Buying a property for your business is a serious expense and therefore one that needs to be taken carefully and with consideration as to what it is you require and what you’re using it for. Here are some tips for buying a business property.
Figure Out Your Budget
Firstly, you’ve got a budget to consider. This might be your first property, and so there’s got to be some thought into what amount of money you have to work with. You could have the income to pay for it outright, it might have to be bought with a loan or as part of a longer deal where you’re paying it back over a period of time. Your budget will obviously have a say on what you can afford, and this may limit what you can view. When it comes to figuring out your budget, you need to look at the business finances so far and then approach a financial advisor to discuss your options.
Factor In The Space Needed
The amount of space is important, especially if you can see that your business is going to grow and need the extra room for new staff. When looking for properties, sites like PropList can be really handy in order to see what’s available and where. The space will matter so look at your current office space or if this will be your first property venture, think about how many people you have within your business and realistically what you might need as part of this office space. Will you need private offices? Will you need meeting room spaces and if so, how many? That way, you’ve already got an idea of what type and size of building you’re after.
Think About Location
Location is something that’s also worth considering, particularly if you’ve got a number of staff members that will be travelling to your new business property. It’s all good moving your business to another side of a city or out of it completely, but how will that affect the rest of your staff? Will they want to make that commute into work? This is definitely something to discuss with your staff first to get an understanding of where everyone is and what areas are going to be best for the staff overall. If it’s a big move then some staff members may get lost along the way, but if it’s something that’s worth it for the business, then that might just have to be what happens.
Plan Out The Move
If this is your first office, then it’s likely you’ll have very little to move but if it isn’t, then you’ll need to organize the logistics of getting everything from one location to another. That means you’ve got some careful planning to do in terms of causing as little disruption as possible to your staff’s working day and the company’s timeline of projects that it’s working on.
Finding the right space for your business is crucial so take your time with this process.