One of the most exciting thing for small-scale entrepreneurs is to witness the growth of their business. However, with growth expansion is inevitable and a larger warehouse will be necessary for storage of supplies and products. Building one may not be an option when the business is still young.
Should you rent or buy a warehouse space Northern Virginia?
Once you decide to expand, the next decision you will have to make is whether to buy or rent. Buying is cost-effective in the long run but renting is the versatile option if you are not sure of the business situation in the next six months.
Renting is popular which means the choices will be many. In renting, the deposit warehouse owners ask for is usually lower than what you will pay should you decide to buy. On the other hand, the rent can be increased in the future which can be an inconvenience if your budget is tight.
The decision on whether to rent or buy should be guided by the business situation in the short-term and long-term. The following questions can help you come to the best decision:
Is overpayment an option?
How much can I get from lenders?
What are the terms and conditions of the mortgage?
How much space do I need?
In selecting the right size of the warehouse, do not just consider how far the business has grown up to that moment. You should make future plans and estimate the growth expected in the future. If you have to move in a few months for lack of enough space, your initial investment will not have paid off.
How is the transportation network?
You need good transport links in moving goods in and out of the warehouse. You need enough parking space for the employees as well. Additionally, if there will be people working at the new location, they will require public means of transport. Do not just think of how convenient the new location will be for you but factor in the needs of your workers as well.
Payment options
Choose a property that has flexible payment options. Some owners will not have a problem with installment payments as long as you sign a contract. There are others who will not agree to anything less than the quoted price paid in a lump-sum. Consider your financial strength in choosing the best payment option.
You should start thinking of a warehouse space Northern Virginia the moment you open your business if you are dealing with bulky goods and supplies. The right choice will open new doors for your enterprise.
