3 Things You Should Consider After Buying Your First Commercial Property

If you’ve just purchased your first commercial property to get your business going, you’re probably feeling pretty good. It’s a big achievement, and it’s a big investment – your FIRST big investment. You’ve made that step, and now you can begin building your empire. Now you’ve bought your land, it’s time to start tightening up your defences. Below are a few tips on things to consider after making your big buy, so you, your business and your employees are all looked after.



It’s extremely important, when you’ve purchased any property, commercial or otherwise, to ensure you have some solid insurance, as you may not know what you’re liable for. Thankfully, obtaining insurance isn’t as difficult as it used to be, thanks to online services – you can get in contact with professionals who will be able to advise based on your needs, and quote you accordingly. There are service providers who scout out the most cost effective, and reputable insurance companies based on your specific needs, which saves a lot of hassle, especially if you’re new to this and aren’t quite sure what it is you need.

Fire Safety Is Important.

Making sure you’ve taken all precautions when it comes to fires is essential for any property, and even more so when buying commercially, as you’ll likely be responsible for more than just yourself. It’s important that you have preventative measures in place to not only avoid a fire, but mitigate the damage if there is one. A solid policy, coupled with awareness and training is vital. Also, making sure that you have the appropriate equipment is important, as fires can be started in a multitude of ways; there are different substances you would use to put out certain fires. For example, if you’re opening a paper company, your most common fires (if any) are probably going to be caused by igniting solid materials such as wood or paper, and potentially electrical fires from electric equipment, so you’ll likely need a fair amount of Water and CO2 extinguishers. For larger commercial properties, you’ll want a system in place that attempts to tackle a fire – this may be subjective depending on the type of business again, but using the earlier example, a paper company might benefit from having a sprinkler system that emits water from the ceilings, using centrifugal, or Vertical Turbine Pumps to supply the water to the sprinkler systems.

Look Into A Legal Team.

Getting the best legal advice in a business environment is priceless, as they can help from the start to the finish, and play a big part in how you start up, sustain, and grow your business. They can help choose the best structure for your business, and are not only pivotal in keeping you in line with compliance and legislation, but also play a key factor in your business model and strategy. It’s quite common for some businesses to try and save costs by attempting to do this role themselves, but it’s far safer and less time consuming to look into a qualified professional or team to do this for you. Think of them as a personal advisor, as their decisions will typically be solely in the interests of the company.