Choosing a commercial property is an important step for a business, and whether you’re buying a new property or choosing an older one to renovate, there are some important things that you should consider before choosing a property.
The Area
Location is one of the most important things to consider when picking a property. If your business is something like a gift shop or a coffee shop, then it’s important to choose somewhere that is accessible to the customer and get some passing foot traffic.
If you’re in an industry that doesn’t rely on footfall, you still need to consider the location.
You need to choose somewhere that gives you access to a good pool of potential employees. Your staff needs to be able to get to your commercial space, so choose somewhere with good transport links, whether being near the main road or close to the train station.
If you require staff with very specific skills, you’ll have less choice in small towns and rural areas, so maybe better considering larger towns.
Building Requirements
If you’re spending money on a commercial space, the last thing you want is to part with your money and then find the place doesn’t hold up to building regulations or has some sort of major structural problem.
Before committing to a property, have a thorough survey done so you are aware of any issues.
A survey is essential before you begin renovations or open the premises to staff or customers. A survey will find any structural problems or harmful substances on the premises.
If you find a problem, use a professional to fix it, such as a commercial roofing firm.
Cash Flow
If you’re a newer business, you’ll need to think carefully about how much you can afford to spend on renting or buying a property.
In the early days of your business, you need to be very careful with money and keep a close eye on cash flow. You should be careful not to overspend on premises in case your business is in need of more cash later on.
Even established businesses should be sensible with the money they spend on a property. There are some tricks to save some money, such as choosing a prime location but on a side street, not the main road.
Leasing Or Buying
When you’re looking for commercial property, you need to decide whether you’ll buy or lease somewhere. If you’re still new, it might be wise to lease on a short-term basis, such as around a year, to give more flexibility.
If your business circumstances change you aren’t left stuck with a long-term lease on a property you can no longer afford or that isn’t big enough for your staff anymore.
For a more established business, if you’re sure you’re going to stay in an area for a long time, then buying a property may be more cost-effective for you and offer more options for adapting a property for your needs.
