Like many budding entrepreneurs, things with your venture may be slow for a while until seemingly out of nowhere, you experience a sudden surge in growth. While this can be an exciting time and one that calls for celebration, it can also be quite intimidating to say the least.
It’s common for entrepreneurs to start businesses out of their homes or apartments, then experience such rapid growth that they may soon have to consider leasing retail space or leasing office space. In addition, renting a warehouse for additional storage and to help with order fulfillment and distribution may be called for.
While finding a warehouse to rent or an office or retail space is important, you may also wanting to consider the advantages of buying commercial real estate. Similar to purchasing and owning a residential home, buying commercial real estate allows you make a long term — and wise — investment in your business.
When considering buying a commercial property, it’s important to first take a good, hard look at your company’s finances in order to determine if now is the right time to buy. It’s important to account for and anticipate slow periods or lulls in sales, as well as the nature of your business.
If you need help determining whether you’re ready to make such an important financial investment, it’s a good idea to consult with your financial planner. They will able to give a greater sense of broad picture of purchasing a property, such as the long term effects on business.
In addition, working with an experienced commercial real estate agent can be equally helpful. They will be able to guide towards properties that not only are within your price range, but also that are in line with your long term business goals. More on this topic.