What to Look for When Renting or Purchasing Property

When opening a business, you can opt to have your operations done online – if and when possible. But usually, a physical shop or store should be the first step taken when opening a business. It helps promote your new venture to those who have no access to the internet. 

And the fact that a physical shop is present, it will increase the chances of potential customers trying out or purchasing your goods and services – something that they may not be able to do online. Now when putting up a business, you will have to consider a few things before selecting a room, floor area, or lot for rent or sale.

You can use this guide to help you get started on your business venture.

Size matters

Some may argue that the physical size of the business may not matter as long as the products and services are good. We beg to differ. Not all businesses work the same. Some companies will require large spaces like a used car dealer business franchise.

They will need extra space for their garages, offices, and car bays. And some businesses like a flower shop may require large floor areas but not as much as the car dealer. This would then leave businesses that focus on something like electronics repair with smaller floor areas – something that can be acceptable and can be worked around.

You need to consider your business, the maximum number of customers you would be tending to, and other features you may want to implement like a waiting room, multiple bathrooms, offices, and the like.

shop

Location, location, location

Apart from the size of the area you are planning on purchasing or renting, you will need to consider the location of the area itself. Your cheap large floor area rental may be a steal, but at what cost? What is the catch?

Most of the time, these cheap locations have ridiculously cheap numbers of their location. They may not be located at a prime location in town. Is it located in a bad neighborhood? Or is the location just so far off from the nearest sign of civilization? You have to keep these factors in mind when searching.

Your business should be located in a prime location – a place that has a lot of foot traffic and can be easily seen by the public. Anything less than that and you may be gambling the future and success of your business.

 

The price is right

Of course, once you have found your ideal location and floor area, the next thing you should consider is its price. The location may be best for your business, but do you have the funding to purchase it or rent it?

Most of the time, these prime locations are already taken by larger corporations and bigger businesses.

And most of the time, you will have to shell out large amounts of cash for it. But do not be dissuaded from contacting the landowner for a quote. Who knows, he or she may give you a lower price if they like you or your business.

But if it is really out of your budget, then you should look elsewhere or gamble by sacrificing either floor area or the location factor when starting your business.

Location and business size matter for the eventual success and future of your business. Use this guide for when you get stuck looking for your next property rental or purchase.

Share on

Share on facebook
Share on google
Share on twitter
Share on linkedin
Scroll to Top