If you are looking to set up your own business, one of the key considerations will be where you should set up shop – whether that be literally or metaphorically. In this article we look at the best places to buy commercial property.
Cut Your Cloth to Suit Your Needs
Choosing the best place to buy a commercial property will depend a great deal on the type of business you are starting and how much capital you can afford to spend.
For example, if you are a high end tailor, then Saville Row in London is where you could rub shoulders with your contemporaries and where the type of people you are catering for will gravitate to. But, it is rarely so straightforward, Saville Row is incredibly expensive and so it unlikely that as a startup you could afford to be there.
Instead, it may be sensible to look at more affordable locations and then reach out to your clientele online.
In the Hub of Things
If your business doesn’t involve retail, then look at areas where similar companies operate – get in the hub of things.
You can be sure that if there are others doing similar things to you in one particular area, then there is a reason for this. It could be that property in that area is relatively cheap, it has good transport links or is close to where potential customers or employees live. No matter what the reason is, investigating hubs is a good idea when looking to purchase a commercial property.
This tactic works particularly well for the likes of tech companies and even ecommerce startups.
For many people who are starting a new business, looking to their local area for a property can make a lot of sense.
There is a lot to be said for knowing the area you work in, its demographics and its geographics. If you are starting a restaurant, for instance, knowing the local suppliers of produce can be massively beneficial. Plus, being local means that travelling to and from the business premises is easier.
Heritage and Culture
Some new businesses will be looking to heritage and/or culture in order to make an impact. In this instance, setting up in a location that will add gravitas to that notion may well pay dividends.
A company who is producing clothing for outdoor pursuits, for example, may find that setting up shop in somewhere like the Lake District will give them the cultural credentials they require.
Starting a business can be a tricky business, but finding the best place to do so can make the process a whole lot easier.