first-year

How to Find the Right Property For Your Business?

Finding the right location for your business is one of the most crucial decisions an entrepreneur has to make. It is only a matter of prioritizing, determining what is absolutely necessary and what could be put on the back burner for later consideration. Let’s face it, you do not find a 100% perfect location to begin with, ever. However, you could definitely take careful steps, avoid obvious pitfalls and grab a location for your business that best suits your needs and gives you room to grow and expand in future. Always take your time researching, looking into possible best options, stepping back and weighing out crucial factors, taking advice from experts and experienced people. Doing so will help you finalize a location without being overwhelmed of all the choices and making a haphazard choice.

Here is how you should go about this business:

The Size

Always start small. You are a new business and chances are you are on a budget and hence cannot afford renting a huge space right from the beginning. What can you do? Look for small reasonable locations; keep your premises as small as you reasonably can. This needs prioritization such as you may be better off without a dedicated meeting room and can arrange those either in a nearby cafe, restaurant or a hotel, similarly you may not need separate office cabins for every employee – a shared space might work in the beginning. Renting out a shared business location is another less risky and low cost option for new businesses.

The Location

Whether you want to rent a place among the hustle and bustle of the city life or you prefer some place on the outskirts of the town will actually depend on the type of business you run. If you are a production company who just needs to focus on manufacturing products and not actually selling them then you would require a location outside the city. Most retail stores, restaurants and cafes require high street presence as they need to draw in customers from all the nearby locations. Going to a far off location is not an option for such businesses.

The Cost

Begin by putting together a total budget for your business’s location. You may want to include everything from site rent, utility bills, cleaning bills, employees’ pays and refurbishing cost. Take your house rent and bills as a guide and build a rough estimated budget and start weighing out your options according to that. When finalizing a location carefully look into what’s being offered to you. Does the price cover you for initial few months’ rent? Does it include utility bills, gas, electricity, water and maintenance cost? Or will you be required to pay these bills separately on your own. Conduct due diligence with the owner before you seal the deal.

The Final Hunt

The most convenient place to look for almost anything these days is the internet. Make good use of it and search for properties available in your desired location as per your requirements and needs. You may go ahead, take matter into your own hands and negotiate with the owners however hiring professional help is always better. Look for professional brokers online. A lot of businesses buy and sell websites such as Tobuz offer such services where you can contact specialized brokers and they will guide you right from the start of finding a suitable site and finalizing the deal.

Finally, do not forget to contact your friends and fellow businessmen and let them know you are looking for a proper location for your business and who knows they may be help you better than any broker or online search engine.

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