Having the luxury of being able to expand your business is one of the many signs of success of a high-achieving woman, but it’s also a time filled with a need for lots of decision-making. While you’ve been lucky enough to experience some success as a new business owner, one wrong move and you could risk losing it all. It’s no wonder, then, that cost-cutting and the need to make wise decisions are critical to the expansion game. Sadly, the two don’t always sit well together.

This is especially the case when it comes to your business premises. Paying more than market value or more than you can afford could lead to bankruptcy, and that is not what you want, especially if you are a new entrepreneur and given that your profits are subject to change going forward. However, cutting costs here often means compromising on essential factors, any one of which could lead to failure.

How can you make sure that doesn’t happen? For the most part, it’s about knowing how to cut costs without compromising your position. Let’s take a look at a few of the things you should keep in mind when viewing new business properties as you explore the possibility of becoming a brick and mortar business.

Know when you can and can’t compromise on location

As with any property, commercial real estate prices are often dictated by location. Brick and mortar space in the center of town or a big city is sure to cost almost double the price of one on the outskirts. While the costs may be lower for the latter, the amount you could potentially lose in profits from being in an out of the way location could cost more than you would be saving in leasing expenses. This is especially true for a new business. Unless you have a large, loyal following, many current customers may not value you enough to travel out of their way right now. Compromise is always something that must be considered and circumstances will dictate just how much of one you may want to make. If a property is in a structurally unsound area, for instance, the price will likely drop. In this case, you can look into stabilizing the property using services such as earth shoring or slope stabilization. Work with experts in the field before entering into a contract. Find out more at HelitechCCD.com and other sites like their’s, where you can obtain additional information.

Spot the difference between surface damage and a major work problem

Of course, the condition of commercial properties also impacts price. The key here is being able to spot the difference between surface damage and serious issues. For instance, problems with mold are often easy enough to tackle, as you can see from visiting the site removemoldguide.com, but it’s also important to determine from where that mold is coming. If holes in your foundations are the problem, you’re most likely looking at a much more serious issue. Hence why it is necessary to check properties thoroughly and visit a few times before leasing or buying.

Know your price points

It’s also crucial that you attend viewings with a price in mind. That way, you can work out whether a renovation is or isn’t worth your while. Even if the property value seems reasonable, the work needed could boost that cost well over what you’re willing to pay. Make sure you know how much you can offer, while still being able to afford any improvements you have to make.

Business growth is exciting. Being able to move from a home-based office to a brick and mortar business space is something many entrepreneurs look forward to doing. However, conducting your research before taking this leap, is a must-do if you are to secure your success and avoid financial losses because of impromptu, emotional decisions. Good luck!

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