Monday, August 28, 2006

Ask yourself questions to find the right place for your franchise business

So you want to start your own franchise business. But first, you need to have a home for your business so clients will know where to find you. But where?

1. Where?

Does the office have easy access to shops, banks, other amenities, and major routes? Is it in a key business district? Remember, more often than not, an advantageously positioned office in prime areas but are are expensive to maintain.

The location of the office itself inside the building also dictates the price. In real estate, the rule is: the higher the floor, the higher the value. You are paying for the view, hence the cost. So if your business requires regular visits from your big clients, consider getting that penthouse.

2. How much?

The location and price of an office space actually go hand in hand. Monthly rentals of prime locations are very expensive per sq meter. You can find good alternative locations, but you must put more into the search

3. What is the nature of your business?

Take into account the kind of business you have and where your market is concentrated. “If you’re a doctor, you would want your clinic to be inside a hospital or in a building near a hospital. If you’re a real estate broker, you can have your office right in your own home.

Does your business require constant communication with clients and suppliers? Better look for an office that already has installed amenities such as phone and Internet lines, so you won’t have to invest for setup. Do you need to transport products or equipment from one place to another? Make sure that the building has a service elevator and parking space for these purposes.

4. Who owns it?

You won’t go wrong with an owner or developer that has a proven track record. Also, find out who manages the said building. Having the same company develop as well as run the property is ideal. That way, your concerns can be addressed more immediately, without passing through too many channels.

5. What are the rules?

Is the building’s airconditioning switched off at a certain time? How strict is building security? Can you bring your own furniture in an already furnished office? Who will handle the maintenance? How many parking slots are allocated to a tenant? Talk to the building administration regarding these regulations.

6. What else should I ask?

To get value for your money, do a little research. Talk to your prospective landlord, you can ask the following questions:

  • What services are included in the monthly rent?
  • What are the terms of payment?
  • Who are the other tenants in the building?
  • How will staff and visitors get to work?
  • How is the traffic going to the said office?
  • Can the building administration move quickly to accommodate changes in the business?

With these questions in mind, you can now start looking for an office suited to your company

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