As a business owner, you can choose between buying, renting, or building your own property. However, if you plan to establish your business location for the long-term, buying and building would be more cost-effective and save you high leasing costs. Many owners prefer to build their commercial property because they can customize and curate their own space according to the requirements of the business. In addition, there are numerous advantages that building a commercial property has over buying. Therefore, we share the benefits of building your own property instead of buying one from the property market.
Choosing the Appropriate Location
For many brick-and-mortar properties like retail stores, their business location would have a large impact on your success. However, today, customers and clients prefer convenience and accessibility and would rather opt for businesses that offer this aspect. Building your own property eliminates this issue and allows you to pick an area in the neighborhood that offers high visibility and would likely generate top-of-mind recall in prospective customers.
In contrast, buying a property means you have to pick a space from a pre-existing building that may not offer the most lucrative spot for your business. When building a property, you can proactively do prior research that considers how much foot traffic the street and pathways have, the population’s spending power, the tax rates in specific states, whether your business is serving a need, and the general crime rate of your area. Keeping these in mind would go a long way in helping choose a location that boosts your business’ revenue.
Scaling Up Your Business
What many businesses tend to neglect when first establishing their property is scalability. Often, many owners choose a location where space is limited, which would hinder them from expanding the scale of your operations. In some cases, certain spaces may be too broad, which may be unsuitable for your business at the moment, as it could incur more costs than your finances allow. However, with building, you get to determine and customize the specific size you require for your business’s current size, making it more cost-effective than buying and renting. When presented with the right opportunity, you can choose to scale up and upgrade your space to grow and develop accordingly with your operations.
Customizing the Space
Perhaps the most important aspect of running a business, customizing your space can make a huge difference in determining your success as you get to specialize it to fit your requirements and needs. You have the freedom to decide what you wish to include as part of your facilities. From the paint to the cabinetry to the utilities, you can customize the interior design, layout, and location and decide what fits your budget best. In short, the options are limitless when it comes to designing your building and space. However, if you choose to buy a property, this may mean you have to spend more and renovate it to make the space more suitable for your operations. In most cases, renovation costs will be comparatively higher than new construction costs, incurring more losses than gains in the long term.
Develop Your New Business with US Framing
At US Framing, our professional team of designers and engineers are skilled and experienced in helping business owners design, model, and frame their building projects. We are well-versed in using the most cutting-edge, leading, and latest innovative technologies to help you realize the designs and layouts of your dreams. Furthermore, we are well-equipped with the right tools and personnel to help you oversee your construction timeline and ensure it runs smoothly.
For more information about our production framing services, please feel free to contact us or schedule an appointment with us today!
