Finding a perfect business premise can be a daunting task. You need to find something that meets your standards, allow room for expansion and satisfy the board’s necessities. And as you choose the premise, you need to factor in things like set up costs, maintenance and repair needs.
There is an array of factors to consider when looking for a commercial property. These factors include:
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Property Location
The shop location has a significant impact on your business. The site will determine business accessibility and even security. If you want a set up in a prime location, be ready for higher costs.
You should also consider your employees. The location should allow staff members to commute easily and cheaply. More so, consider the future impact of the chosen location.
Will the rent skyrocket in future? What kind of building are underway, and which impact can they have on traffic? The more you understand the topography of the area, the more you’ll be able to make an informed decision.
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Security
If you want to run a successful business, you need to factor in the premises’ security. You might have what your target audience wants, but with poor security, clients will fear coming to your shop.
Often, the security of commercial property is linked to the location. If the area is affected by crime, the insurance will consider your business as a higher risk. This means the premiums will increase.
You’ll also incur higher costs of installing security measures such as smart locks, CCTVs, and hiring security personnel.
Be vigilant and explore the number of crimes reported in that location.
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Rates and Cost
It’s essential to be aware of land rates, local pay rates, rent prices, and utility bill costs. Ensure you’ll be in a position to afford the required costs regularly.
If you’re relocating to a new office, you need new furniture, phones, cabinets, and other necessary office equipment.
Create a list of all the supplies and equipment you need, and then prioritize the list. Once you sort the list, order the required items in large quantities for a bigger saving.
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Competition
Business competition is good because it fosters the delivery of high-quality products and services. More so, it leads to price regulations and initiates innovation. However, the proximity of your competitor’s premises might affect you.
Working in the same location can impact your day-to-day operations.
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Should You Buy or Lease?
The idea of buying or leasing business premises will depend on the stage you’re in the business. For a well-established company, you can either buy or rent. But if you’re a start-up renting the premises is a viable idea.
Buying will tie you down, and it can be a hindrance when you want to expand the business. However, it gives you financial and future security. You might incur a high initial cost, but it will provide your business with long-term security.
The Bottom Line
Choosing the right business premises helps you operate effectively. The right location can also boost your sales. So, there you have the best factors to consider when looking for a commercial property.
