What’s the most important business decision you’ll make this year? If you plan on making a move, it’s definitely your new property. Where will it be, how will it be different from your last space, and can you get everything you need within your budget?
There are so many questions and considerations that you might lose sight of what counts. Here are four key points to hold fast to as you embark on your business move.
1. Eye the surroundings.
Ensuring you’re getting a properly zoned space in the zip code you want is easy when you use www.jgmproperties.com. Now it’s time to examine the area moving outward. Check out the adjacent housing market to gauge local attitudes about the area.
Also, have a look at other businesses in the immediate area and figure out whether or not it’s beneficial to your business to join this neighborhood. For example, if your business sells medical supplies or covers medical billing, being in the same neighborhood as a hospital or various doctor’s offices is a natural fit.
2. Assess suitability.
If you like coming in under budget, you might not mind a building that’s a little older than your last. However, consider how this will impact foot traffic, staffing quality, and the chances that operations could be held up by utility or construction issues.
From there, consider the layout and amenities, and ask yourself if it suits your business, or if your business will have to adapt. A building that suits is always more cost-effective than a “cheaper” one you have to adapt to.
3. Factor in all costs.
Speaking of costs, your lease isn’t the bottom line. Is this building further away from your current location than you originally planned? Then your moving costs will increase, and any existing staff you planned on bringing along may think twice about continuing.
Additionally, scope out costs that could differ from what you’re currently spending; you’ll need to create a new monthly budget, after all. Obtain average local costs on utilities, cleaning, taxes, internet, renovations, and more to see how your budget will change, if at all.
4. Keep the future in mind.
Do you have a five-year plan for your business? How does the new building fit into that? Can it accommodate the growth you’re projecting? If you’re not sure, it’s time to retool your business plan and pay attention to areas like the size of your staff, space required for inventory, new departments to be added, and more.
For instance, if you plan on moving at least some of your business online in the next few years, you might need extra space for an IT department, a packing/shipping center, or other facilities you aren’t making room for currently.
Choosing a new commercial property is indeed a very big deal, so don’t hesitate to seek out help if you need it. See if there’s anyone on your team currently that can help you do the research, or get professional advice from an agent. With your future success at stake, it’s never the best course of action to choose the first or cheapest building you find.