Finding a Space for Your Business
If you’re an entrepreneur in the early stages of starting your business, you know that there are a number of hurdles to overcome. Doing your market research, developing your product or service, registering your business, finding the right employees are all challenges you’ve either faced or will be soon. There is another challenge, though, that small business owners face at least once at the start of their journey: finding the right space from which to operate your business. That’s the point at which all of your thoughts turn to commercial real estate and how to find the right space for you and your business.
What to Consider When Looking
There are four main types of this variety of property: office, industrial, retail and multifamily. Of those, the first three are the most relevant when you’re looking to establish your business’s location and footprint. If you provide primarily services, your best bet will probably be an office space. These will vary in size and amenities but typically come with a longer lease term, between five and ten years. Retail spaces, which are good if you’re looking to start a store or sell your own goods, are usually leased for the same length of time and frequently are found in central areas with good customer traffic. Industrial spaces are often found farther out of town and are often leased for between three and five-year terms. These are best if your business is in the manufacturing or production area.
Options on Obtaining It
When it comes to obtaining commercial real estate, you’re looking at a similar process to any other type of real estate. You’re either going to be purchasing it, or leasing it. Leasing has the advantage that you’ll be paying a fixed amount on a regular basis and will not have to worry about most building maintenance. You’ll also have the option, of course, to move to a new location at the end of your lease term. Purchasing, on the other hand, will give you ownership of the property and the ability to make any major changes or renovations you may want or need. You may also benefit down the road by selling the property, potentially at a profit due to appreciation.
Finding the right space out of which your business can grow is a huge part of starting a successful business. As long as you’ve done your research and utilize the resources available to you, finding the right commercial real estate for your business shouldn’t be too big a challenge.
