How to Buy an Office Space for your Business?

Buying office space for your business is not a decision that you can take in an instant. It is imperative to invest a considerable amount of time and energy to explore an office premise that is desirable in all the aspects.

When you plan to buy office space for your business in the aggressive market of Australia, then there are few of the key aspects that you need to take into account. Some of the key points that could be valuable in the same regard mentioned below.

Choosing the ideal location for your business: It is a fact that for some of the businesses, the location is something that all matters. For instance, if we talk from the viewpoint of the financial services industry in Australia then will find that most of them situated in the hearts of the premier cities.

How your employees take the decision: Please note that if over 10% of your current staff are not pleased with the new office location, then you ought to think again. You might face some challenges in retaining staff. It is important that you try to buy an office space for your business in one such location that is easily accessible from all parts of the city. Interested in Buying an Office space for your business? Then check out CommercialProperty2Sell, they have over 1000+ office space for sale all over Australia.

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The space available for future endeavor: It is true that most of the business owners buy small to medium office space because they fail to look beyond the present stand of the business. What if the strategies, hard work and luck stand in your favor and your concerned service or product successfully takes off? That is the reason it is important to choose a medium to large office space so that more employees could accommodate in the future course of time.

Retaining clients: Buying office space always helps to save the rent expenses. But shifting towards the outer suburbs in Australia should not be at the cost of your existing clientele. It is primarily because shifting an office space always generate expenses like utilities, moving expenses and construction costs.

In order to cope up with these expenses, it is important that your business starts generating revenue right within the first few days at the new office space. Your existing clientele could help in that same cause. So don’t forget to take feedback from your existing clients before you shift to the new office space.

Parking situation at your new office space: It won’t make any difference whether we talk about Sydney, Melbourne, Brisbane or other premier business-oriented cities in Australia. The problem of parking is quite common the business centres. Please, make a proper verification of the fact that there is an adequate amount of open space available for parking the vehicles of both customers and employees.

The parking fee should not be steep enough that staff and clients think twice before parking their vehicle in your office premise.

When to shift?: You can consult your real estate agent about the ideal time to move. If you find the right place, then there is no use of wasting time. There are many authorized firms in Australia that can help you with credible real estate agents.

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The Ideal Franchise Opportunity

What is the ideal franchise opportunity? It depends on what you are looking for. Below you will find criteria you will have to take into account when considering what the ideal franchise opportunity for you will look like.

  1. What Would You Love?

First of all you have to beware that running a business, even a franchise with a proven business model, is hard work. Many entrepreneurs set up businesses as they want more freedom, only to find they have less. A business that is run well can eventually be sold, or you can hire people to run it for you, but you still have to manage it and take it to the point where that is possible.

Therefore, the best thing to do is to find a business you truly love. And not just the idea the of business – just because you love food running a food business isn’t always something you will enjoy, it depends on whether or not you enjoy what goes into running the business. Find a business where you like the concept and the product, but also the work behind it.

  1. Is There Market Demand?

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You may love the business, but will the market love it? Sometimes a product has shown to sell well till this point, but is there promise for it moving forward? Will it work one or ten years from now? Is the company forward thinking and paying attention to the market?

Location is also important when it comes to demand if you are selling to the public in the area (as opposed to B2B or online). If you have found a business that you like, is that the kind of business that would do well in your area, or an area near you? If not, are you willing to relocate?

  1. Can You Afford It?

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There are franchises for pretty much all budgets, so make sure to find one which you feel you either have the money to invest in, or would be willing to get a loan for.

The good news is that many banks offer loans more easily if you are buying a franchise, as it’s a proven concept. On the downside, it’s still a loan and you have to repay it. So you have to be certain that the business will do well, or be willing to give up whatever you put up as security for the loan.

Make sure to analyze the risk before buying – how much money can you afford to lose? Is the business worth the money? Can you find a cheaper franchise you will love just as much? Sometimes greater risk yields greater gain, just be sure to know what you are doing. Also, there are numerous websites like Businesses2sell that promotes franchises for sale in Australia, with a lot of options to choose from, you can easily find a franchise opportunity that suits you the best.

  1. Support from the Franchisor

When buying a franchise one of the reasons that you succeed is usually that the franchisor provides the kind of support you need to succeed. Often you will be provided training, as will your staff. In addition to this there will be staff- and operations manuals, ongoing support and training as well as help with expansion.

  1. Marketing

One of the reasons franchises succeed is that all the different franchise owners pay towards marketing. As a result the marketing budget is a lot larger than for a stand-alone business. The marketing campaigns made possible are therefore a lot larger. Whilst you might have to do some marketing locally (always a good thing to get noticed and the sooner the better), the franchisor should provide larger marketing campaigns from the money provided by franchisees. Check previous marketing campaigns to find out how successful they were.

  1. Profit Margins

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Whilst some franchises are extremely popular because their products sell well, they don’t always provide large profit margins. This is often the case for food businesses. As a result of this you will have to sell very large amounts of the products and/or services to be able to make a profit. This in turn often means long opening hours, or incredible sales techniques.

Make sure you find a franchise with a profit margin you are happy with. It might be worth settling for a lower margin if you know the product will sell, it’s simply up to you to set your boundaries and buy a franchise you know you understand so that you don’t have any unpleasant surprises along the way.

  1. Success Rate

Some franchises are extremely popular, yet many people who buy a franchise are still not successful. You would think they are if you see the business everywhere, but that simply means that there are franchisees who are successful, not that everyone is. Do some research to find out the success rate for the particular franchise you are interested in.

Also, bear in mind that there will be good and bad franchisees – just because some of them failed, it doesn’t turn the franchise into a bad business opportunity. It simply means some franchisees were making mistakes.

Find out which current franchises are very successful and ask them if you can come round to ask them some questions about why they think they are successful. Also, try to contact some former franchisees to find out what happened to make them unsuccessful. What were their learnings?

By asking actual people involved in the franchise about what it is like, you will get the best responses.

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How to turn your hobby into your business

There is an old saying, ‘Love what you do, Do what you love!!’ We may be doing a job for years without realizing that this is not what we want to do from core of our heart. And, maybe one day suddenly we realize that the hobby activity that we do in our free time can be turned into a business. That is; something that you love doing and can make you earn a living while you enjoy is worth considering as a business because you are more likely to invest your heart and soul in this activity. But there is another side of this coin too. The activity we do in our free time, relives the daily stress we go through in our jobs or business. But, making this activity our business might kill the fun associated with it once it becomes our profession.

Having said that, it remains a fact that the task you love to do will keep you motivated automatically. You are more likely to earn professional success in a career that interests you. Simply ask yourself a few questions and if the answer is ‘yes’… Go for it

  • Will the hobby remain the same even after deadlines are attached to it?
  • Are you ready to take the risk of not being successful?
  • Do you feel committed?
  • Will you be able to sell what you create or for that matter yourself?

Business is Open
Even when you are planning to convert your hobby into your profession, you must do the necessary research about the industry and competition. Go for a step-by-step approach:

  1. Just like initiating any new business, when you decide to explore your hobby as a profession, do not shy away from doing the research on the industry. Study the market trends, competition, related products and suppliers’ market.
  2. Do not hesitate to critically evaluate your hobby. You are evaluating a career option and not your interests. Be neutral, be fair. Take suggestions from people you trust. Ask them to give an unbiased view. May be you need to make certain changes in terms of time, processes, people involved, etc. to convert your hobby into a business . Make those changes before taking a final step.
  3. Every venture needs a complete plan to run successfully. Draw out a complete plan for distribution, marketing, dispatch, storage, etc. You must know the time taken by suppliers to supply the raw material. You must know the shelf life of products for safe storage. Plan for transportation of finished goods to the market. Plan step by step for every activity involved.
  4. Though it is your hobby and the activity you love to do but converting it intos a business involves many related activities. Thus, the need would build a composite team. Each member of the team should be a specialist in his/her field. Like a manager to handle marketing of the product or service that the business will offer. An attorney to create meaningful agreements and arrange for corporate tie-ups.

A few steps that must be followed from the perspective of initiating a business:

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  1. Name your start-up: Name of the business is the first and foremost branding for it. Name it by what it reflects, that makes the brand easier to remember. Also, make sure it is a unique name.
  2. Register it: Decide on the type of business you wish to start. Whether it would be a sole proprietorship or a partnership. The liability of an owner varies with the type of business. For example, with an LLC your personal assets are guarded against the claims of creditors.
  3. Every business or start-up needs a Federal Tax ID Number to distinguish or identify business as a separate entity. This is also known as Employer Identification Number.
  4. You would need to take all necessary permits and licenses to operate issued by the State or local government. In case you are planning to operate from home, you would need a home based business permit too.
  5. Open a Bank Account to facilitate all business related financial transactions. Make all payments to suppliers and vendors via cheques and receive the payments from clients in favour of the business. This account helps keep the personal and business transactions separate.

It is joyous feeling to convert your hobby into a commercial venture. But, since this would be a hobby turn business, you might prefer initiating it as a part-time business. For example, when you create artificial jewelry as a hobby, you might not be much concerned about the cost of items involved and time taken in the creation of the final product. But when you consider this as an income generating activity, you would be considered in the cost of material and might attach deadlines as per the customer demand. Working part-time on the venture would give you an idea of the tasks involved to conduct the activities commercially. You would get a feeler of all the management, administrative and financial aspects related to the business.

Once you are confident, you have done the backstage jobs, the time is to come in front and take the big step. Go and take the big step. Have the courage to face failures and learn from mistakes.

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