We all know that the commercial property market is quite a tough one and unless you know what you are letting yourself in for you can lose a lot of money. For virtually any business, location is everything and choosing the right property is vita to your business success. If you are an established business its most certainly much easier, but for a startup business it’s a real gamble.
There are just so many aspects that can affect and influence your business success and although a certain property can be perfect for one business it might not work at all for another. Here are 3 important things you need to keep in mind when picking a commercial property.
1. Demographic
What is the demographic of the catchment of the business? Is your target audience in that area? Its obvious but you have to match your business wit the people who are in the area where you want to start your business.
2. Expenses
Some properties might be perfect for your business but does it make financial sense? Your business need to be able to carry the expense of the property and getting the best retail space can be very expensive and unless your business can generate that level of profit it will be a money drain.
3. Access
Another important consideration is the access to your business property. This related directly to the type of business and you need to consider access from all angles. Distributors, suppliers and even staff need to get to and from your business. A lot of business parks are struggling to get staff to work there just because of the transport issues and if you are planning on employing specialized skill, then you need to think about this very carefully.
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