One of the most critical decisions you will ever make as a business owner in Vancouver, Canada is choosing a commercial property. After all, the choice can make or break your business.
Most entrepreneurs think that the considerations for buying a home and buying a commercial space are the same, but experts point to the contrary. With a lot riding on your choice of commercial property in Vancouver, how do you begin looking? Property brokers such as Vancouver Business Brokers have seen many business owners stress over and get overwhelmed by the process. This is normal, they say.
To keep you from going through that stress, here are three things you need to have to consider when selecting a commercial property.
1. Location matters.
As a business owner, you always have to think about the convenience of your clients, especially when choosing a commercial space. Whether you own a chain of stores or running a startup, you would want your location to be accessible to your clients. If you are hiring local workers, it is best to locate your business close to public transit and major thoroughfares. Sure, a property in a more visible part of town demands a prime price, but that’s how business works. You have to spend money to earn money.
2. To buy or to lease?
When you’ve decided on where to establish your business, it is time to decide if you will purchase the property or lease it. It is a major decision and one that has a direct impact on your business finances and operations. While everything depends on the type of business you will operate, it is generally wise to go for a short-term lease when you are just starting out. Anything can happen during your first few months or years, and you wouldn’t want to be stuck with a contract that has no value to your bottom line.
Once your company is stable and you have room for financial experiments, you may try longer leases or purchase a small property for your business.
3. Get professional help.
Now, the process of purchasing commercial property is seldom a simple one. You need the help of real estate professionals, accountants, and lawyers to make the process as smooth as possible. Consider them as part of your investment.
Buying commercial property is a big deal. Make sure that you are positioning your business for success by taking into consideration these three essential factors.