You will not be alone if you have focused your efforts on setting up an online business. This is where we are all told the future of commerce is? However, there are some creative and imaginative business owners who are realizing that there is a lot of money to be made from your local market. To exploit this fully you may need some bricks and mortar so perhaps you should go looking for business premises.
If it’s good enough for Amazon then it should be good enough for you too!
How to buy business premises
If you have managed to get together the money to put down as a deposit for a mortgage on some commercial premises you are going to need some legal help to make the purchase and you can find that here. You will get full attention and expertise from experienced real estate lawyers and will be able to avoid many of the common legal pitfalls. This trusted, efficient and friendly service will help you to take your business onto the high street with the minimum of stress.
Once you own the building, you will have total flexibility over how you manage it. You can put up and knock down walls, paint it whatever color you like and erect signage. Do bear in mind that there may be local planning and structural regulations that you need to comply with and you can get more advice on commercial premises renovation here.
Some commercial premises make a great financial investment. If it goes up in value you make a profit but this can take several years. As the building owner, you will need to pay for all the maintenance and for complying with safety and fire regulations.
Are you ready to buy a business premises?
You need to be able to judge whether your business is financially ready to invest in a bricks and mortar enterprise. Start by making a detailed list of all of the costs involved with running business premises. You will need to pay professional fees for legal and financial advice as you make the purchase. There may also be fees involved in setting up the commercial mortgage. There will be some form of tax to pay when you purchase the property and you will need to pay for renovations to get it looking the way you want it to look. Do you have sufficient cash reserves to cover all of this?
Then you need to look at the ongoing costs of running a building and work out if your cash flow can cope with it. You may be able to factor in an increase in income but it may be hard to estimate what that will be. Remember that you will have to pay monthly business rates and possibly a service charge for waste collection or car parking. There will be ongoing business insurance for the structure and the contents and some sort of public liability insurance as well. There will be ongoing maintenance and utility bills to cover.