Your location is a central part of your business. Before you rent or buy, make sure your location will work for you.
If you’re looking for a new location to operate your business, here’s a few tips that might come in handy:
- Have a plan
Every business is a little bit different, and the space where you operate your business needs to make sense. Before you start down the path to finding a space, clearly identify what your building, property and surrounding area needs to do for your business.
- Location, location, location
A lot of different things contribute to the perfect business location – foot traffic, car traffic, surrounding neighbourhoods, nearby businesses, tax rates, zoning and parking to name a few. Before you buy, really get to know the area around the location you’re looking at. The wrong location could have a negative impact on your business success.
- Get your finances straight
Before you apply for your mortgage loan, make sure your books are in order. When we approve a commercial mortgage, we need 3-years’ worth of financial statements and income tax returns. We may also need business projections, engineering reports for the building, a property appraisal and personal net worth statements for any guarantors on the loan. To move the process along, it’s a good idea to connect with an accountant before you head our way.
- Rely on your team of experts
Owning a business can have you doing something different every single day, but that doesn’t mean you need to do everything on your own. Commercial real estate’s a tricky business, so don’t hesitate to rely on experts for help. This could be an accountant, lawyer, realtor or one of our advisors here at Affinity.
- Be ready for renovations
There’s a good chance your new building won’t be ready for business the day you take possession. It may need some minor renovations or it could require a large, building project. Either way, consider those costs in your budget and always hire reputable and reliable builders.
If you have commercial mortgage questions, we want to hear from you. Call our Contact Centre at 1.866.863.6237.