Finding the right industrial space for your business can sometimes be a challenge. You have to find the right location and the best price. When you find the right place to rent or buy, it makes a huge difference in the profitability of your business.
Finding the Right Price
Finding the right price is extremely important. The first thing you want to do is look at your business’s budget and determine how much you can afford to pay for rent. Then, you want to look at your plans for growth. If you plan on growing your business much during the next few years, it is a good idea to rent a place that has room for development. If you do this, you will have to relocate just because your sales are increasing.
The third thing you want to do is try and get a discount. A lot of times you can get a discount when you are renting industrial space if you pay for your lease up front. Another way to get a discount is to sign a longer lease. When there are a lot of vacancies, you can sometimes get the first 3 to 6 months of your lease for free. It is a good idea to shop around because this allows you to compare prices and locations.
Finding the Right Location
One of the most important and the factors about location is knowing about the zoning laws. A good real estate company working for you should know about the existing zoning laws. You want to make sure that whatever you are manufacturing, can legally manufactured in that space. Another thing to take into consideration is that rental rates will vary by location. Generally a metropolitan area will cost more to rent than a suburban area. Metropolitan areas can be more convenient if you are closer to your suppliers and distributors. Moving into a more expensive urban location might be worth it, if it gives you a lot better access to transportation. Having a rural or suburban location might be worthwhile, if they gives you cheaper labor rates and operating costs.
Is It Worth It to Have Good Neighbors?
If you have a lot of industrial neighbors that sell similar products, it could help increase the sales of your business. Before you choose a location, make sure you know what your neighboring businesses manufacture and sell. You should also know whether or not it is in your best interest to have neighbors that target the same market segments. If your products are similar to your neighbors, but you do not overlap very much, you may be able to pick up additional sales. Having bad neighbors, may make it more difficult for you to find good employees. It may also make it more difficult for you to sell your products. If you find a good real estate brokerage company which specializes in industrial properties, they should be able to know the neighbors, and help you find a great industrial space.
Author’s bio – William Moore’s articles have been proving useful for his readers for a long time now. He suggests his readers to visit Industrialspace.net for further information, from where he has been gathering a lot of information.