You are ready to make that big move and open a restaurant, or maybe the home garage is not big enough anymore, maybe you want to be considered seriously and need a professional workspace. How do you go about finding that property? This guide will help you on that journey of finding business premises.
WHAT do we need to decide first to find new business premises?
Your journey starts by deciding on the criteria by which you will make your decision. The better your list the better result you will get.
You need to consider:
- Will you buy or lease/rent a property?
- Would you be prepared to share it with others? There are options around co-location or shared offices where you can run your business from a location shared by other businesses and thus share some of the facilities like a conference room or even a receptionist.
- What are your needs and wants in a property? – If you are opening a restaurant you probably need to be in a popular location. If you are opening a retail store does that need to be in a mall. Will customers find you in an industrial estate? How much room will you need? If you are establishing an office you would need around 10 square meters per person. Do you need a kitchen or 3-phase power? How much parking will you need? Can trucks access your location easily? Do you need to be close to your customers? Is there a need for public transport so your workers can get to work? Do you need to consider your future needs?
- Will council zoning impact your choice? For example, some business types cannot operate in a residential area.
- What is your budget? Can you afford it? Also consider other outgoings like office set up, moving costs, annual rental increases.
HOW do I find the right business property?
Now the search begins in earnest! There are several ways you can find properties:
- Find the location yourself by searching for your desired area. A For Lease sign is a dead giveaway
- Speak to a local real estate agents
- Contact a commercial real estate agent
- Find a Property Broker, they will search on your behalf
- Use the commercial sections of property websites realestate.com.au or domain.com.au
Using your search criteria and now having a list of possible locations, it is time to visit those properties. Be patient, do your homework and be careful not to make hasty decisions.
Once you have made up your mind it’s time to negotiate the price. Chances are you can get it for cheaper so start talking turkey.
A good idea is to ask existing neighbors questions about the location/ intended premises.
Be sure to read our essential guide on renting an office
SUMMARY – Finding the right business premises!
Decide if you will buy or lease then come up with a want/need criteria list. Be patient and don’t forget to negotiate on price.