How to Select Your Next Business Venue
Choosing a new space for your business can be both an exciting and overwhelming task for owners and office managers. The right location can help drive sales, contribute to productivity as well as quality of life, and give you a place to call home for the long term. Relocation can be a costly endeavor, so making sure you feel confident in your decision to move is vital. At Carmax Consulting, we routinely help business owners select new spaces for their operations, as well as breathe life into their current location with carefully designed renovations. To help those who may be looking for a new space, we’ve compiled a quick list of top things you’ll want to consider during your search. Check them out below!
Identify all needs of your business before signing a lease.
Informed decisions are the best decisions. There’s no shortage of details to keep in mind while you make a list of openings, and you’ll want to be thorough to ensure you don’t miss any vital notes. As a rule of thumb, a few factors you’ll want to account for are:
Any code mandated space requirements for your industry.
While there are universal building codes for businesses, you’ll want to make sure the space you lease or purchase checks any specific mandates related to your industry (food service, childcare, industrial, etc.). If you’re not sure what you need to look for, partnering with a contractor is a great step to ensure you’re covered.
Square footage that covers your needs for today, as well as the future
You want your business to thrive, so the last thing you need is to find yourself cramped for space as you expand or struggling to adequately carry out daily operations in the present. Your space should give you room to breathe without burning through your budget or limiting your ability to add on to your business per a growth timeline. Square footage will also directly impact the foot traffic and capacity of your building, so if your business is tied to meeting certain headcount (daycares, for example), you’ll want to make sure you’ve got the room to bring in enough bodies to meet your targets, without risking occupant safety or comfort.
Are construction costs being partially covered by the landlord?
It’s almost impossible to find a vacant space that meets your needs perfectly, so renovation and construction costs are almost always an inevitability. Decide your “personalization budget” ahead of time so you know what you can comfortably spend without putting unnecessary strain on your expenses, and make sure you’re confident in your ability to stick to it. A budget will also give negotiating room with your landlord, and should make it easier to broach the subject of their contribution to any necessary alterations. Bringing in an outside contractor is a great way to make sure both you and your potential landlord get an objective overview of any renovations that need to be completed.
If you’re looking for assistance choosing your next space, or completing new venue renovations, the team at Carmax is happy to help. Contact us today to learn more!