There are many factors that go into choosing the perfect commercial space for your business, from its location to the size of its offices and everything in between. Choosing a commercial space can be difficult if you don’t know what to look for. This guide will give you some helpful tips on how to find the perfect commercial space for your business, whether it’s retail or office-based. Just follow these steps and you should be on your way to success!
Step 1: Create an Inventory of Needs
List everything you need from your commercial space, as well as what you want. This can include things like foot traffic and/or proximity to transportation. It can also include amenities such as an office kitchen or a bike rack, if applicable. Be honest with yourself about what’s necessary in order for your business to be successful. The biggest mistake entrepreneurs make is over-requiring from their space; it’s better to have a smaller but perfect space than a huge place that feels too big for your needs.
Step 2: Do Some Research
When you’re looking for commercial property, you might start by doing a Google search. But before you get too far, take some time to learn about commercial real estate from an expert. In fact, if you are considering investing in commercial property or are just starting out as a small business owner, reading about small business real estate is probably a smart idea in general.
Step 3: Determine What You Can Afford
Before you begin your search, determine what you can afford. First, take a look at your current financial situation. Calculate your business expenses and savings to help determine if you have enough capital on hand to meet your monthly needs. While you’re determining how much room you have in your budget, consider how large of a space is appropriate for your business.
Step 4: Brainstorm Location Options
Where you should consider opening your new business depends on several factors, including your available cash flow, how much room you need, and what types of clients you want to attract. For example, people who need a storefront may need a highly visible location with plenty of foot traffic. On the other hand, if you have experience as an interior designer and specialize in home design, then renting out space at another salon or spa might be more practical. Make a list of potential options that fit your specific needs and start researching them online.
Step 5: Evaluate Each One and Move Forward With the Best Deal
When you’re looking for commercial real estate, there are a lot of options. It’s best not to get caught up in details too early on—get a feel for each property and then narrow it down from there. Here are some questions you can ask yourself: Do I like that area? Does it have good foot traffic? Is there parking available? Would my employees be happy working here?
Commercial real estate can be expensive, but it can also be the best investment your business can make to ensure its success and longevity. However, if you don’t know how to find the right commercial space for your business or what questions to ask when touring the space, you could end up paying far more than you should, paying too much in rent, or even paying above market rates when your business isn’t ready to occupy such an expensive property. The above guide will help you find the perfect commercial space for your business needs.