You’ve spent countless hours researching and identifying potential customers; you’ve written a business plan and talked to suppliers; you’ve finally gotten your product or service to market and the cash is rolling in …
… and now it’s time to hunt down your first commercial property.
Whilst the thought of 50 per cent of small businesses crashing and burning in their first five years is continually buzzing around your brain and causing innumerable sleepless nights, it’s important to move forward by reinvesting your profits in a suitable workplace.
However, finding the perfect premises can be a delicate balancing act.
One the one hand, it’s absolutely vital to avoid spreading yourself too thin with a gargantuan workplace that’s way over your budget, although it’s equally as crucial to find a place with room to expand should your business really begin to take off.
Consequently, to avoid pumping your profits into a space that’s pretty but altogether unsuitable, and to sidestep potential financial difficulties, check out our tip tips and make finding your first commercial property a breeze …
Cast Your Web
Whether you’re looking for a warehouse in Wolverhampton or a shop to let London, the internet is your best friend. Why? Because it allows you to scout out what’s available in your area (and within budget) without moving from the comfort of your favourite chair.
Don’t Compromise On Location
If you’ve heard it once, you’ve heard it a million times, but location is of paramount importance when choosing a property for your business. Indeed, if you’re keen to attract folk walking by, a central location is best, as an isolated location is likely to lead to your profits plummeting.
Stick To Your Budget
Whilst it’s tempting to blow your budget on an all-singing-all-dancing property, it’s more important to find premises that actually suit your needs AND are within budget. After all, making sure your cash flow doesn’t slow to a trickle will keep you going far longer than a glitzy workplace.
Leave Room to Expand
As a successful new business, it’s easy to think the good times will never stop – and if you’re careful, they never will. However, when choosing a property, this success will often translate into more staff, so it’s crucial to pick premises with the space to house more bodies, without leaving you potless.
What do you think?
Do you have any other tips of our readers looking to find the perfect premises for their new business? What difficulties have you experienced in your own dealings? Please hook up with us in the comments below and tell us your story.
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