How to Choose the Right Space for Your Business

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Whether you're starting a new business or are moving an existing business, one of the most important decisions you're going to face is choosing the right space for that business. You might be looking for a storefront, an office space, or even a location for manufacturing, but no matter what, this is going to be an exciting, yet stressful decision.

There are countless properties in your area to choose from, so how are you supposed to choose the right space for your business?

Your Goals

Before you start looking for a commercial property, you should take a step back and start considering your overall goals. Is there a strict upper limit to how much you can spend on a commercial space? Are you looking for something for the short term or the long term? What are your biggest priorities and what would you be willing to sacrifice for them; for example, would you be willing to stretch your budget and pay a little extra if it meant getting more visibility?
You don't need to answer every conceivable question, nor do you need to outline every priority in detail. But if you have a fully thought-out, well-constructed idea of what your broad goals are, you'll have a much easier time narrowing down the scope of your properties to consider.

General Location

As you might imagine, the most important factor in choosing a commercial space is the general location. In other words, you need to consider the area where your business will be – and for several reasons:

· Visibility. Depending on the nature of your business, you may want extra foot traffic or brand visibility. Placing your business in a prominent space means more people are going to be familiar with it, and more people are going to walk in your front doors.

· Accessibility. Similarly, you’ll need to consider the accessibility of the property. You may have customers and clients visiting your business occasionally, but no matter what, you'll have employees who need to commute and arrive at your business. Accordingly, it pays to have a business that's easily accessed via major highways and roads, as well as public transportation. The more accessible the property is, the better.

· Parking. In line with this, you should have a plan in place for parking. Many of your customers and employees will choose to drive to your location, and you'll need a place to contain their vehicles.

· The neighborhood. You may also want to consider the surrounding area. Are there similar local businesses around? Are there interesting amenities for customers and employees to enjoy? Is the neighborhood relatively safe? Are there other qualities that could help your business?

Overall Size and Space

Next, you'll need to consider the overall size and space associated with your commercial property. A bigger space is going to be more impressive, give you more options, and allow you to expand in the future. However, it's also going to be more expensive. Conversely, a smaller space can help you save money, but may be artificially constraining and may cause growing pains in the future.

Amenities

Certain commercial spaces come with interesting amenities, including shared spaces, which can enhance the functionality and appeal of the property. As you might imagine, they typically come with increased costs. It's up to you to determine whether that tradeoff is worth it.

Costs

Commercial spaces can be expensive, so you’ll need to budget carefully. The biggest expense you're going to face is the rent price stipulated in the lease, but you may be responsible for other expenses, including upkeep, maintenance, taxes, and more. Try to estimate all your costs to budget appropriately.

The Landlord/Property Manager

In your search for a property, also consider the landlord or property manager. Having a good, amenable, communicative property manager is very valuable. If and when you have any issues with the property, you'll have a much easier time resolving them.

Lease Terms

You may also need to consider the terms of the lease. How long is this lease for? What are the rules and regulations associated with this property? Do you have the option to sublet the property to another tenant to mitigate your expenses?

Can You Go Remote?

Remote work is becoming more popular, and for several reasons. It's much more cost effective, since you can completely forego the need to pay for a commercial property. It can also increase both productivity and employee morale simultaneously. However, it's not a good fit for every business, and even businesses that can tolerate remote work might benefit more from a hybrid approach.

Choosing a commercial property for your business isn't easy. But if you're willing to consider all the variables and carefully plan in advance, you'll be much likelier to find the right fit for your needs.