Guide to finding a good business warehouse
Expanding your business is always a welcome change. It means that you are doing something well – and people are into what you have to offer. However, the problem can arise when you start expanding too much! You soon might realize you are running out of space and you might think you have nowhere to go! That’s the perfect time to call Bergenfield NJ movers and start finding a good business warehouse where you can put all that extra paperwork and equipment. How to do it correctly? What are the ways in which one warehouse stands out against all others? Find out in this article!
Buying or leasing a business warehouse?
One of the biggest debates people have when running a company and finding a good business warehouse is whether you should lease it or just buy it for yourself. This depends on a lot of factors, but it is a decision you need to make. The simplest reason for it is because it will influence your search by quite a lot! This is because some business relocation services NJ will only lease a warehouse, while some places will only look into selling the space to you. So, once you make your decision, you will look for ones or the others, which will shorten your search and make it easier! And so, you need to consider the pros and cons of both!
When it comes to leasing a building, you will need to put in less money at the start. This is because buying a building means you are spending quite a lot of dollars on it – whether it is for renovation or mortgage payments. Conversely, there is no down payment on a lease! What’s more, you can even negotiate monthly rent and score some free months and your landlord needs to deal with repairments and renovations.
On the other side, we have the option of buying a building. When you own a property, you can reap the tax benefits coming from it – and these can be quite significant! You will also by building equity, which matters for the business. Finally, you don’t need to go hunting again once your lease expires. This means you can put your goods in the warehouse and keep them there for as long as you need to! You won’t need to call NJ movers to transport your goods to another facility!
Good questions for finding a good business warehouse:
- Think about your storage space. Do you see it clearly? What are your long-term needs when it comes to storage?
- Is your business still growing? You need to think about this when finding a good business warehouse! Think about how you are growing your company and diversifying it in order to figure out what type of space you need!
- What is the real estate marketplace like in your area right now? Is it on an upturn or downturn? These can be great indicators of whether buying a property is good for you now!
- How stable is the industry you are working in right now? What is your plan for the five and ten years? Will you still need the business warehouse in this time period?
- What is your budget like? If you have extra capital, can you afford to buy a warehouse? How will leasing affect your monthly spendings? Is there a way to reinvest in your company in order to gain expansion in any different way?
These questions can help you decide whether to go for leasing a space or buying one. You don’t need to answer all of them, but doing so can be very helpful to your overall goal and growth of the company! It will also go a long way in planning not only your business move but the future of your business planning too!
There are three steps for finding a good business warehouse
- organize a planning session;
- prepare for the warehouse in advance and
- get an exclusive tenant advocate.
This might seem like a huge simplification – and honestly, it is! However, all of these steps are very important to achieving your goals of finding a good business warehouse for yourself. First, you need to plan it all carefully. Gather your team and decide what the warehouse needs to be. You need to know exactly what you want to put there. Create space utilization scenarios and consider them carefully. Remember – you need to think about the future of the company while doing this – not only the current situation!
After that, it’s time to prepare. It’s important not to leave this for the last minute because you usually will need from 18 to 24 months of prep work before you are ready to get inside the new facility! Of course, you can always speed up the process. However, since it is quite complicated, not everything will go smoothly if you do! That’s why you should take ample time to plan the whole thing before jumping into finding a good business warehouse!
Finally, it’s a smart idea to look into having a tenant broker that works exclusively for you. This way, they will not be related to your landlords or developers and trying to sell you a space that’s not good for you. The savings you can make in this way can often climb up to 25%, which is not a small cost considering just how expensive getting a warehouse can be! The same applies to a tenant project manager, who might need to overlook renovations. You want someone who you can rely on and trust!