How to rent a space for your business
One of the most crucial tasks that you will take on in the management of your business is finding a physical space for your business. This is a very important task since the space that your business operates in will be one of the largest expenses for your business. When a business has grown enough to need space, renting is usually the best option since buying a space can be prohibitive in terms of both cost and space planning. However, just because you are renting a space there is a lot more to do then just sign a lease. Here is what you need to know about how to rent a space for your business-
- Size matters-One of the most important factors to take into consideration is the size of the space you are considering renting. It is important to keep in mind that while it may be tempting to rent a large space if it doesn't fit into your budget or really meet your needs then you should pass it on by. Commercial space can come at a premium price and you should make sure that you are renting the right amount of space. Keep in mind that there is no reason not to be creative. If you find a large space that will work for you but is still to large, then consider bringing in another business to share the space with you. Remember, it is especially important if you are a new business to keep your costs under control. Your business finances will be much healthier if you carefully manage the costs that you spend for the space that you rent.
- Get professional help-Renting commercial space can be a lot different then dealing with the regular real estate market. Many business managers find that trying to find the right space for their business can be overwhelming and daunting. You can make this task a lot more manageable by getting help from a real estate agent or broker who is familiar with the commercial spaces in your location. In addition, when you do find the right space your commercial real estate broker can help to negotiate the best terms and advise on you on what to ask for in your lease.
- Ask for what you want-Even though many commercial spaces are renting for a premium you should still not hesitate to ask for what you want. There are many landlords that will be willing to work with you despite a high demand for commercial spaces. Don't be afraid to ask for remodels or for a lease length that will work the best for your business. You should not hesitate to seek out the very best deal that you can just like for any other aspect of your business. There are a number of other concessions that you may want to ask for such as: parking spots, management fees, reduced fees for the cleaners, repairs, or even free snow and/or garbage removal.
- Be realistic in your expectations-Unless you are willing to take over an abandoned building in a blighted neighborhood then you need to have some realistic expectations. You should plan on paying a security deposit and keep in mind that the longer the lease you sign the better price you will get. This means that if you are looking for a short term lease you need to be prepared to pay for it. Finally, be sure to shop around so you can see what the going rate is for comparable spaces so that you can get the best possible deal on the space you ultimately rent.