So, you’re ready to take the next big step with your small business. After operating from your basement or an old warehouse or wherever, you have no decided to get some actual business space. This guide is intended to help you as you consider the many factors that should guide your decision…and it is indeed a very important decision.
First off, don’t worry a lot about beauty. If the property looks bad, you can always clean it up and improve it later. Doing this work yourself will save you considerable money, so don’t go paying out perfectly good money for a cleaning company. Now, I want to make it clear that I am not advising you to go out and buy the cheapest, nastiest-looking property you can find. Far from it. There is a certain bare minimum when it comes to appearance, and it is up to you to determine where your “line” is.
Perhaps the most important consideration is space. The most common mistake that people make when buying business space is failing to take growth into account. You may save a little money by renting or buying only the space you need, but it will come back and bite you in the long run. As soon as you are ready to expand, you will have a problem. Experts advise buying about 20 percent more space than you actually need. A possible exception to this rule would be a business that is not expected or designed to grow quickly.
It is also important to remember that there are a lot of hidden costs here. You will likely have to pay some form of business tax that you did not need to pay before (this varies a lot by state). You will need to pay for utilities. You may need to pay for remodeling costs. You will certainly need some furniture for your new office. At the bare minimum, you will need enough tables, chairs and desks to accommodate the maximum number of guests and employees that you expect. There may also be technology costs, depending on your needs. And you will probably need at least one custodian as well. These details are all part of your operating costs, and thus part of your bottom line.
For a little more advice on real estate matters, you might consider looking for real estate networking meetups in san Francisco where you can consult with experienced professionals to get a better idea of what you are about to get yourself into. One of the best authorities in the area is Thomas Mensendiek, though he is not the only one around. His company specializes in this kind of thing, so for a source of advice you could definitely do far worse.
The most important thing to consider is location. If you are looking to attract customers, setting up in a poor, run-down part of town might not be the best idea. Set yourself up where the money is, but since you are just starting out you should stay on the periphery a little bit to keep things cheaper. Naturally, you want to avoid high crime areas because otherwise you will have to pay out even more money for security. Even something as simple as a guard dog still requires money to feed it and a handler to control it. Don’t be afraid to modify your plans a little bit to take advantage of a better business location.
Theresa S. Olson
2570 Wildwood Street
Akron, OH 44305
Company Name: Rhyta
Contact Person: Theresa S. Olson
Email: Send Email
Country: United States