Choosing the right commercial property can prove difficult for any business. Whether you’re opening a new shop, expanding your thriving business, or just moving to a better spot, the property you pick plays a starring role. If you’re in Memphis or Little Rock, our team at Jones Aur can help you find the ideal option for your business.
Understanding Your Business Needs
Before browsing properties, take a step back and consider your business needs. You want to know what you’re looking for. Consider the nature of your business. Each business type has its unique space requirements. Size matters, too. Think about your team, your inventory, and your future growth plans. Will you need room to expand, or are you only maintaining?
Location is another significant factor. Are you aiming for high foot traffic? Or would you prefer a quiet corner? Think about your customers – where are they located, and how easily can they reach you? Accessibility is critical, whether for clients popping in or deliveries coming through.
Reflect on the technical aspects of your business. Do you need special equipment or technology in your space? How about storage or parking? Aligning your property choice with these business needs sets the foundation for a thriving venture, ensuring your new commercial space isn’t just a location but a strategic asset.
Finding The Right Location
They say it three times for a reason – location is everything in commercial real estate. When scouting for the perfect spot, think about the core of your business. Are you looking for the hustle and bustle of downtown Memphis? Or does an area with less traffic better suit your ethos?
A high-traffic area can mean more eyes on your business, leading to more customers walking through your door. But remember, with great footfall comes more significant competition. Weigh the pros and cons. Is the visibility worth the hustle?
Accessibility is another variable. How easy is it for customers to get to you? If you’re off the beaten path, think creatively about drawing people in. Parking can be a deal-breaker for some businesses, too. Ensure your location is convenient for both customers and your supply chain.
What about the neighborhood’s future? Is it on the upswing, with new developments and businesses opening up? Choosing a location is not just about “right now.” It’s investing in the future of your business.
Establishing a realistic budget that represents your business goals and cash flow. Remember, you not only need to keep the rent or purchase price in mind. Factor in other costs like utilities, maintenance, property taxes, and potential renovations. These can add up, so plan wisely.
Think long-term. Getting a property quickly is tempting. But will good enough be “good enough” because you move too soon? To a less-than-ideal location? Conversely, stretching your budget too thin for a premium spot might not leave enough room for other critical business expenses.
Also, evaluate the potential for revenue growth. A slightly higher investment in a prime location could mean more customers and higher profits. It’s a bit of a balancing act – finding a space that meets your needs without breaking the bank. Work with commercial real estate experts like our Jones Aur team. We understand your financial landscape and help you make an intelligent choice for today and tomorrow.
Assessing Property Condition
Imagine moving into a new place only to find hidden surprises – and not good ones. A property in tip-top shape can save you a bundle in the long run. Check the condition of the roof, plumbing, electrical systems, and HVAC. These can be costly to repair if they’re not up to par.
Bring in professionals for a thorough inspection. They can spot potential problems that you might miss. This step is crucial, especially in older buildings with more wear and tear.
Also, what about the layout? Does it need a fresh coat of paint, or are we talking about knocking down walls? Renovations can add up quickly, so factor these costs into your budget. Remember, the goal is to find a space that’s not just a fit for your business today but will continue to be a gem in the future.
Future Growth and Flexibility
Choosing a commercial property means much more than meeting today’s needs. The right property paves the way for tomorrow’s growth. You want your business to have room to grow. Does the property offer the flexibility to expand? Can you remodel or add more space if your business takes off? You might not need features like these now. But it’s great to have when you do.
Flexibility in a commercial space can also mean the ability to modify the premises to suit different needs. You might need a showroom today, but you can add a workshop tomorrow. Choose a space that can evolve as your business does. Having room to pivot helps keep you one step ahead.
Legal and Zoning Regulations
Understand what you can and can’t do with your commercial property. Different areas have different zoning laws that dictate how your property can be used. For instance, some zones might allow retail but not manufacturing. Getting caught unaware can lead to costly mistakes and delays.
Before you sign on the dotted line, do your homework. Check with local authorities about zoning regulations. It’s also wise to consult a legal expert specializing in real estate. Thankfully, our Jones Aur team can also help you with zoning regulations.
Remember, regulations can also change. Stay informed about planned developments or policy changes that could affect your business. This proactive approach ensures that your commercial property remains a boon, not a burden, in your business journey.