One place the seed of entrepreneurship is planted in our country is in the garage. From Fortune 500 companies to multi-platinum selling brands, the space designed to house your car also hatched Apple®, Google™, Buddy Holly, and Nirvana. Whether it’s in the garage, a spare room, or the basement, home provides an opportunity to launch a business with minimal overhead. But if your home business has overgrown into your personal space, it is probably time to consider moving to a commercial space.
Here’s what you need to consider before making your next move:
Location, location, location. For retail businesses such as bakeries, jewelry designers, and antique dealers who benefit greatly from foot traffic, a high-profile area is desirable. Of course, these properties will be more expensive than others, so take a look at the possibility of two locations rather than one. There may be enough space at home to continue production. If not, an industrial warehouse may provide an economic solution that will also help ramp up production. Include recently rehabbed areas in a commercial property search. Frequently, these properties offer new shopping and dining experiences many people find alluring.
Before committing to a lease or sublease, speak with current tenants to learn about the commercial property management company. A bad management company can negatively impact a business, no matter the location. Questions about parking issues, cost and promptness of repairs, and exclusivity are a few of the primary questions to have answered.
Stay centered. Many businesses in the service sector will want to be accessible to the largest number of customers possible. Repair services for automobiles, computers, furniture, and clothing items are in this category. Having an automobile towed to a repair shop too far away will encourage customers to find one that is closer. At the same time, a customer may wonder if the overhead charges of a garage located prominently on a major thoroughfare is being factored into the billing. Finding a location adjacent to a busy commercial area in a central location takes advantage of being both easy to find and saving the overhead cost of prime placement.
Many strip malls and shopping centers have spaces available that face the back of the property. This presents an opportunity to get a break on overhead while being in a commercial location offering plenty of parking and signage in front to help guide customers to your shop.
Signal trust. Many lawyers, accountants, public relations & advertising agencies, and insurance agents opt to leave their home office to exhibit success, instill a sense of confidence in their current clients, and attract new business. Office space in a professional plaza is the obvious option, but may prove cost-prohibitive. Seeking the advice of a tenant representative who will help you find a property that is suitable and complies with all current laws may be very helpful in this situation. A co-working shared environment also offers a way for the professional to transition from home office to commercial space.
Are you ready to expand? Considering these three things will help you make the best decision about the commercial space that will work for you, your business, and both your existing and potential clients.
For more insights from Vantage West, visit their blog at: http://blog.vantagewest.org
Rene Almazan is a senior vice president for Vantage West Credit Union, a $1.7-billion financial institution in Arizona, which serves a growing membership of more than 145,000 via branches across Arizona and online channels, as well. Vantage West offers consumer and business banking services, and is federally insured by NCUA. vantagewest.org
