Running your own business can be stressful enough; but when you are ready to move into a building, you enter a whole different realm of stress. There are a few steps you can do when shopping for commercial real estate that will give you a good start in creating a brick and mortar company.
1. Know Your Niche
When it comes to purchasing buildings, it is easy to become distracted with the many options. Before starting the shopping process, you will want to know everything you can about the niche you work in. What locations will cater to the demographic you are reaching? Does your industry need bigger buildings, or can you function out of a small one? Consider spending time looking at other businesses in your industry and what their stores look like. When you have a few ideas, you shop with fewer distractions to find the perfect building.
2. Determine the Property Type
Another consideration you need to make is what type of property you are looking at buying. There are three main types of real estate for small businesses. They include office buildings, retail, and warehouses. If you are a startup, it is better to start small and move up. Office buildings are not designed to hold a lot of clientele at one time. These are great if your company offers most of your services remotely or handles one or two people at a time. If you are selling products from your space, you will want to consider a retail location. They are larger buildings that will have an office space inside for you to operate from. Retail real estate comes in all sizes, so you can find one that fits your needs and inventory. If your business has a large inventory, consider investing in a warehouse to ship directly from.
3. Use a Real Estate Agent
When your company's success is at stake, you must allow professionals to help you with your investment. Commercial real estate agents are experienced in helping you determine what you need and what you qualify for. Prior to meeting with an agent, write down your budget and your goals. With this information, they can guide you to loans and give you advice for the ideal location. It is okay to interview a few agents before you settle on one because you want to make sure you trust the person you are working with. Agents will have the latest information on zoning regulations, negotiation techniques, and other local laws that will affect your company.
Taking your business to the next level can seem daunting. These three steps will not make it easy, but it will help focus your search, preventing the overwhelmed feeling. The more research you do before making a purchase, the greater your chance of success becomes.
Reach out to a local real estate agent that can help you find commercial real estate for sale to get started.