Choosing the Most Suitable Business Premises: 4 Key Factors to Look At
A business's premises have more of an impact on its popularity than novice entrepreneurs might think. A well-designed property with plenty of space to accommodate commercial activities will always do better than one that has been converted to this purpose. Not everyone can afford to invest in property right on the main street, but all business owners can keep these four factors in mind when they start their property searches.
The Right Location Is Essential
Every business has different requirements when it comes to location. Stores that rely primarily on walk-in customers need to be located in bustling downtown areas, while those that need a ton of space do better outside of town. When choosing business premises outside of town, make sure it has plenty of space for parking and is close to public transportation routes.
Those who have it in the budget to rent or buy a property downtown have different concerns. These spaces tend to be smaller. It may be necessary to enlist the help of a Business Meeting Facility to accommodate meetings with partners or promising clients. This gives business owners the option of renting small storefronts but still maintaining a good company image.
Rent or Buy?
A business owner's first major decision when it comes to choosing the right premises is whether to rent or buy commercial space. Renting is the most affordable short-term option since it doesn't require a large initial investment. The payments can add up fast, though, so business owners who have it in the budget to purchase an ideally situated property may want to consider this option.
Keep in mind that rent or mortgage payments aren't the only monthly bills a new business will have. No matter what industry the company works in, there will inevitably be overhead costs. Even things like utility rates, local taxes, and insurance premiums will drive up monthly payments. Take all of them into account before deciding whether to rent or buy.
No matter where the building is located, chances are, the new business owner will need to make at least a few cosmetic changes. It's important to avoid properties that require substantial investments into aesthetics, though. Stay away from buildings that look shabby or run-down since they can be more difficult than entrepreneurs might think to rehabilitate.
First impressions are important in the business world. It's still important to balance aesthetic concerns against the property's ability to meet the company's unique requirements. Consider things like what facilities and amenities are available and how they will be put to use. Entrepreneurs also need to assess size requirements, especially if they plan to expand their businesses on-site once they get off the ground.
Business owners need to find locations that are zoned for commercial activity. They'll also need to ensure that the property complies with all local building codes and regulations. These often include restrictions to ensure fire safety, adequate ventilation, and sufficient heating. Research any local restrictions that could affect the property such as waste disposal issues, time constraints for deliveries, and noise ordinances in advance.
The Bottom Line
Finding the right business premises can be tough. New business owners should take the time to research and view multiple properties before making a final decision. It's more sensible to invest extra time into research before getting the company off the ground than to switch locations before it even has the chance to get established.