Published on October 3rd, 2016 | by Kandace H0
Choosing A Business Property: 4 Tips For Entrepreneurs
Even if you do not plan on directly selling any products out of a storefront, the location of your commercial property could make or break your business. That is where you and your employees will be spending countless hours fighting to keep your company in the green. Here is a look at four tips every entrepreneur should consider when on the hunt for commercial property.
Zoning Is Your First Concern
Entrepreneurs are fined every single year for opening their shops in the wrong zone, and many of these companies even go under for this mistake. Owners often assume their company will be fine because they are surrounded by other businesses, but every single building and office could be zoned differently. Most counties keep an updated zoning map on their public website for those who are interested in buying property.
Be Realistic With the Size
The size of the building is another major variable that must be taken into consideration. Choosing a building that is too small could hamper your growth, but trying to rent a piece of property that is too large might destroy your finances. Those who plan on renting or buying a larger building must be reasonably sure they will use the extra space within the next few months. Your business plan should give you a relatively good idea of what kind of growth you can expect during that time.
Inspect Everything Before Signing Anything
Just like renting or buying a home, you should inspect every single aspect of the property before signing any papers. That includes the insulation, HVAC system, lights, power outlets, bathrooms, and foundation. Issues such as a minor pest infestation can be taken care of with an experienced exterminator, like those at Barrier Pest Control in Boise. However, any major damage to one of the mechanical systems in the building might not be so easy to remedy.
Don’t Underestimate Additional Renting Costs
One of the most common mistakes that business owners make is neglecting all of the additional costs of leasing commercial property. Your property insurance and energy bills can easily cost thousands of dollars a month, and those expenses are just as important as rent. Business owners who are unsure of what to expect should ask the current property owner or manager for previous bills to get a general idea of what they will be paying.
Once you have narrowed down your decisions, then you can begin looking for extra features that you and your employees will want such as covered parking or an on-site gym.