You’ve sold up your company premises and remained rudderless for a while, but now it’s time to re-establish your business in the brick-and-mortar world – but how will you afford the big move?
The property market is an untameable beast at the best of times. Prices fluctuate, housing bubbles burst and your finances deplete quicker than water hurrying down a drain.
In the business world, purchasing a property is an even dicier proposition. Along with hiring staff and electricity, the upkeep of a property is one of an SME’s largest overheads.
And there are plenty of perils and pitfalls involved in the purchase of a property, and the financial strain of a failing business will send you rapidly into the depths of bankruptcy.
But the property market isn’t all a world of calumny and high-risk gambles. It’s time to even the odds with a few tips and tricks. Take a look at this bite-sized list and bear it in mind before you purchase a property.
The perfect provider
Letting agents and estate agents are readily given short shrift by the media, viewed as a pack of curious con artists and feeble fibbers. Despite the fact that you’re inside a crumby property, you’ll be told you’re in a “fixer upper” by a sweaty-palmed estate agent. They’ll point to a damp cardboard box and call it a “petite condo”, cackling to themselves in their desperation to make a sale.
But when you’re searching for a shop for sale, everyone isn’t looking to con you out of cash. Some estate agents are trustworthy.
Our favourite is Costar, a business property provider with a vast knowledge of the markets and a team of helpful and conscientious staff members. Get in touch with them and you’ll be in capable hands.
Location is key
Slinging your wares in an ideal location is the dream of many businesses, but few manage to find the right pitch between price and luxury. They’ll either end up in a slum without customers or else rent more than they can afford and struggle to keep up with their high-rolling customers.
The key to finding a good balance is research. There are always locations sitting on the outskirts of classy areas that are cheaper than their more centrally located counterparts. Search them out and you may just have a shop for life.
The danger of competition
Beyond your workplace there are predators – and their hoping to take a bite from your customer base. Before you purchase a property, bear your competition in mind. If they’re already well established, think twice before moving too close to them.
This is just the tip of the iceberg when it comes to looking for a new business space. If you’ve got any suggestions, let us know.