At some point, your plans to start a new business may lead on a search to find a suitable location for an office. If you pick the right location, with a lot of foot traffic, you’ll be made in the shade.
Pick the wrong one, and your business could be over before you know it.
- To Buy Or Not To Buy – That Is The Question.
You will have to decide on whether you want to buy the office or just lease it.
If you are into retail, then it would be better to buy. Logistically, you might not find easy to shift your inventory and furniture if your lease runs out after a short period of time. But if you are into software or any other business which does not depend on you being in any specific location, then you can try leasing the property.
You should also find out if your future office is situated in a developing or a developed market, so that you have a steady stream of clients.
Leasing can save you a lot of money – but by buying an office, you will also have an asset at the end of the mortgage period.
- Take A Little Extra Space.
When looking for an office, go for one that will allow you to expand in future. You should not look at any office space that seems small already, since it will surely pose a problem when you need to expand in the future.
Keep the growth factor of your business in mind. If you are buying a bigger office, you can always lease a part of it in the future if you don’t need it.
- Check Out The Infrastructure.
Before finalizing your office location, find if it will be accessible by both your customers and any employees that you may have to hire.
Your future employees should find it easy to commute to and from your office. The premises should also not be prone to flooding during a heavy downpour of rain.
Other services such as water, electricity and telephone and Internet connectivity should also be present in the neighborhood.
- Hire An Efficient Team Composed Of A Broker And An Attorney.
You should hire an experienced real estate broker, along with an efficient attorney so that you will get to choose from a wide range of properties.
Having this team in place will also ensure that you get the legal paperwork done quickly once you have purchased or leased a property.
An experienced broker can point out the pitfalls associated with any property and can also point out the benefits while looking at other properties.
- Consider Different Furniture Options.
If you are leasing the business premises, then it may better to buy modular furniture, which can be assembled and dismantled quickly. This would make it easy for you if you ever have to move locations.
You should also think about getting furniture on lease. If you are buying the business premises, then you can consider buying permanent custom-built furniture.
Choosing the right office location has the potential to make or break your small business. By keeping the above points in mind, you’ll be able to make all the right decisions.