The perfect commercial space for your small business will help you attract new customers and propel your company to new heights. Before selecting the location of your business, you should have a clear notion of everything you need and would like to have in your space. Here are 7 tips for getting started!
1. Finding the Right Location
The first step is to build a list of everything your business’ space will require to succeed.
- Retail Business – If you own a retail business, shopping centres are the logical place to start. You can also look into other locations like airports, pop-up event kiosks, and free-standing commercial structures.
- Office Building – These spaces are ideally suited for businesses that do not rely on direct consumer traffic.
It is a good idea for all small businesses to look for places that have enough storage space and convenient access to key transportation routes. In addition, make sure your site has enough parking to meet the demands of both your employees and your customers.
It is also your responsibility to ensure that the place is a safe and welcoming environment. This is important for the security and wellbeing of your employees and customers.
2. Buy or Lease: What Suits You Better?
Decide whether you want to buy the property or lease it, based on your business projections and the funds you have available. It would be wise to take counsel from an accountant or a solicitor. It’s critical to recognise that purchasing or leasing a commercial space differs significantly from purchasing or renting a residential property.
3. Space: Size and Layout Matters
In a commercial enterprise setting, the Australian Building Code requires 10 square metres per person. In recent times, however, because of Covid-19, it has been determined that instead of 10, around 15 sqm of space per employee is reasonable.
Certain types of equipment and furniture that come with a business may require a very precise arrangement in your commercial space to perform effectively. For example, a conference room in an office setting is perfect for large meetings or presentations, while a reception area in a health clinic is a must.
4. What Sort of Amenities are Available?
The infrastructure and facilities of the building or property are also important factors to consider. You can also check for amenities in your immediate surroundings, such as good restaurants, parks, supermarkets, post offices, banks, ATMs, and so on, in addition to the amenities offered within the building. Look for areas with large openable windows, plenty of natural light, and good ventilation.
5. Exploring and Shortlisting Your Best Options
Now comes the phase where you narrow down your choices and make your ultimate decision. It’s better to wait to find the perfect space than to commit to a property that isn’t the best fit for your business.
Consider all of the advantages and disadvantages of the possibilities you’ve narrowed down. Make sure you consult the opinion of your business partners or a trusted advisor.
6. Diligent Handling of the Paperwork
Once you’ve chosen your site, it’s time to sign all of the important documents! If you’re renting, you’ll need to sign a lease agreement, and if you’re purchasing, you’ll need to sign a purchase contract. Depending on whatever state the property is in, a few other legal documents may be required.
You should consult a building dispute lawyer in Sydney, or wherever you live, to examine each clause carefully to determine what the agreement covers and, if any, what constraints you’ll be dealing with. You should be especially explicit about clauses relating to building maintenance, liabilities, the scope of future subleasing, cancelling the agreement before the specified time period, to avoid any unwanted surprises down the track.
7. Possibility of Expansion
It’s important to consider the probability of future events while choosing a suitable commercial space for your company. Thus, when deciding on a location, think about your future expansion plans as well. Consider the following questions:
- What is the current rate of growth for my small business?
- Will my employees and clients/customers be able to feel at ease in this area five years from now?
- If I choose to rent, how might the rent increase over time? Is this a place I can afford in the long run?
Consider the nature of your business and the image you want to project, then find the ideal site with the proper size and layout for your staff and customers. Inspect all of the amenities, and carefully read the lease or contract terms. Take your time, be patient, and make your final decision after contacting a qualified real estate lawyer.
After you’ve decided on a space, the next step is to design and decorate it, which requires some more preparation and creative thought. Good luck!
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