Whether you are looking for business premises for your new company or you simply want to move your existing business, finding the right property is extremely crucial. Even when looking for an apartment to rent or house to buy, you prioritize what is important to you in terms of maybe security, budget.
That’s more or less the same when looking for business premises –looking for what works best for your business.
Renting or purchasing business premises is not so cheap. Hence, it’s crucial to do a thorough research before making a decision. Here’s a checklist to help you narrow down your options to the perfect business premises.
Finding the right location for your business is one of the most important factors to consider. The location can make or break your business. You cannot choose a location based on the realtors you know in the area or where you live. Instead, you should consider;
- Proximity to your customers and potential prospects.
- Availability of public transport.
- Location of similar businesses.
- Proximity of other businesses (getting premises in an enterprise zone is of great advantage to your business)
- Human traffic.
- Access to the premises for customers, employees and suppliers.
- Employees needs in terms of housing, shopping and transportation.
- Parking space.
Whether you intend to buy or rent the business premises, cost is still a major concern when looking for the right property. But sometimes it doesn’t hurt to compromise a little if a great opportunity presents itself. However, don’t bite off more than you can chew. Things might get very difficult for you.
Finding the right size that fits your business needs is important. The size and space design can negatively or positively affect your employees’ productivity. For example, working in a clustered space can reduce your employees’ productivity.
Sometimes, however, getting a small business premises in a suitable area makes more sense than a spacious property in an isolated or inaccessible area. You can still stay productive if you organize your small work space well.
Other factors to consider
- Think about your business image/brand. How will customers perceive your brand when they enter your business premises?
- Utilities. Check if the premises offer utilities you might need.
- In case of leasing, make sure you understand what the agreement entails.