Before you get started with anything else, make sure you have your financing fully in place. Unless you are like Apple Corporation and have $100 billion in cash lying around, chances are you are going to need to finance either part or all of your move into a new commercial facility. The challenge is, this type of financing is not always easy to come by.
While banks may be willing to put up part of the risk, you may also need to find some private sources to come up with the rest. As long as you have a solid business model and/or a stable track record, you shouldn't have much problem locating people with money that are willing to take a risk on your venture.
After you have a team of financiers in place, it's time to locate a suitable property. For this part of the transaction, you will need experts that know the 'ins and outs' of the local area you are considering. Of course, tops on the list is a reputable commercial real estate broker. Ideally, you want to work with someone who has several years of experience in the business and will competently represent your interests. You also want to make sure this person is familiar with the local area.
If you are a business looking for retail real estate, then location is even more critical. For retail outlets, a steady volume of walk up traffic could make the difference between success or failure. When you examine the location of your property, you need to have someone on your team that can conduct a study of the demographic/buying trends of the people in that area. Ideally, you want to be in an area that's not only growing, but has many members of the demographic you are going after.
For example, if you are opening up a pizza shop, make sure you are locating in an area that's visible and has a lot of younger families with kids, since these are the kind of folks most likely to patronize your restaurant. On the other hand, if you are opening up a senior day care center, it helps to be in an area with a lot of older/retired folks that are going to need your services. Be sure you have a team member that's on top of all this.
Finally, having an accountant that understands all the tax implications of your commercial real estate move is essential to making the right decision. For example, your accountant should be able to tell you if you will be better off leasing, buying or building. He/she should be able to give you a competent assessment based on your available finances and the tax advantages of each option.
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Dowd Real Estate - Commercial Real Estate Delaware County PA, specializing in Retail Real Estate Delaware County PA. Learn more at http://www.commercialrealestate-delawarecounty.com
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