Making the decision to buy or lease a warehouse for your business can be beneficial. It adds storage space for materials and products that you need to operate. This only means that this is part of your business strategy and just like any other strategy, it must be planned out carefully.
Putting a warehouse as part of your business plans may be an advantage, but it does not instantly set you up for success. There is more to warehousing than stocking your products and materials. It involves a process.
With that in mind, here are the top things to consider when looking for warehouse space:
Buying or leasing
So which keywords do you type when you go online to search for answers for the query? ‘Warehouses for sale near me’ or ‘warehouse for rent near me’? Much like with every choice there are pros and cons to either purchasing or renting a warehouse property.
Generally, leasing requires less capital than buying one. Buying your own warehouse property usually means the need for a hefty downpayment, while leasing one does not require prior payment and you can even negotiate free rent and making improvements with your landlord. On the other hand, you will not build equity on anything when you lease. Leasing has an expiration date and you earn zero credit from all the amount you paid.
Where your warehouse is located is also a priority. Think of the distance between it and your storefront. Consider the routes it is accessible to. Cut your travel time and transportation costs.
Take note of your future storage needs. Does this warehouse your looking at right now have the space you need to accommodate an expansion? How many doors will you need? The potential warehouses you are looking at should answer such queries.
Another fitting requirement is bay size. You need to see if the larger items you will store is fit to even enter inside the warehouse. The bay size also affects the rack ability and storage efficiencies.
Warehouses are used to store tall equipment and stacks of boxes that contain important materials and products. Check the distance from the floor to the ceiling to know if the things that you need to store will fit, as you will also need to maximize your workspace so your workers can move around conveniently.
Some items require a certain temperature in storage. Make sure that the warehouse you choose will enable you to control the temperature inside to preserve items.
In conclusion, in order to pick the right warehouse property, one must put into consideration the growth of one’s business, the equipment and products it will house, and their capital. As a whole, keep in mind that your property will house the most important part of your operations whose impact will be felt over time and contribute to the productivity of your company and your brand’s identity.