Are you a home based business that has outgrown your home office? Many businesses start with a small idea and then grow into something much larger. These businesses often begin work inside of their own homes, to cut costs on rental fees. However, once the business becomes large enough to increase products or employees, a commercial space for lease is often needed. If you are considering a commercial space for lease for your growing business needs, remember these important leasing factors.
Price
You do not want to significantly cut your profits because you have to pay rent. Although rent will require monthly payments, it should be an affordable amount. You should not make the move to a commercial space for rent until you can realistically afford the rent fees. You also want to rent something that is within your budget. The first couple years of a business are extremely volatile and it can be difficult to accurately gauge the success and income of the business during these first years. If you move too quickly to a small retail space for rent and do not factor in what you can afford, you may put yourself in a position to eventually lose money and have the ability to move to a large retail space for rent.
Rental terms
You will find that all businesses space for rent differs in terms of rental terms. Some landlords may require a minimum of a year lease, while others allow you to rent the space month to month. Consider what type of lease terms work best for your business situation, and negotiate these specific terms. You will also want to understand maintenance and repair fees up front. This will save you from any unexpected costs in the future.
Commercial leases vary, some stipulate that the tenant is responsible for all property upkeep and repairs while others specify that the tenant is responsible for systems such as the air conditioning, plumbing, etc. However, in most commercial space for lease situations, the landlord is responsible for any major improvements. These major improvements might include mold, fire damage, or structural damages. The landlord is required to provide you with a space that is safe for business.
Specialized needs
Some businesses require special accommodations. These special accommodations might be in the form of special building for business needs or special disability builds. The Americans with Disabilities Act (ADA) requires all businesses that are open to the public or that employ more than 15 people to have premises that are accessible to disabled people. This applied to rented retail and commercial spaces, as well. Ensure that you are able to follow the ADA regulations and that your commercial property for lease follows all of these regulations.
Location
You will also want to choose a location that makes sense to your business needs. Are you a retail store that will be selling product out of a storefront? You might not want to rent a location that is hidden behind a lot of industrial buildings. Are you an industrial plant that specifically focuses on manufacturing items? Do not pay high rental fees to be seen on a busy road. Consider your brand and company image when choosing a business location. Is the location consistent with the image you want to maintain? Although rental spaces are usually temporary, they will be a crucial part in growing your business even further and renting the wrong location can hinder that ability.
Many successful businesses start out in the basement of someone?s house. However, as that business grows and expands, it should be moved to a more practical location. Choosing the perfect commercial space for lease can be difficult, but you should always consider price, location, the ability to customize for special needs, and the specific rental terms. Choose a commercial rental space with the intention of growing even larger. Find a business space for rent that expresses your brand and brings in the customers you want. Plan on staying in that commercial rental until it is time to expand your business even further.
