How to Rethink Your Business Plan so You Can Afford Premises

When you’re getting ready to open a business, you need to develop your business plan, talk to potential investors, and look for premises. This last step is challenging if you’re low on funding and have a specific set of needs in mind. If you’re having trouble finding a venue for your business, ask yourself these questions to see if you can make your options work.

Can You Add Equipment?

Perhaps you’re planning to open a factory, but you can’t afford to purchase a building that already has your equipment in it. Instead, purchase an empty warehouse and then hire industrial millwright services to install the necessary machines. Not only do you get your building for a cheaper price, but you also develop a professional relationship with millwrights who can perform maintenance on your equipment in the future.

Do You Have Other Funding Options?

So far, you’ve exhausted your personal investment and your investors’ contributions. However, there are other funding sources available. Check the programs run by the Small Business Administration, which is a government agency that helps small and new businesses receive approval for loans. They have a series of programs for business owners affected by the novel coronavirus pandemic, so see if you qualify for any of those. Additionally, talk to your friends and family members and ask if they’re interested in becoming business partners. Don’t reject small offers; they add up and help you with the many fees you encounter as you set up your business.

Can You Change Your Location?

For some entrepreneurs, their locations are inextricably tied to their businesses’ purposes. For example, if you are designing a restaurant that features your hometown’s specialties and local produce, it’s hard to effectively transplant that model. Still, in many cases, you can make another location work just as well. Look at your options for venues in rural areas, as these tend to be cheaper than in urban centers. Remember, even if you start in another city, you can always switch to your first choice venue once you’ve saved up enough money. In fact, this is a good business strategy, since it’s always good to think about expanding once you have the opportunity.

Finding premises is a stressful and frustrating process. When it seems like you’re out of options, don’t give up on your business plan. Instead, use your answers to these questions to think outside the box and make your plan fit your circumstances.