Anyone will agree that the commercial location you choose for your business makes a significant impact, not only on how popular your enterprise can be but also on how you can find the right employees. Obviously, your location needs to be easily accessible – but there’s more to choosing a location than this, although it makes up a significant portion of your decision. Ideally, your premises’ size, location, appearance, and layout should serve to enhance and improve your business’ operations and fit your budget as well. So how can you select the best location for your enterprise? Here are the top factors you should know about.
The major aspects
Commercial spaces and buildings come in all sorts of shapes, prices, and locations, so you first have to determine your needs and your budget. If you have a business plan, then you will have already worked out the amount you can afford when it comes to a mortgage or rent, as well as taxes, utilities, and other key business expenditures.
You may want to analyse your cash flow so that you can decide whether you should buy a piece of property or rent it. There are some positive aspects to renting or leasing as you can keep more of your capital to use in your business. But remember to take rental or lease increases into account in the future as well. If you purchase property, you at least know how much you have to pay per month, and you already have a business asset. But carefully weigh your options – what works for others may not work for you and vice versa. If you aren’t sure if you should lease or buy, you can consult a property advisor such as one from Gerald Eve; they can give you the proper advice regarding buying or leasing property.
Adapt your choices to your business’ needs
If you have a retail enterprise, you may want to think about parking as well as a good flow of traffic from pedestrians when choosing your commercial location. Décor makes a difference, too. Also, you may want to look for a ‘magnet’ shop nearby which attracts lots of customers; this may help attract customers to your shop as well. If you have a manufacturing business, décor and location are not as important compared to retail shops, although you may have to follow regulations in zoning. You should also think about the accessibility of your site to your employees – a commute of half an hour is recommended.
If you offer creative, professional, or personal services, you may want some closed offices with good surroundings accompanied by good Internet and telephone connections and accessibility to public transport.
Think about infrastructure and taxes
You should know that the taxes will depend on the municipality, and some towns offer good tax rates to attract businesses. Your property advisor should have a good idea of the taxes on a specific location, and they should also give you good advice regarding the utilities and infrastructure in the area.
Prioritise what you need and not what you want
Anyone can easily get carried away with regards to a property’s features and aesthetic appeal without considering what they really need. Once you have taken a look at different properties, make a list of must-haves. When you make your list of must-haves, strike off the properties which don’t fulfil the must-haves on your list. You can also rate a property’s features from 1 to 10, and you should then seriously consider the properties which get the most points.
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