Real estate in a real state? Upgrade your business property
You’ve heard it from love songs, clingy partners and molluscs – letting go is never easy. But in business, letting go is necessary, especially where your property is involved.
If your enterprise is thriving, for example, why stay shacked up in the same shoddy, low-rent hovel of an office? As aspirational songs and flight enthusiasts claim, the only way is up.
Indeed, without a premises to match your client’s expectations, you’ll see suited, booted Don Draper-alikes turning their backs on your company in droves.
So, if you’re on the hunt for a prime slice of real estate, what should you consider?
Follow the money
Where the money goes, you go – that’s the prime rule of any business. And you’ll need a property that’ll welcome exactly the right kind of person through its doors.
A clothing company, for instance, won’t thrive in an industrial area – unless you’ve hit upon some couture-obsessed mechanics. Instead they’ll find a shop for rent in an area where clothing reigns supreme.
But don’t set up shop near similar businesses unless you’re certain you can compete. The canny client will always be eyeing up the best deals, so make sure yours are better than your opponents.
A dazzling entrance
First impressions can mean everything to a high-flying client. So if your business entrance looks less Downton Abbey and more The Wire, you’ll have a major problem on your hands.
Find a property with an entrance that screams professionalism, high-quality and, above all, a welcoming atmosphere. Whether it’s a gleaming glass front or a slick automatic door, track down a workplace that will look appealing from the word go.
This doesn’t mean that a touch of class has to be present straight out of the box. Save a bit of cash by biting up a property with potential, then giving it a spit and polish yourself.
Reasonable budget? Don’t bank on it
Moving at the right time is paramount. Move too soon and you could run out of funds by renting a property that’s too expensive. Move too late and your business could be past its prime. You have to find that balance between striking while the iron is hot and working within your budget.
First, consult your bank manager to assess how much wonga you’ve got to play with. And, during your chat, try to be as conservative as possible in your projections for the future. While pie in the sky thinking might be great for your meetings, it won’t do your profits any good.
Be cold, calculated and know your responsibilities. You’ll soon have a property that reels in high-flyers and big-spenders.