No pressure, right?
You’ll Know When the Time Is Right
Tim Strange, commercial real estate broker, says the answer is surprisingly simple: “When you grow your business to the point that it is no longer feasible to operate from your home, you need to find a location where you can continue to run the business.”
Tim pointed out that some virtual businesses are capable of growing and thriving without outgrowing the home office, but the vast majority of businesses will eventually need room to grow.
Moving On and Moving Up
Before you start shopping for locations, you need to determine how much rent your business can afford. Using your business’ income forecast, determine how much you can devote to rent and still cover your expenses, build your savings, and provide some profit. Most lease contracts have a five-year term, so keep that in mind as you make your projections.
Does your business have the right insurance? Connect with a local pro to learn more.
The next questions to answer—What type of location do I need? and What kind of lease will work best for my business?—are best answered with the help of a commercial real estate broker. You need a broker who is experienced in helping businesses find the right location and negotiating leases that fit the business owner’s needs. A broker’s expertise will benefit you in several ways:
- Your broker will weed out undesirable properties based on cost, size, features and physical location.
- Brokers are experts in lease negotiation, saving you money on everything from rent to maintenance costs.
- You can trust your broker to handle your transaction, which would take up a lot of your valuable time. You’ll be able to focus on moving your business into its next phase instead.
Find Your Broker Today!
If you think your business is ready to take the next step into a new or larger space, contact one of Dave’s commercial real estate Endorsed Local Providers (ELPs). Dave’s ELPs are experienced real estate professionals who are experts in your local market. Contact your ELP today!