What You Should Look For in a Building For Your Small Business
Starting a business that eventually makes its way out of your home is an accomplishment in itself. Looking for a building for your small business has to be done carefully. Picking the wrong building can lead to years of problems as commercial leases tend to be longer than residential leases. Profitability of the small business can be directly impacted by the location like an auto body shop or diner. Take the time to create a checklist of what you need in a building for your small business. Each business will have different requirements like a vehicle lift or ventilation in the case of restaurants.
Lifts or Access to Fuel
If you are going to be opening some kind of specialty business like an auto shop it is better to have equipment already in the building. Eliminating the need for this equipment will reduce costs immensely during the infancy of the business. Metal shop buildings are a popular choice due to their durability, affordability, and overall look. You will have to search far and wide for the right building but enough searching you will find the perfect one.
Customer and Staff Parking
Customer and staff parking should both be priority when it comes to the building you choose. The last thing that a number of people want to do is take their business to a place that is impossible to get out of. Staff parking will also be a big factor in some cities where parking can be extremely expensive. A business that rents out a space in a larger building will likely have assigned spots. All factors matter when choosing a location and building for your business which is essential to keep as a focus.
Central Location and Foot Traffic
A centrally located business is important for businesses that rely on foot traffic. Restaurants and clothing stores are examples of businesses that rely considerably on their location to generate business. The cost to be in the middle of the action is going to be high due to the revenue that can be generated. A business that invests in a building in an up and coming part of town could have an ideal location in a matter of years. Look at the building as an investment for the business that can be leveraged at a later date.
Favorable Lease Termination Clauses
There is a chance that your business grows too quickly and has to terminate the lease in favor of a larger building. Another possibility is that the business simply doesn’t thrive and ends up going bankrupt. Looking for leases that have favorable terms to end the lease is essential. The last thing that you want is to keep paying rent well after the business has moved to another location. Purchasing a building is another option as the property/building will be a business asset.
Looking for a building for your small business can be an exciting and stressful time. Do not make any quick decisions as it will directly impact the overall health of your business years into the future.
