Running a small business comes with its fair share of challenges, especially when it comes to economic ups and downs. It can be disheartening to fight for customers and manage cash flow, and sometimes, the difficulties seem to outweigh the rewards of being your own boss. With nearly half of small businesses closing within their first few years, sticking with your current job might seem like a safer bet.
For those of you already diving into the world of entrepreneurship, there will come a time when you need to invest in a new workplace. Whether you’re leasing or buying for the first time or upgrading to a larger space, it can be both draining and expensive. But it doesn’t have to be so overwhelming.
To help you avoid feeling stressed or settling for a bad property deal, here are some top tips for choosing a business location without breaking the bank:
**Use the Internet**
Whether you’re looking for a shop in Surrey or a warehouse in Widnes, start your property search online. With just a few clicks, you can find affordable options that fit your budget without wasting your productivity.
**Consider the Location**
If you’ve ever watched property shows, you know that location is key. This is even more important for commercial properties. Details such as the width of the streets can affect foot traffic to your store.
**Stick to Your Budget**
Money is often tight for small and medium businesses. Don’t overspend on a property that’s too large for your current needs. While it’s good to plan for future growth, it’s more important to manage your finances wisely when leasing or buying.
**Ensure Adequate Parking**
With the decline of foot traffic, ample parking space for customers is crucial. If parking is insufficient, frustrated customers may choose to shop with your competitors.
**Embrace Competition**
Finding the perfect premises can be tough, especially when you’re up against bigger, established businesses. But a little competition can be beneficial. As long as your product or service stands out, there’s no need to shy away from a competitive market.
Now it’s your turn. What advice would you give to a small business owner looking for the perfect property? Share your thoughts in the comments below – we’d love to hear from you.