A typical household will spend about $70,000 per year on goods and services. This is a number that we've seen trend upwards steadily since 2008's recession.
While there's a lot of talk about how much retailers are winning on the back of consumer's willingness to spend more of their paychecks, the unsung winner of this arrangement are warehouses.
Warehouses are where the vast majority of goods that you buy in retail stores and online sit after they've arrived from a manufacturer.
But you know that already! You're reading this article because you're thinking of buying a business warehouse of your very own!
Below, we'll give you some practical tips that'll help you pick the perfect building/location.
1. Think About Your Business Requirements
Your business warehouse should be tailored to your business's needs. So, what exactly are your must-haves to ensure that you can properly store all of your goods?
Does your warehouse have to be refrigerated? Does it need a ton of space because you'll be storing large products like furniture?
Make a list of what a practical warehouse might look like for you and then find one that doesn't comprise of elements that are essential to your company's success.
2. Compare Lease Prices
Now that you have an idea of what your warehouse should look like, it's time to create a shortlist of warehouses that fit the bill and compare prices.
Business warehouses that are even within a few miles of one another can feature vastly different price points so be sure to engage every potential location to find the best deal.
Can't find the perfect warehouse? Prices vary, but you could always engage a building contractor to create a custom made warehouse.
3. Understand the Local Job Market
If you build a warehouse in an area that has low unemployment rates and generally caters to white-collar workers, you're going to have a hard time getting your building staffed.
Alternatively, if you build a warehouse in an area that needs jobs and has a fair amount of blue-collar workers, you'll be hiring from a position of power.
Understanding your local job market can make or break your warehouse's success so don't overlook this important detail.
4. Keep Expansion Potential in Mind
You never want to buy a business warehouse that's sized perfectly for your current output.
After all, what if your output were to double? The last thing that you'd want to do is have to pick up and move.
Pick a space that you can grow into and we have no doubt that you'll be motivated to fill out your space sooner than later.
5. Think About Outgoing Transit
Goods need to be able to flow out of your warehouse. If your goods are headed overseas, they'll need to be able to get to airports or docks.
How well-positioned is your warehouse location to make the transit of your goods simple?
The easier transit is, the more you'll save on transportation costs.
Closing Out Key Considerations to Keep in Mind When Picking a Business Warehouse
Finding the perfect business warehouse, in our opinion, is a matter of finding a building that suits your needs at a good price that is well located enough to make the movement of products cost-effective.
We hope that you can find a building that fits the bill and we challenge you to continue reading more of our content so that you can get the inspiration that you need to build the ultimate business!