When your budding business begins to grow, there are many things you need to think about. Not only will you need to consider taking on more staff, or looking at your marketing options, but you will also potentially need additional premises. Working from home is fine if you are by yourself, but if you employ others, or you need warehouse or production space, then you will need to find a business property for that work. Here are some of the best tips for securing the ideal office space for your business.
What Do You Need?
When it comes to finding the perfect business property, you need to draw up a list of exactly what you need from it. Items that will need to be considered include:
- Location
- Layout
- Size
- Facilities
- Parking
Make sure you know what your priorities are and what you can compromise on as this could make the difference between finding the right premises and missing out on something that could work perfectly.
Make sure you take your long term business plans into account as well. What is going to work for you right now might not be big enough in the future. Should you opt for a larger space now or move again in a few years?
What Is Your Budget?
As well as knowing what you want to find in a business property, you will also need to know your budget. The two might not match up once you start searching, and if this is the case, then you will either need to increase your budget or determine what you can and cannot do without, as mentioned above.
Having a budget in mind will mean that you stay within your means and that you don’t overstretch yourself at a delicate time of your business’s growth when every penny counts and can be put to good use.
Rent Or Buy?
Along with determining what your budget is will come the decision of whether to rent or buy the property. There are pros and cons to each option. Renting, for example, means a smaller outlay initially, but it also means that you may not be able to refurbish or rearrange the interior (or even exterior) of the building should you need change.
Buying a property is more expensive at the start, but it also gives you complete control over what you can do there, plus when you come to sell it you can make a substantial profit. Speak to a mortgage broker in Vancouver who can give you the best advice about whether or not buying is something you can do and then factor these additional costs into your budget.
Location
Real estate agents are keen to impress upon house buyers that it is the location that makes all the difference, and when it comes to commercial property, the concept is a similar one. If you are hoping for customers to come to you, for example, are you easy to find? Are you close to main roads? If you are using the building as a base and are often on the road meeting with clients, how easy will this be for you to do? This is certainly an important factor to consider.
