Moving locations, especially offices, is a big step for any business. But if you plan ahead, you can avoid the stress and chaos and make it a smooth transition.
With so much going on, it’s important to think about what you need, who you need, and how to plan all of this in advance.
Here are some essential tips to help you after deciding to move your business.
1. Analyze your business space
You’ve decided that your business requires a change of scenery. While the excitement of picking out new office furniture and decor can be all-consuming, it’s important to step back and think about what you want to achieve in your new space.
Here are some things to consider when deciding whether or not to move your business:
- What kind of space do you need?
- Do you have enough space for the employees you currently have?
- Will you eventually be expanding into a larger company? If so, make sure that there is room for growth, as you don’t want your people having a suffocating workspace environment.
- Are there any special features that would benefit someone with physical disabilities? For example, does this building have an elevator or ramp for wheelchair users?
- How much does rent cost per month or year at the location being considered versus another possible office location nearby (or even in another town)? This will vary depending on how much square footage is needed and additional amenities included with the lease agreement (e.g. parking spaces available nearby and associated monthly fees).
2. Allocate a specific budget
It’s important to know your budget before looking at commercial spaces. Consider all expenses that you will incur, including basic rent, utilities, maintenance, upholstery furniture, and equipment.
The location of your business is one of the most important factors in your budget as well. Research lease rates in your area to get an idea of how much office space costs per square foot.
Also, consider the cost of moving into a new space. Moving can be expensive, depending on how much equipment and furniture you have to move.
Some landlords offer moving allowances, but that isn’t always the case. If financing is a concern for you, seek out a commercial loan with reasonable repayment terms over time and allows you to maintain cash flow after the move is complete.
3. Research between leasing and buying a property
Leasing is an attractive option if you don’t want to commit to a long-term mortgage. If you want more flexibility, leasing may be the way to go.
You won’t have to worry about upkeep and maintenance and can also look into subleasing your property if you decide it’s not for you.
Buying a property is more expensive upfront but will save you money over time on rent. However, the cost of owning a building can add up quickly, especially if any repairs need to be done immediately after moving in or just down the road.
On the bright side, this means that you’ll actually own something at the end of your lease period.
4. Consider the location
Once you’ve assessed your options, you must do adequate research. Start by looking into the logistics of each location you’re considering—the cost of office space and the condition of buildings, for example.
Then, look at more intangible factors, like what the commute will be like for you and your employees and crime rates in each neighborhood. Make sure that your business will be in a location that makes sense for it.
For instance, a pet store wouldn’t do well on a quiet residential street far from other businesses since it needs foot traffic. At the same time, an accounting firm would have trouble making rent on a busy commercial street with parking as an issue.
5. Negotiate accordingly
When you negotiate, it’s essential to be clear and precise with what you want. If you’re adamant about a specific price, know the numbers behind your decision.
If amenities are important to your business, make sure they’re included in the lease or priced out beforehand. Don’t be afraid to walk away if negotiations stall.
There are plenty of commercial spaces, and it can sometimes take days or weeks for a suitable area to become available.
It never hurts to have a real estate lawyer by your side during this process, especially since commercial leases can vary from residential ones.
Relocating your business doesn’t have to be stressful. Aside from following the tips mentioned above, it’s also advisable to seek the assistance of furniture movers to help you with your move.
They can make relocating to a new area more manageable.