Where you set up shop for your business is just as important as all the other factors that go into getting it onto its feet financially. Location, size and style are everything. In the earlier days, you may not be able to afford that dream business property, but the initial building you rent, or purchase should fundamentally work for your company in some way. It should be able to comfortably house your employees and be a prime location for your trade.
How will you finance it?
When you pick out the best building for your business, you will need to decide how best to finance it. This can be a challenge, as the financial repayments (or rent costs) will need not to outweigh your first year or profit. If you are worried about how to finance your business property, then do consider approaching a commercial property lender. By visiting lenders such as those at onyxfinance.com.au, you can work with brokers who have experience in working with businesses of every size.
If where your company is based is relatively inconsequential (for example if you are a call center or can easily work remotely) then the location may not be such an issue. Otherwise, your business’ location should be a major consideration when you start hunting. If you rely on local knowledge to keep you on your feet, then you will need to pick somewhere that has access to transport links and is in relatively plain sight.
Conversely, it may benefit your company better to find a location that is out of town. If your business is full of employees who are concentrating on demanding work or are likely to be on the phone regularly, an expensive city-center location might not be ideal, as you will be closer to built-up areas and loud noises. City center locations also tend to be more expensive, which may not be feasible in your early days. If you do choose somewhere slightly out of the way, ensure that it is possible to access the property via transport links.
If your business has a particular product or offers a very specializedservice, then you will want to make sure that the style of the building you set up shop in suits that down to the ground. If the site you choose is a little bit bare around the bones, you will need to factor a renovation into your budget. This could affect the property you buy, as it will need to be factored into your rent or purchase budget. It may take time to find a property that can match your company’s look and feel, but the payoff could ultimately be worth it when you consider how it will appeal to customers.
Finding your business’ first official location can be incredibly taxing but also rewarding when your offer is finally accepted. It will be the first place you can rightfully claim as the home of your company, and that will hold huge significance for you.