For any growing business, the choice of property is a huge decision. It is the home of your company, the place in which your employees work and your physical assets live. Your premises will cast an impression, whether good or bad, on your clients and partners who visit, and it serves as the face of your organisation. That’s why it is so important to get it right when searching for a commercial property.
But with so many buildings and locations available, how can you know where to start? There are so many factors to consider, it can seem quite overwhelming. To help you make the right decision and get your business off the ground, here are five things to look for in a commercial property.
Where your premises are situated is a key decision factor. You want to be close enough to your clients, resources, suppliers, as well as residential areas where you can draw from a talented workforce. Of course, the ideal location of your commercial property will depend on the nature of your business. For example, if you’re a restaurant or hairdresser who makes money from walk-in customers, you would want to be situated on a busy pedestrian thoroughfare. However, if you mainly conduct business online then you’d benefit from cheaper rents and larger sites out of town.
Right now you may be a small start up with a small core team, but what will your company look like in a few years’ time? If you are successful, your business will grow and you’ll need to hire more employees and expand your infrastructure. It’s a good idea to be a little optimistic when choosing your commercial property so you have room to grow and won’t be forced to find new lodgings in a year or two. If you grow quicker than planned, there is always the possibility of applying for planning permission to expand your premises but it’s easier to just pick the right place from the outset.
Price is always a major factor in any important business decision, and you’ll no doubt be looking to save money wherever you can. It’s a good idea to enter negotiations with a budget, so you know how much you have to spend. This way, if the perfect property comes along, you’ll instantly know whether or not you can afford it.
When applying for jobs, the location is a key factor for most potential employees. Is your office easy to get to, whether by public transport or good road links? If you’re in the middle of nowhere, you might struggle to attract the right people to join your team.
You want a property that you can make your mark on, and really use it to showcase your business. This may require some revamping and interior decoration before it is ready. If you are renting, you need to make sure you have permission to make whatever changes you require before signing the contract.
These are just a few of the factors you’ll need to consider before going ahead with your commercial property investment. It’s a good idea to look at several properties and weigh up the pros and cons before settling on your final decision.