Location, Location, Location

If we stress anything enough, it's that the location is crucial. Think of the type of business you have.

If you need manufacturing space, consider getting a building with lots of room for trucks and other delivery vehicles to enter. You want to have a loading dock so your employees can easily load and unload product.

For those looking for a retail space, foot traffic is key. You want a place that has constant traffic. One thing to keep in mind is that foot traffic differs from car traffic.

Cars driving by your place may not stop, especially if there isn't a dedicated space for parking. However, people walking by are more likely to stop by since they're already out and about.

Along with the location, it's a good idea to talk to the owner of the building. You never know, they may have strict rules they enforce such as no improvements can be done to the exterior of the building.

Expenses

Owning your own commercial property is exciting but nerve-racking at the same time. That means you'll have a space to expand your business but that also means more expenses.

It's different from working in your own home. You can control those expenses more so than with a business property. You'll likely have the lights on all the time with constant machines or electronics on at all times.

Keeping that in mind, you want to make sure the expenses you're prepared to take on aren't too much of a hassle. If you're buying a building, talk to the previous owner to see if there are ways to cut the costs down.

Choosing to build your own property is another good idea because then you can design it from the ground up. You can choose the kind of lighting that goes in, even add solar panels. For reasons on why you should go solar, check out this handy guide.

Parking

We mentioned a little bit about parking earlier but it's important we go more into detail about it. Parking is essential, especially if you're buying a retail space.

If people don't have a place to park, you can't expect much traffic, let alone business. And having a tiny parking lot won't cut it either. No one wants to squeeze into spaces where they don't know how they'll access their car later.

Another thing to keep in mind is disability access. You want to make sure the parking space that's near your building caters to those with disabilities. You want spaces as close to the entrance as possible, along with a ramp.

Physical Condition

Appearances can be tricky. A building may look good on the outside but there could be issues lying inside.

It's best to get an inspection so you know exactly what you're getting yourself into. For the exterior, you want to make sure there are no cracks and damage. If you see something alarming, find out if it's your responsibility to fix it or if the building owner should, especially if you're renting.

As for the interior, there shouldn't be cracks or other visible damage. However, you want to make sure your building doesn't contain dangerous chemicals like asbestos or lead paint. Mold is also one thing you want to look out for as well, especially because you never know what business was there before you.

Flexibility

With your business rapidly growing, you want to make sure you can imagine yourself and your business in that building five years down the road. If your space is small, chances are you'll need to be looking at other buildings that suit your needs. Pretty much starting over.

Now, we're not saying you need a buy a huge building in case you outgrow it years later. More of what we're saying is that you need to get enough space that'll suit you for now and possibly later.

However, you need to think of the opposite as well. What happens if you don't end up using all that space?

For retail, that's an eyesore. Customers will constantly be wondering if you're planning on expanding or if you're going out of business because half of the store is empty. And trying to cover it up won't work as it'll look tacky and like you're purposely hiding something.

If you bought more space than you need, consider renting it out. If it's a separate floor space, it could host another business. You may just have to direct customers upstairs if the only way to get up there is the stairs where your business is.

If it's a true shared space, meaning you'll be renting the space to another business while sharing the same floor, it can be done.

Consider renting to local artisans who can set up a small shop of their own. It's a win-win, especially if you own a boutique. They pay you rent while also bringing in more customers. It's a great idea, especially if you already sell their wares.