Whether you're looking to buy, lease, or manage a commercial property in the Gold Coast, location is everything. The area in which you choose to operate must satisfy you and your customers. You need enough space, facilities that help your business run smoothly, the opportunity to grow if you want to, and a place customers will find you.
What should you consider when starting your Gold Coast commercial property hunt?
Research where your target audience are based and where they would deem suitable to travel to for what your business offers. Buyers expect to travel out of their immediate neighbourhood for certain purchases, but some services need to be on their doorstep.
It's not worth signing up for a cheap but remote industrial leasing if your audience want you available nearby for their morning newspaper and pint of milk.
Consider also if you need to be close to public transport to be accessible, or if a car park is essential. It can be worthwhile situating yourself near another business that customers often visit at the same time.
Before committing to a property, you need to make sure it satisfies all your business requirements. Not only do you need space from which to trade, but your stock needs to sit somewhere while waiting to go on to the shop floor.
Depending on your type of business you may need a separate workshop for creating your products or carrying out repairs.
Remember what your future business plans entail too. It's all very well having space for what you do now, but if your business plan requires you to expand in order to increase revenue, being trapped in a lease agreement that doesn't allow growth could be disastrous.
Here's where you need to think about your day-to-day operations. Do you need an office space as well as a trading space? What about high-speed internet and a phone line, or communal services like an office cleaner and maintenance provider?
Leasing a Gold Coast property with certain services included allows you to focus on the running of your business rather than worrying about keeping on top of other issues. However, if your business doesn't require pristine conditions, a cleaning service may not be a necessity and therefore not worth the money you pay for it.
Some areas can be designated for a certain use by the local council. Before you start your property hunt, check that you are allowed to trade in the areas you are looking at, as well as planning and building restrictions that might affect your future.
Speaking to a legal professional is a good idea as a matter of course before you sign a contract. If you think you might be impacted by local regulations, get their advice to ensure you don't misinterpret the rules.
You may have taken all of the above into account and come to the conclusion that the best place for your business is out of your budget. As with most business decisions, you need to balance the benefits against the cost. Having a solid business plan and cash-flow analysis will help to work out whether or not the area you have in mind is worth the financial investment.
A realistic business plan will also play a large part in deciding whether you can afford the capital investment required to buy. If you need to keep plenty of cash available for operational costs, renting may be the better option.
At Ray White Surfers Paradise we spend all day helping our clients find the perfect commercial property. We know the area like the back of our hand, so contact us today to get your search started.