May 23rd, 2014. Ben Lloyd
Mr. Miyagi’s Essential Advice for Finding a New Office
We all wish we had a Mr Miyagi to guide along our business path, preparing us for what lies ahead and ensuring that we are equipped to handle everything that comes our way. Unfortunately for many of us this simply isn’t the case and we are left to carve our own commercial destiny.
Luckily for you, there is the next best thing – the internet! The place where you can find a collection of tips, hints and advice that far outweigh anything Mr Miyagi himself would tell you!
For example, this essential guide to buying a new office:
What Do You Need?
“Better learn balance. Balance is key, balance is good.”
Before you go diving into the idea of buying a new office you need to first understand the difference between the things you want and the things you need. For example: you need a space that will give your staff the room they need to work; you want a fun office to rival Google’s HQ.
Balance here is absolutely essential; you need to find something that matches your location, your needs, your wants and most importantly – your budget! Often there is room for flexibility within the balance, tipping the scales one way to counteract it in another.
Take a Look Around
“Look eye! Always look eye!”
In the Karate Kid we know that Miyagi is talking about the opponent, but in this case your opponent is the new building. While estate agents, solicitors and surveyors can provide a wealth of information about the office, they don’t know what plans you have for your business. By physically going to the property and having a look around you can decide whether the space is as big as you want and see any potential problems with the area.
“Five-to-one problem, too much ask anyone”
Buying property can be a complicated process with many different things to think about and taking them all on by yourself, while also running your business, can cause a meltdown. Take help where you can;use the professional guidance of a commercial mortgage broker to get you the best deals on mortgages and handle all the donkey work. Spreading the load is the best way to prevent being overloaded.
Know Your Limits
“First learn stand, then learn fly.”
When starting your business, you wouldn’t dive straight into the deep end and hope to be able to swim. Similarly, you shouldn’t do this when buying a new office. Knowing how much you can borrow, the typical cost of the property in the area you’re looking at, the minimum size building you need and general running costs are important. Overlook one of these things and you could end up crashing and burning – it is better to upsize gradually than risk over burdening yourself.
Are you currently on the hunt for your new business premises? Keep Mr Miyagi’s wise words in mind and you won’t go far wrong. Give us a call today so we can discuss your financial needs.
Article By Ben Lloyd
May 23rd, 2014
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben