If your business is expanding, you might be looking to get in a commercial property. This can be an exciting and slightly terrifying step into growing your business even further, and with the right advice, you can move into this new phase with confidence.
Before committing to a buy, there is a lot of preparatory work you can do in order to secure the perfect space for you and your business needs.
Weigh up the pros and cons
You must have a good think about whether you can really afford to do this, and a good way to start this thinking is by drawing up a list of pros and cons. For example. buying means you are free from the stresses of rent increase, and as the property increases in value, just like house prices, your business can benefit from the increases. You can also remortgage should you need to, as well as having the option of subletting a part of the premises in order to recuperate some costs. However, the reverse of this is true also and if the property depreciates in value, then your business will make a loss. You also need to bear in mind that if you own the property, any failings and issues will be your responsibility.
Once you’ve established that you can afford to make the investment, it’s a good idea to think strategically about the location. Consider your staff and how they will get to work. Similarly, you need to think about accessibility. You are likely to need goods delivered, and possibly collected too. Is this going to be easy? Is the building within reach of local amenities such as a post office or at least post box and a bank? Will you or your staff be able to pop to the shops for lunch easily?
Type of building
When you consider what type of building to purchase, you need to think in terms not only of where your business is now, but also where it may expand to. For example, if you have a small staff body currently, is the move likely to grow your workforce? If so, can you accommodate everyone? Will you need private office space for HR meetings? You’ll need to make sure there is a kitchen and a washroom, for example, as well as ample space for manufacture and mailing.
These questions raise some important issues to think about prior to taking the exciting step of moving into your commercial property.
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