Finding Suitable Real Estate for Your Business
When running a business, there comes a time when you need to start looking for new, more suitable real estate, which matches your business and the direction it is going in. especially if you are starting a general contracting business. Investing in real estate and finding the right premises for your business and its future endeavors is crucial. If you do not make the right choice, then you could find you will be out of pocket financially, and you will have lost valuable time as well because you will have invested your efforts into real estate that is not suitable.
Establish a Sensible Budget
So, to begin with, you have to establish how much you want to spend and, importantly, how much you can afford to spend. Getting the right premises for your business is important, so how much are you prepared to invest? When putting together a budget, it is wise to look around at what is currently on the market. Looking at current listings will allow you to see whether your budget is realistic or not or whether it needs tweaking. When putting together a budget, do not forget to account for any unforeseen or hidden charges or fees. If possible, add a 10% contingency spend on top of your budget to coverthese costs.
Ensure Real Estate is Fit for Purpose
Not all real estate you look at will be suitable for your business or even fit for purpose. So, before committing to anything, establish what purpose you have and establish what your needs are. For example, do you need accessible doors, do you need to offer customer toilets, in addition to staff toilets? When establishing if a location is fit for purpose, do not be afraid to think about changes you will make or need to make. For example, if you don’t have interior handrails, but feel like it could improve accessibility,then you can easily add these in, matching them to your current interior.
Focus on the overall building or location, and try not to get weighed down by the smaller or finer details. You can always make changes after you get the keys.
Thinking Long Term
When looking at real estate, you want to, of course, look for now, but you want to look for the future too. Thinking only in the short term is not beneficial for your business. So, in terms of growth, where do you see your business in the next 5-10 years? Thinking ahead in business may seem strange, but when you think ahead, you can then plan ahead. Forecast what you want, and then ensure you do not settle for anything less. For example, if you get a premises that is OK for the next couple of years, you will struggle to grow anddevelop at a rate that you want because you will find that your building will hold you back.
The location you go for is so important, and you should not settle for anything that does not fit your brief. You may have to wait a while for the right premises, oryou may even have to go down the route of using a finder’s agency or commercial real estate agency. What is important is what you get, not how and when you get it.