Owning and operating your own business comes with a lot of difficult decisions. Once your business has grown to the point you need a space, you face an enormous decision that needs deep consideration. For any business, especially startups, there are many factors such as hiring a real estate broker and the endless contracts to read.
There are a number of factors to look for in a business space. Commercial real estate can be a difficult trek, so it is important for you to find an experienced real estate broker who can help you find cheap office spaces that still have high quality and all the features you desire. You may have to find a few different real estate brokers to talk to before finding the right one.
Here are some things to consider while looking for your new business space.
1. How Much Space is Needed?
Sit down and really think about how much space is necessary for you to operate your business. You need enough for all the facets of your business, but having too much space will only increase your rent or mortgage and utility cost. This is a bit harder for startup businesses because you need to account for future growth. However, be cautious about overestimating this growth.
2. The Location is Important
Location can easily make or break a business, and it needs thorough consideration. If your clients come to this space to make purchases, you need to think about a location they can access easily. A central location is best. The same approach should be considered for your employees. For those living in larger cities, spots near public transportation or a large parking lot is easy for everyone.
Before you set out on your venture to find a space, you need to know your price range. Setting a budget is one of the most important factors for businesses. You need to set the right amount, so you can get the space you need and want without having to go broke. Struggling to pay the rent is not an ideal place to be as an entrepreneur. You may want to check to see what other co-working spaces for rent cost each month to determine an average price.
You should also consider the hidden costs. Depending on the size of the space, utility costs may be more than you can afford. Maintenance is also an expense factor. Do you have to pay to park each day? If so, this is an additional expense to pay.
When people hear the word infrastructure, they typically think of the building design. While that is important, there are other factors. The Internet is one of the most important tools for most businesses. Look to see if it is included in the rent.
You need to check the quality and reliability of the services in the area. The Internet that is constantly disrupted will be a boon to your business, especially on busy days. There are other infrastructures to consider as well. If you mail packages out on a daily basis, how close are you to a drop-off point or a post office? This is important also for receiving documentation. You also need to make sure that it’s feasible to install an emergency call button system easily.
5. Physical Appearance
Depending on the nature of your business, the outside and inside physical appearance of your business can play a huge factor. If you are a retailer, appearance is going to play an important role for your customers and the future of your business. However, if you are an industrial site or just offices, it might not rank as high on your list.
While you look for a business space, don’t rush this process. Finding what you want for the price you can afford will take some time. Make a list of what features you need and what you want. A good real estate agent will help you find a place that works.