Wednesday, March 12, 2014
When choosing a commercial space for business, whether you’re buying a property or renting a building, there are several factors you need to consider. Get tips...
Location plays a huge role for any type of business. Consider the type of business you're running and the day-to-day operations when choosing a location. Is it a retail store that would benefit from high volumes of foot traffic? Is it an office that needs an impressive business address and convenient location?
These are some of the questions that will reveal what kind of location your business should be located in. Consider also the traffic around the area and access for deliveries, particularly businesses that rely heavily on deliveries from suppliers. If you have a lot of people coming and going in your business, perhaps suppliers, customers or even your own staff, your offices or rental space will benefit from a central location with easy access to public commute.
Space and amenities
Your business operations and plans will impact your requirements for space and amenities. The number of employees and their nature of work will dictate how much space you need, as well as extra space for restrooms and pantries. You may also have extra requirements on power, drainage and parking space. If you’re renting space, make sure that you have permission to run your type of business in the premises and to change or alter the existing space as you need.
Rent or purchase amount
Your choice of business address will also depend on your budget. Factor in expenses for repairs, renovations, regular maintenance and utility bills. If you’re renting space, make sure you can keep up with monthly rent payments and other dues. On the other hand, if you’re buying a property, consider the initial buying costs and whether your business is healthy enough to shoulder ongoing loan payments.