property, or simply using heavy duty warehouse racking shelving to give you more storage?
What Is Your Budget?
Not only do you need to know what you want in a commercial building, but also how much you can spend. Once you start looking, you may find that the two don’t match up. If this is the case, you will need to either boost your budget or figure out what you can and can’t do without.
Having a budget in mind will help you stay within your means and not overextend yourself when your business is growing and every dollar counts and can be put to good use.
Rent Or Buy?
Along with figuring out how much money you have, you will have to decide whether to rent or buy the property. Each choice has its pros and cons. If you rent, for example, you won’t have to pay as much up front, but you may not be able to make changes to the inside or outside of the building if your needs change.
Buying a business premises is more expensive at first, but you have full control over what you can do there and can make a lot of money when you sell it. Talk to a mortgage lender to get the best advice on whether or not you can afford to buy, and then add these extra costs to your budget.
Real estate professionals always tell people who want to buy a house that location is the most important thing. The same is true for commercial properties. If you want people to come to you, for example, how easy is it to find you? Are you near major highways? How convenient would this be if you often travel to meet with customers and use the facility as a base? This is definitely an aspect that you should take into account.
Image Credits: Cadeau Maestro
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