You’ve been selected the daunting task of finding the perfect commercial property for your business. You may be unsure of exactly how to get started. In this series of blog posts, we’ll provide you with some tips to guide your process so that when the time comes to sign a lease, you can feel confident in your selection.
Before you can negotiate effectively you need to have a good understanding of what your business needs from a building are and how the building you are interested in may or may not meet those needs.
We suggest first considering your location. Does it have adequate traffic if you are a retail business? Does it provide accessibility for clients and employees? Does it offer parking and public transit, ease of access for shipping and receiving needs? Are their zoning issues?
Next, get specific on the amount of space you need. This may be an easy answer, but we encourage you to consider how the space will be utilized as you grow. Could you rearrange your current layout to be more efficient? Could you hire an operational efficiency expert to find major space savings? This could also be key in not only making your space more efficient but more profitable as well. Many businesses find themselves moving into larger spaces 3-5 years down the road because they didn’t properly assess their business and its potential for growth, so this is a key issue to take into consideration.
We encourage you to make a list of your needs before we move onto the next step—Setting Your Budget.
- July: Setting Your Budget
- August: Finding Good Advisors
- September: Cast a Wide Net to Save on Price
- October: Make an Offer
- November: Before You Close the Deal