Looking for the perfect commercial property for your business? Whether you’re leasing or buying, there are important factors to consider. Here’s what you need to know:
1. Location Matters: Accessibility is crucial for attracting customers and hiring employees. Opt for a location with good transport links to make it easy for both customers and employees to reach your premises.
2. Cash Flow Considerations: Carefully manage your expenses when renting or buying a property, especially if you’re a new or start-up business. Don’t overspend on premises in case the business doesn’t take off as expected.
3. Lease or Buy: Consider the advantages of leasing vs. buying. Newer businesses often benefit from short-term leases that offer flexibility. Larger, established businesses may find it more cost-effective to buy a property if they plan to stay in the area long-term.
4. Building Regulations: Ensure that the commercial property adheres to all building regulations by conducting a thorough survey before making any commitments. This will avoid costly and time-consuming renovations down the line.
5. Return on Investment: If you’re planning to sell the business and property in the future, consider whether the property will hold its value. Areas undergoing regeneration can be attractive investments for resale or renting out.
6. Real-Life Examples: Gareth Morgan from Liberty Marketing chose an office location with excellent internet access and convenient transport options for his staff. Phil Brown from Absolute Commercial Interiors opted for a more spacious setting to accommodate his growing team.
By considering these factors and real-life examples, you’ll be better equipped to choose the perfect commercial property that meets your business needs.