Buying with your heart might be advisable when you’re seeking a private home, but the need for returns on investment (ROI), positive brand image, and growth potential all mean that the heart most definitely doesn’t deserve a place in our hunt for a commercial hub. Despite this logical fact, it’s astounding how many of us make the mistake of letting our hearts overrule our heads where our business buys are concerned and end up paying the price for doing so. To save you from that fate, we’re going to consider pressing signs that your heart has too much of a say, and why exactly that’s terrible news for your business prospects overall.
1.You’re Failing to See a Property Through the Eyes of a Consumer
As a doe-eyed business owner, it’s all too easy to look at a property and see all of your dreams coming true despite any setbacks. Unfortunately, considering that your business premises should be at the heart of your customer service overall, this rose-tinted outview is guaranteed to cost. To overcome that, it’s essential to look at any potential premises from the removed outlook of a consumer who has no loyalty to your brand. That way, you’ll gain a concise idea of what each property has to offer, and where others are shamefully lacking.
2. You’re Buying without Truly Tallying the Numbers
Even a fresh-out-the-box business owner will tally numbers before making a large purchase like this, but many business owners still jump into buying without considering costs in their entirety. For business owners looking into fixer-upper style properties, especially, even seemingly small issues like the need to redecorate interiors or scrub up curb appeal require the hire of a decorating team, paving contractor, and more. Before you even consider signing on that dotted line, you therefore need to fully grasp these secondary outlays by seeking quotes, considering overall cost, and comparing all of those numbers with any potential returns. If things don’t add up, then even a dream property is never going to be right for you.
3. You’ve Fallen in Love with a Small Space
A small, personal office can seem like the dream, but it’s also vital to remember that business expansion isn’t a one-time thing, meaning that it’s always best to buy bigger. Yes, that small intimate setting might look nicer for now, but it’s not going to look so great in a few months when you have to relocate and potentially lose business. Make sure it doesn’t happen by giving up on those dreams of a cute, comfortable office, and considering what your business truly needs to shine.
Removing the heart from the biggest business purchase you’ll ever make can be tricky considering that you’ve built your business with nothing but heart, but the reality is that this is a big commitment. As such, thinking things through, and making the right decision, is always going to win out over the sometimes poor choices that your heart may be inclined to make.