Are you looking to start, or expand your business? If so, one of the important aspects of your business is the premises. Whether you are a brick-and-mortar store, or just need a physical location to house your warehouse, or office for employees, there are many factors you need to consider before making a decision. Locating a building for your business is a large investment, and needs a lot of careful planning.
Here are some top tips for finding premises for your business.
Location is crucial, as this will impact your employee’s and clients’ ability to access you so you can still operate as a business, as well as storage for supplies, manufacturing, and deliveries. Thoroughly research the different areas that would be best suited to your business, as well as new real estate developments, such as those of Paul Ognibene, which are known to bring together and enhance communities and build sustainable real estate. These kinds of communities can be hugely beneficial to your business and are a more cost-effective location to set up shop.
#2 Business requirements
Each business will have its unique requirements for new premises. It is important that you consider both the short-term and long-term goals of your business, and consider what specifications are essential, and which ones can be compromised on. This will considerably speed up the process, as you don’t waste your time with unsuitable properties. For example, you should consider:
- Space your employees, customers and supplies need now
- How big you are planning to extend your company in the years to come and the extra space that may be required
- The layout of the building (open space, ability to add dividers, private room, toilets, accessibility for people and deliveries, etc)
- The services that your business requires, such as good internet speed, phone lines, electrical sockets, plumbing, air conditioning, ventilation (do you have permission to add/remove services, and if so, how much will this cost your business?)
- Comfort for customers and employees (space, heat, ventilation, bathrooms, kitchen, privacy, etc)
- Is the building legally sufficient for your business to operate?
- Do you need to obtain licenses to run your business?
- Do you need planning permission?
Costs play a major role in the choice of building for your business. Before looking at buildings, it is a good idea to consider your budget. Where are you right now? What can you afford? Where do you want your business to grow in 5, or 10 years? How much are you willing to invest in its growth? Once you have an initial budget, you will be able to start considering your options. When it comes to locating a premises, you can opt to license, lease, buy or build. The option you choose will entirely depend on your budget, your commitment, your growth, the size of your business, the industry, the location, permissions, business requirements, availability, and much more. At this point, it is a good idea to speak to commercial real estate specialists who will be able to advise you on your options.
Locating business premises is no small undertaking. Make sure you are clear on your business goals and conduct thorough research before making any commitments.
This is a collaborative post.