When you are starting your own business or branching out your online store, having a physical location is ideal. You do not even need to have an elaborate inventory like a department store. You can start with three or four products and slowly build your inventory over time. Having a physical store can accommodate more stock and more customers. It is also a good indicator of growth, and your regular customers can see for themselves your effort.
Committing to a location is difficult. You have to consider the neighbourhood, the customers, and the foot traffic. Poor store location can work against you. There are three ways you can find your new place:
- For Sale by Owner (FSBO)
FSBO means that the owner with no middle party makes the sale of the property. However, the laws regarding this may depend on the country. For the UK, a third-party solicitor is required to take care of the money and while you process the papers. It guarantees that there will be no foul play between the buyer and seller.
FSBO is not very common, but if you wish to purchase without going to a realtor, you can find more of these properties on multiple listing sites and ads.
- Buying from an agent or realtor
Purchasing agents are another excellent source for commercial property. You discuss with them your ideal location and they go around scouting for the best fit. After the initial scout, they come to you with a shortlist of sites they think might work.
The benefit of having a buying agent or realtor is that they have access to specific unadvertised properties. People might consider selling their place but are only to open to a select few. If your agent is well connected, you might find good deals that you can’t get if you scouted on your own.
- Buying from a real estate company
If you still cannot find your ideal location, try real estate companies like Gerald Eve Property. They specialise in property solutions and have a more diverse selection of potential stores. They have a range of local and foreign properties. You might not consider moving to a new city or country, but after viewing it from your business’ standpoint, you could change your mind.
They also have a selection of locations for rent or lease and not just for purchase. You can opt to test out the waters first if you feel unsure about your current direction. With so many places to choose from and with the workable budget, you can focus on your business and not on paying off expensive mortgages.
If you are looking for your new location, do not be limited to where you are at the moment. Your new business could open doors to new places, new people, and a new life. As you search for your next store location, do not be afraid of far away sites or buildings that could use a little work. An excellent location can quickly pay for itself as the business grows.