Starting a business takes a lot of planning, perseverance and patience. The first thing that you must do is look for the perfect property where you will put your business venture. But in doing so, you must not go for the very first property that you set your sights on. It is crucial that you consider vital things that will help you land the perfect property.
- Location. Location is one of the most critical factors that will determine the profitability of your business. For example, you want to start a boutique or a restaurant. It should be in an area where foot traffic is heavy. This way potential customers will come to you, and you don’t have to do a lot of marketing promotions, because you are visible.
- Asking price versus market value. If you are not sure of a property’s market value, it is best to enlist the help of a professional real estate company, such as Gerald Eve Property Co. They have the latest data on current market values of business properties. You can then compare the asking price versus the market value to see if the former is higher than the latter.
- The structural integrity of the building. Building owners must maintain the structural integrity of a structure. The building should also pass building regulations to ensure the safety of everyone who enters your place of business.
- Buy or lease. Do you intend to buy or lease a property? Generally, relatively new businesses should opt to lease to test the waters. For more established companies, it is more beneficial to buy the property.
- Modification limitations. Identify if the building has modification limitations because you will want to put your input into how the property should look so that it will be suitable for your type of business. If the property you are eyeing cannot be modified, it is better to look elsewhere.
- Expansion. You must consider future development. Is the property big enough to have structural additions in the coming years? If the answer is yes, then you may put the property on your short list.
- Support services. These are parking spaces, lifts and security. If these are already in place, you will have no more problems regarding these. Parking space is crucial for businesses where customers bring cars or need them to haul your products, such as if you are putting up a hardware store. Security is also very crucial in any business environment.
- Deposit. Does the required deposit fit your budget? If you have the money for the deposit and still have enough left for other expenses down the road, then go for it. If you are mortgaging the property, you may be asked to put a 20% deposit or more.
Do not rush into finding the most suitable property for your business. It will take time and a lot of patience on your part. Once you have identified all the options, it is time to choose the property that you will buy or lease.