How to choose the right commercial property
The right property can be a big asset to your business. The property you choose to conduct your business from says a lot about your company, it is, after all, the first impression that clients get when they visit you. The right property will not only make your business look more professional, but it will also meet your needs and aid in the growth of your business. There are a few important aspects to remember when choosing your commercial property, let’s take a closer look at them.
- What exactly are your needs?
Before taking any further steps, you need to draw up a list of your exact needs and wants when it comes to the perfect commercial property. Your needs will determine everything else on this list and it is, therefore, the most important consideration. How much space do you need? Do you need any special utilities to be installed? Do you need storage space? These are all important questions that should be featured on your list.
- Where is the right area for your property?
The old adage of location, location, location plays an important role in your choice. Do you need to be in an industrial or commercial area? Is a shopping centre a good location for you? It is critical that your business is located in an area that provides convenience to customers so that they can visit your business with ease. Things such as parking space should also be considered since it plays a big role in attracting customers to visit your premises. Location may also be important for cost-cutting, being located near suppliers is always an advantage.
- Do you buy, or do you rent?
Are you ready to invest in your own property or do you need to rent a property? Both options come with their own sets of advantages and disadvantages. Renting a property may be the ideal option if you are not looking to invest capital in a property. Buying may be the right option for you if you are an established business with some investable capital. Make this choice carefully as it is not easy to change after contracts have been signed.
- Legal considerations
As with anything business related you need to look carefully at the fine print. Certain industries are subject to specific legal requirements which may preclude you from setting up shop in any location. When buying an existing commercial property with a view to renovate it is important to check if you will need planning permission for the changes that you intend to make. It is not always possible to change building facades or interior features, especially if the building is historically significant.
The choice of property is very important since it is most probably one of the choices that have the biggest impact on your business. Being located in the right area can quite literally make or break any business. Take your time in making this decision and ensure that you do enough research before signing on the dotted line.