So, you want to move (or start) your business into a different building. There are pros and cons for each choice. You just have to look at your circumstances, what you want and choose which one is best for you now. Here are a few things for you to consider: (this is by no means all the options available or is all encompassing in advantages/disadvantages)
Renting a Space (assuming it is compatible with your business)
Advantages: Walk in and you are in business, The “Parent Company” has resources that you can leverage
Disadvantages: You are constrained by the “Parent company”. You don’t own the assets.
Renting a building
Advantages: build to suite, someone else does major building upkeep
Disadvantages: any improvements go to landlord, you do not own the building
New Construction
Advantages: build to suite
Disadvantages: starting from scratch
Buying an existing business
Advantages: Previous reputation, Built in Customer base, everything already in place
Disadvantages: Previous reputation, Paying for “Blue Sky”
Buying an empty building
Advantages: Shell of building is there, Basic utilities in place
Disadvantages: Updating building, Layout of building, Change of use,
The Dream
I am moving my business to a new location. I find my new place, get it ready, move in and I am good to get back to running my business. Easy peasy.
The Reality
(in no certain order)
-Dealing with: The City, the Architect, the Contractor, Inspectors (do any of them understand what your business is?)
-Building inspectors
-Pricing your project: The budget, going over budget, change orders
-The Architect: Prep work before meeting, What do you want, Going over the plans, Change Orders
-How much work can you do, to help offset costs
-Stress, Life in the pressure cooker, the fist in the chest
-The permitting process
-Practice detachment- it’s not personal
-Finishing the project
- Going forward project looking back
-Sleep
-The Pandemic
-”Free” Money:
programs to help
loans of different sorts
investors