When you first establish your business, you’re likely to take whatever commercial property you can get your hands on. After all, professional spaces don’t come cheap and startups don’t tend to have all too much money to invest. However, as your business takes off, you’re going to want to improve the commercial space you operate in, making it more professional all-round. This will help to establish yourself as a serious presence in the field, both to your employees and anyone else who may engage with your business at some point or another. So, here are a few simple steps that you can take in order to achieve this!
Switch Up Locations
If you started up in an obscure or out of the way location, you may want to move. There are various benefits that come hand in hand with having your office in a central location. More central locations tend to have a higher passing footfall. This results in more people being exposed to your brand, more people passing through your doors, and more profit as a result. However, one of the main benefits of placing yourself in a central setting is that you establish yourself as a serious competitor. You place yourself amongst the best in your field and will be recognized as a significant force!
Establish Your Own Office
When you run a small business, you need to be respected as an authoritative figure amongst your staff. You also need to have your own space to hold private or confidential phone conversations or work without interruption. You can achieve both of these goals by establishing your own office. Having your own, private office separates you from your staff members. While it is still important to engage and connect with staff, it allows you to maintain a professional distance and sense of authority. It also offers you privacy when conducting deals and results in fewer interruptions. Studies have shown that individuals working in their own office experience 29% fewer interruptions than individuals working in open office spaces or cubicles, as people are less willing to interrupt when you have clearly separated yourself from a crowd. You can make all of this particularly official by investing in engraved plaques for your office door with your name and position detailed.
Have a Meeting Room
Meeting rooms are ideal for professional businesses. It gives you a space away from the standard working environment where you can detach everyone from the tasks and distractions that they engage with throughout the rest of the working day. When employees are called to an official meeting in an official meeting space, they are much more likely to take heed of what you are saying than if you approach them casually at their desk. After all, having an official space gives everything more sense of gravity. You can also invite potential partners, clients, or collaborators into this professional space for presentations and discussions, or hold interviews for new staff in here too!
These are just a few steps that you can take to make your business appear as professional as possible through its commercial property. So, put them into action today!
At some point in time, the business is going to have to move out of your basement. Don’t get it twisted; the basement has done the company proud for a couple of years. Without its hospitality, the firm wouldn’t be at the stage of its life that it currently finds itself. There was a need to save money and limit expenses and the home offered you the chance to do just that.
The business is expanding, though, and that brings with it new challenges. The company has to be able to sound and appear professional. Otherwise, consumers and clients will avoid it and opt for a competitor. There’s also the fact that as the business grows, there is a need to hire and house employees. Unless you own a mansion, the basement won’t have enough space.
Commercial property is the next step, but it isn’t as straightforward as signing a tenancy agreement. Some entrepreneurs prefer buying rather than leasing, for example. Whether you’re looking to rent or buy, it’s essential to make sure that the investment is sound. Here are tricks of the trade that will guide you through the process.
Length Of Contract
Business owners often make the mistake of thinking about the long-term and forgetting the short-term. Yes, a ten-year lease is cheap and provides structure. For those 3,650 days, the company has a place that it can call home and it doesn’t have to pay through the nose. But, rigidity is inflexible that is essential to factor into negotiations. What happens if a cheaper option pops up on the market in two year’s time? Even better, what if it’s less expensive and is in a fantastic part of town, an area that is bound to raise awareness of the brand? In this scenario, you have to quickly thrash out negotiations and move into the new offices as soon as possible. There’s one hitch, though – a binding contract. Unless the landlord is a saint or you pay off the rest of the deal, the company will have to stay put for the foreseeable future. On the whole, a short-term rent agreement is a wise move because it provides you with options. One of the major advantages of leasing is flexibility so you shouldn’t sign an unyielding deal.
Short-Term Over Long-Term
Buying a commercial property is the flip side of renting. In this regard, investors tend to focus on the here and now rather than the future. It’s easy to see why when all a boss wants to do is set up operations and go live as quickly as possible. Moving premises is a long process so banging out a short-term lease is a fast solution. However, be wary of cutting off your nose to spite your face. For instance, the plan may be to buy it cheaply, flip it, and sell it for a profit. Great, plenty of businesses do this to really good effect and make a killing. The problem is that the present factors may not exist in three year’s time. The location could be the biggest selling point, but what if there is a drive to build more houses in the area? Having to deal with disgruntled residents isn’t something CEOs enjoy doing, historically. Even the benefits for the company can change in the blink of an eye. Summer is almost here and shoppers love the sun and warm weather. However, this can change when autumn and winter return.
Capital Versus ROI
Pretty much everything you buy with company money is an investment that is made to increase profits. Otherwise, you wouldn’t purchase it in the first place. A commercial property – buying or renting – is no different and should follow the same rules. No responsible boss in their right mind would buy a piece of machinery or a piece of software that could bankrupt the company. So, the first thing to consider is whether the real estate is financially viable. Do you have the cash to pay the rent or the rates even if the business takes a nosedive? If the answer is no, then a cheaper option should be something you consider before signing on the dotted line. But, don’t only take the money the firm has now into account. Will this lease/purchase lead to an increase in sales? Is the return on the investment very high? If the answers are yes and the stats prove it, then it isn’t a bad move. In fact, it may be the difference between expansion success and failure. 247 Broadsheet says that things such as location, infrastructure, and the local economy are vital factors to consider.
In the same way that you wouldn’t buy a house that was subsiding, you don’t want to invest in wonky office space. In general, this is an issue that is almost impossible to repair. And, if you can, it will set the firm back thousands of dollars. Plus, there is the hassle and the stress to consider also. There is no point buying a property only to spend your time worrying, bitching and moaning about all of the hard work. A piece of commercial real estate is by no means a straightforward task, but digging up the foundations is something you want to avoid like the plague. Remember that as a buyer or a renter that the ball is in your court. It’s your money and no one can make you sign a contract that isn’t in your best interests. Of course, no one is going to put all of the information on a plate for you, so research is vital. Digging down into the nitty-gritty is a process that you shouldn’t shirk. If anything, it’s something to take step by step to ensure that the deal is a favorable one. Don’t confuse major flaws with small things that are easily fixable.
Cost/Repair Ratio
Okay, this is going to sound like a huge contradiction, but stay with us here. Yes, subsidence is often something that is a deal breaker because of the money and time costs. However, don’t dismiss a property out of hand until you have looked into the fine print. Consider this scenario. You’re in the market for a piece of commercial real estate and find one that has the perfect location. Better yet, it’s half the price of everything else on the market. There is a catch, though – it’s falling down. Do you wash your hands of the responsibility, or do you see the silver lining on the horizon? Well, the answer depends on a range of factors. If it’s cheaper to hire Helitech to repair the foundations, then you may want to consider your position. Let’s face it – opportunities such as these don’t come along very often. And, if you can keep the expenses low, then it’s somewhat a no-brainer. Only go to these extremes when the hard work is worth the effort. Anything that is in a mediocre area with a relatively high retail value isn’t a sound investment.
How are you going to pay? Firstly, let’s take a look at leasing options. In many ways, it’s self-explanatory because you have to release the funds every month. Still, you can pick which option is the best for the business. To this day, some owners prefer to pay in cash rather than leave a paper trail. As dodgy as it sounds, it is a viable option if the company is cash-rich and doesn’t have many assets. Usually, the best way to pay is to set up a debit online and let your bank release the funds at the same time every month. Then, there is no need to worry about missing payments and incurring late fees. Buying gets difficult because the amounts are large and there’s a good chance you don’t have the money. Applying for a bank loan or a mortgage is always on the cards, but don’t assume it’s the only option. Alternatives include part-ownership. How it works is straightforward – the fund owns half and you own the rest. This is an excellent way to source the money without high-interest rates and mounting debts. However, be aware that when there is a sale that the fund will take a 50% cut. Another option is to invest in a fund that owns the property. It’s very indirect but it does have its pros.
Experience
The above takes one thing for granted – your level of expertise. It’s easy to see real estate as something which is basic and not complicated. Residential homeowners invest all of the time and seem to come away unscathed so why can’t you? The reality is that commercial real estate is a complicated and messy affair, and novices will get eaten alive. This is particularly true if you’re looking to buy a building outright. Still, it doesn’t mean you should pull out. As long as there are experts by your side who you can trust, then they can carry the slack.
Only you can answer the question – is commercial real estate a sound investment?
Property investment, whether it be in your country of residence or international, is a highly lucrative game. Well, just look at success stories such asInvitation Homes, a real estate investment trust (REIT) that made over a billion in its stock market debut! Yes, property investment is a form of investing that gives investors the chance to make some serious cash, and best of all it is a type of investment that gives investors the chance to control the ROI they make. Yep, through the way changes can be made to the property in repairs and design upgrades property investors can actively better their chances at investment success when they choose to invest in property, and that is what makes it such a lucrative game.
You can own a place in the sun
When you choose to invest in property abroad you give yourself a reason to travel abroad. And, if the property you invest in is in a hot country then you afford yourself the opportunity to escape the cold winter of your country of residence and enjoy the hot sun of somewhere else. If that’s not enough of a tantalising prospect, then what is?
You would expand your investment portfolio
When you prove that you can not only invest in property but that you can invest in property in somewhere other than your own country, you willexpand your investment portfolio no end. This is because you will show yourself to be able to handle the pressures of dealing in a foreign currency, and that will only ever look good on you as you seek to forge a name for yourself in the world of property investment and investment in general in the future.
If nothing else, it will provide you with a passive income
If you’re investment venture isn’t designed to provide you with a wage or salary in order to attain the standard of living that you need, then it can provide you with a passive income or a bit of money on the side to top up your monthly wage. Yes, investing in property abroad can just be done to provide you with a bit of extra cash as you seek to do something else in your life to make money; maybe it could be done tofund your next business venture? And, when your overseas property investment venture is set up in this way you will find that there is no pressure attached to it and you will subsequently enjoy it more.
There you have it, four reasons as to why investing in property abroad is a good reason; to find some more reasons (not that you should need to), headhere.
So, get investing and get making some money abroad and do it before somebody else does!
Post Add to Flipboard Magazine. Anyone that wants to make money from real estate will realize that opportunities exist outside of the country. Yep, that’s right – here isn’t the only place to make a killing. Unfortunately, what seems like a beautiful swan often regresses and morphs into an ugly duckling. Why? It’s because investors just don’t think everything through before pulling the trigger. There is no doubt that foreign property is a potential cash cow, but you need to check a few things off the list beforehand.
Here’s how to make sure your next offshore investment doesn’t become another statistic. At least, not the statistic you’re looking for anyway.
Use A Realtor
The best deals are the ones where there is no intermediary involved, right? Yes, on occasion that is true. However, it isn’t always the case, especially if you don’t understand the language and have zero knowledge of the market. This is where a realtor comes in handy. These people are experts that know a good deal when they see one. And, they can put it to good use as long as they have your interests at heart. At the end of the day, the best deals don’t have any nasty surprises. With an estate agent, you’re more likely to avoid bombshells that could put the entire investment in jeopardy.
Hire Separate Experts
Apart from a realtor, you will also need a legal representative and a translator. If you want to be extra careful, there is also room for an architect and surveyor to name two more. The temptation, wherever possible, is to mix and match to save money. For example, lots of investors like to ask their lawyer to translate documents because it’s easier and cheaper. Although it appears like a good idea, it isn’t savvy to rely on one person. Anyway, there is no way of knowing their level of translation if you hired them as a lawyer. Stick to using one professional for one job to avoid muddying the waters.
Make Sure You Have Enough Cash
Of course, there should be sufficient funds to buy the property, but that is the long-term goal. In the short-term, you might need a smaller amount of foreign money to give the bank as a down payment. Plus, everyone you hire will need paying, and they might not accept credit card payments. No one wants to lose money through exchange rates and poor decision making, and there is no need to any longer. Thanks to a foreign exchange consultant you will be sure to have plenty in reserve. And, they should also help you manage your funds to prevent any unnecessary expenses.
Take The Risk
There is only so much research an investor can do before doubt takes over and ruins a deal. It is true that an international project is a lot scarier than one that takes place at home. But, the chances of it being successful are pretty high as long as you follow the right protocols. Sorry to burst your bubble, but there are no guarantees no matter how hard you study the market.
Add to Flipboard Magazine. As a money-making option people tend to prefer property to put their money in the stock market because they have a physical representation of their investment. But that doesn’t necessarily mean that investing in property is easy, and there are defiantly some tips that can help you maximize your return in the long term.
Do consider any renovations carefully before you invest in them
For example, a lot of folks might automatically assume that installing things like a swimming pool, and hot tub will increase the value of their property.
However, they actually cost a great deal of money and effort to put in. As you have to work out how deep they need to be for the amount of water you want to swim in.
Which you can do with a thing like this density calculator. As well as how much the labor it will cost, and price of the landscaping around the pool once it’s finished.
There are a lot of renovations you can do yourself, especially in the garden. Renovating your garden is one of those things that can be very inexpensive and bring up your property value. Doing simple things like keeping the grass cut, the edges trimmed and planting flowers, can make a huge difference.
Once you have added all this up, you need to compare this to the potential increased profit you could make, to see if it’s actually a viable option. Or whether the money would be best spent elsewhere.
Don’t assume that property price will always rise.
One of the biggest problem that a lot of folks have when they invest in property is they believe that they are guaranteed an increase in their investment. But of course, this isn’t always the case.
Just like the stock market, property prices go up and down, and just because you have a bricks and mortar items, does not mean that you can’t lose out.
This means you have to be very careful when investing in property. You have to choose the right type, as well as get the location correct.
Remember a small studio flat in a city might end up being worth much more than a family size house in the suburbs if it’s in an up and coming area.
Do consider buy to let
Something else that a lot of folks don’t realize about investing in property is that you can buy to let for profit. This is when you buy a property, and usually take a mortgage out on it. Then you let the property out and allow the rent from that to pay the mortgage. Then over time, you are slowly paying the mortgage off without it costing you anything. You can then sell the property when you want to cash in your investment, and you will make much more because you will have paid off the majority of what you own to the bank.
Don’t think that older properties are a better investment
Of course, the general view on property investment is buy something old and rundown cheap, do it up and flip it for a profit. Now there is definitely money to be made in this area, so I’m not saying never do it.
However, you have to know what you are doing, to be able to squeeze as much profit of out the situation as possible. Remember, if there are any costly renovations that surprise you, it can throw your whole budget and timescale off, eating into your profit.
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