Has your business outgrown your current location? That’s always good news, but now you need to set yourself up in a new space. Whether you want a property that’s like your current one (but better), or the opposite of what you’ve been dealing with, there are several steps to the selection process. Here are five principles that will set you on the right path to commercial property success.
1. Determine basic needs first.
Don’t end up compromising and signing the lease on a space that isn’t just right. Before you read a single listing, estimate how much square footage you’ll need and tech specs that are relevant to your business.
When you visit, make sure the building ticks all of the boxes. How much parking will you need, and how high should the ceiling be? Is there adequate space to receive stock, store inventory? If it’s a retail or restaurant space, does the floor plan have an open, beneficial flow?
2. The right location.
What’s around the building is just as important as what’s inside. A commercially-zoned property is foundational, but you need a location that actually sees traffic and is accessible to your current customer base.
The good news is that when you work with property management experts like those at http://www.jgmproperties.com, you’ll be able to see various options in neighborhoods you have your eye on. Search within the most desirable area, and you won’t have to start building an audience from scratch again.
3. Revisit your budget.
When buying, you’ll have to spend more time thinking about whether or not this building is one you can live with for years. With leasing and buying, you have to compare the price to other similar properties in the area to make sure you’re not paying more than you should.
If you’re buying, you have to figure in any repairs or renovations that will need to take place before you open. Moving costs, increases in utility bills, staffing, and more are worth considering.
4. A supportive community.
Of course, you want your new location to be in an area inhabited by people who will want to do business with you. But the community is also invaluable as it pertains to who you might hire once you move in.
Are there people in the area who have expertise in what you offer, or are suited to the type of openings you’ll have? For instance, opening an ice cream parlor in a college town ensures you’ll always have a batch of applicants who are looking for part-time jobs.
5. A legal/regulatory review.
What kind of insurance is required by your lease? What are the safety regulations where you’re moving? Are there accessibility rules you’ve never had to deal with before?
A full legal review of your new lease and local ordinances might be a good idea before moving day.
Moving a business is often more expensive and involved than business owners who haven’t been through it think. But with a few guiding principles, including legal review, an appropriate location, and a budget that has thought of everything, you’re in a plum position to grow even further.
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