The journey of starting up a business venture cannot be complete without addressing the issue of commercial property. Identifying the right premises for your business is one of the most exciting and yet crucial decision one has to make. This is because the size, location, layout, appearance, and position of your business property influence the effectiveness and flow of business operations.
The aforementioned factors vary with the type of business and the owner’s preferences. However, property identified should put into consideration clients, staff, suppliers, and other business stakeholders. Some have options of transforming their rental property into a business property, having virtual offices, and working from home. Many investors, however, juggle between buying or renting business premises.
It is evident there is a need for knowledge on what investors should do to set up a new business venture.
Here are some tips to serve your needs:
• Decision to buy, lease, or rent
Making a decision on whether to buy or rent commercial property is a hard nut to crack. There are almost equal merits and demerits in the two critical options. In making such a decision, a number of factors should be weighed. For those in search of freedom from landlords, wealth accumulation priority, escaping heavy investments on a building among others, then buying is the way to go. Renting and leasing would be appropriate when some factors get weightier. These include insufficient working capital, unstable business needs, and the hassle of owning property among others.
• Property Particularisation
Outlining the basic details of what you expect in a business premise is vital. These details are particulars such as property size, facilities and amenities, accessibility, the layout, parking spaces, and services e.g. electricity, water, drainage systems etc. Costs such as rent, purchase costs, utilities, insurance, and maintenance should also be evaluated.
• Location selection
Picking the right location for your business is an ingredient for its success. A number of factors should be considered while doing a location check-up. These include internet access, good transport links, customer convenience, business rates, number of competitors, regulations on deliveries, and local facilities such as banks, hotels etc.
• Identifying legalities
Businesses do not exist and thrive without adhering to regulations such as fire, health, safety, taxation, insurance, permits, and other certifications. Buying or leasing property comes with adhering to property regulations such as stamp duty tax and leasehold property respectively. Make sure you fully certified by the regulatory authorities to conduct your business in any property.
• Property inquiry
The search for a property has been made easier. There are a number of property sites that will land you to your choice of property to set up your business. It is, therefore, important that you use the internet to help find the best location for your business.
• Check for Affordability
When choosing a property for your business, ensure it is affordable enough for your start-up business. This will save the the struggle of keeping up with the rent or the mortgage if you decide to buy the property.