It’s not always easy to locate the ideal commercial property for your new business venture, but it is very important to do so. It could be the key to your success or failure as a business. Other things play a critical role, as well, from your branding to your product quality to the caliber of the staff you hire, but the wrong property can undermine all your efforts. Conversely, the right one can cover up some other errors or shortcomings and let your business thrive.
So, how do you find the right property? As you may know already, it starts with location. Nothing plays a bigger role for many companies. If you need foot traffic and don’t get it, that’s a fatal flaw. If the area around you doesn’t have the wealth to afford your products, they’re not going to sell no matter how good they are. Start with the location and then branch out in your search.
The next thing to consider is size. This gets a bit complicated. You want to expand and grow, of course, so buying a space that is just the right size at the moment may mean you need to move quickly if all goes as planned. On the other side, though, if the space is too large, it quickly becomes too expensive for your young company and you can ruin your budget paying for space you don’t even need yet.
Third, you need to think about the cost. This starts with the strict cost of the space, but you also want to think about renovations and upgrades, property taxes, utilities, maintenance and upkeep and much more. Run all those numbers before you decide what you can afford.
When you do find the right property, that’s when you need to consider exactly what legal steps you’ll need to take.