Whether you’re launching a new business or growing an existing one, having a base is always going to be critical. It’s a big decision, and mistakes made when choosing a commercial property can have long term negative effects on your business viability. Whether a cafe, warehouse or office space, getting the right business property means putting in the work.
If you’re considering a new business location, here’s how to ensure that you find the perfect property.
Know Your Needs
Every business is different, and even two brands in the same sector will have different requirements for the property they need. You need to spend time thinking about those needs. Make two lists: one of every essential you need, and another that’s comprised of nice-to-haves. As you start to look at commercial property, you can go back to those lists to create a shortlist of desirable spots.
Don’t forget that the aesthetics can always be tailored after the purchase. Carpets and lighting may be vital, but you will have more control over those once you have the keys. It’s also important to consider the future. If your business is successful, do you have the space you’re going to need?
Rent or Buy?
This is one of the big decisions you’re going to have to make. Renting a commercial property means an ongoing expense that comes straight out of your business profits as well as any rent increases. For some businesses, the property is only going to be needed for a short time, in which case renting the space is likely to be more cost-effective. For those with long-term ambitions, buying is often the best way to cut long-term costs. Know which option is best for you.
Start The Search
This is the fun part! Scouting for a new space for your business can be hard work but extremely satisfying. You can get help with finding potential properties by using a commercial property estate agent who will be able to narrow down your options based on location, criteria and budget. Take the time to walk around the properties that tick all of the boxes on your list.
Get Experts Involved
You don’t want to buy a property only to find out that there are issues with it that you weren’t told about. So you will need a professional surveyor to ensure that the property is structurally sound, and to hire a professional conveyancing solicitor as early into the process as possible. Once you’ve found the ideal spot, made your offer and had it accepted, things are going to start to move quickly. By having a solicitor on your side early, you can avoid many of the common issues that will slow the sale down.
Don’t make a final decision on a commercial property until you’ve done plenty of research. Consider what you need and whether the location is 100% suitable. For example, you could find the perfect cafe for your new business venture, and it comes with everything you need to get up and running. If that cafe isn’t located somewhere that gets lots of passing pedestrian traffic then you may struggle to get customers in. Likewise, the perfect office is no good if your team can’t get to it easily. Get your research done so that you make the best decision.
Closing the Sale
This is when your solicitor is going to come in handy. Closing the sale and ensuring that everything is legally above board is one of the most important stages of a property purchase. Your solicitor will handle all of that on your behalf, easing your workload considerably. On the day of completion, you will be handed the keys and can start adapting the property to suit your needs. Decorate, repair and make it perfect.
Taking the Stress out of Business Property
While no two business owners will have the same experience when looking for a commercial property, the process is going to be largely the same. Take the time to ensure that you know what you’re looking for, where it will be best located and always stay within your budget. Get these critical factors right, and you could be opening the doors to your customers much earlier than you thought possible.