When first starting a business, it is common practice to opt for a small commercial space in order to keep costs down. This is logical, but when the business starts to grow, it means that you can quickly outgrow the space and behold the business back from higher levels of success.
Choosing a new commercial property is a major decision, so read on for a few of the key considerations that you need to make.
Budget & Costs
The budget that you have and the costs of the commercial property will always be important considerations to factor in. If you are looking to move to a larger space, it is likely that you are going to have to pay more for your commercial property, unless you move to a quieter area.
Obviously, this can be challenging and stretch budgets, which is why applying for and utilizing a business loan could be smart in this situation.
Size & Space
Following this, you also need to make sure that your new commercial premises will have enough size and space for your business to operate comfortably and practically. Crucially, keep in mind that COVID-19 has changed needs, so you may need to find somewhere that provides space for social distancing as well as sufficient ventilation.
Having a large space for your team to work is important, but it is not much good if the facilities are lacking or low-quality. Commercial space will need high-quality bathrooms, a kitchen, break room, a stock room, and anything else that your team might need.
Keep in mind that you can often improve these spaces yourself, but it is important that there is space for these facilities for staff and customers.
Location is also hugely important when it comes to selecting a new commercial property. You will need to find somewhere that is easy to reach for customers, staff and suppliers with good transport links. Not only this, but if you are a retail store, then it is vital that you are in a good location that is bound to bring people through the door.
Leading on from this, parking is another important factor to consider. You may require parking for customers, staff, and suppliers, so you need to establish your parking needs and find somewhere that will meet these needs.
These are a few of the main factors that you will need to consider when it comes to finding a new business site. This is a major decision, so you will need to know what you look for, what to avoid, and most importantly, to take your time to find a commercial space that will help to take your business to the next level and be a good home for the foreseeable future.
In summary, when considering new commercial premises, assessing your business’s size and space requirements is crucial. Utilising online accounting software allows you to manage finances and accurately evaluate spatial needs. In the era of COVID-19, it’s important to prioritise space for social distancing and ventilation. Additionally, exploring revenue-based funding options provides financial flexibility based on future revenue projections. By incorporating these strategies, businesses can ensure practical and comfortable operations while adapting to changing circumstances.