How to Choose the Right Building for Your Business
Location is the most important thing in business and in real estate. But along with finding a good location, it’s important to choose the right building for your business. You may find a great little place for rent on a busy street, but what if the structure itself isn’t right for your business or your customers?
Choosing the right building for your business can be a challenge. Here’s what to consider:
Your Business
The first and most important part of the equation is your business itself. What kind of business do you run? The answer to this question will help you determine what type of building would best suit your operations.
Consider everything from the architectural design of the building to the color and the popular roof types available in commercial buildings in your area. Which options will benefit your business the most?
Some other questions to consider:
- Will customers clients come to your place of business, or will you go out to see them?
- Does your business need exposure?
- What are your growth plans?
- How many employees do you have?
If you run an online-based business, you may not need a central location with great exposure and large square footage. You may just need a modest-sized office in a business park. This would lower costs and allow the business to focus on marketing and its website.
Additionally, you want to consider branding when you choose a building. Does the overall look and feel of the building match your brand and its message? If your plan is to open a local brewery, an old garage or warehouse may fit your brand’s image.
Your Staff
If you have employees, you’ll need to consider the size of the building. The more employees you have, the bigger the space you will need.
Growth potential must also be considered. If you plan to hire more staff in the future, make sure that the building you choose is large enough to accommodate your new hires. Otherwise, you will need to find a new location for your business.
Building Type
We’ve discussed the look and feel of the building, but you also need to consider the maintenance and other costs associated with the building type.
An office suite in a business park will likely have fewer maintenance requirements than a standalone building on Main Street. Depending on the location, you may not even be responsible for maintenance, which can save you even more on business expenses.
Accessibility
The building needs to be easily accessible by you and your staff. Ideally, the building is close to public transport. If not, you’ll need to consider parking options for you and your staff.
Many small businesses prefer to set up shop in smaller strip malls and shopping centers away from the center of town. These often have cheaper rent prices, and they often house larger chain stores that attract lots of foot traffic. Coffee shops, salons and other similar businesses can benefit from sharing space with these larger entities, as there will be more foot traffic passing by their doors.
