The value of finding the best commercial space for rent is unquestionable especially when starting a business. Even with a great product, you can’t expect your business to flourish if you haven’t given much thought in finding a good place to lease.
Certainly, you can’t just rent a commercial space without carefully assessing the place. From finding a location with the highest earning potential to getting the amenities that you’ll need, there are important factors that you must consider before sealing the deal with the property owner.
If you are planning to rent a commercial space to start your business, you’re in luck. In this article, we have collated 7 of the most useful tips to guide you in leasing a commercial space.
1. Set a Budget
It would be illogical for you to venture into a business without a budget plan. If leasing a commercial space is the prerequisite of your business, you must identify how much you can afford to rent a commercial space. This will help narrow down your options without losing track of your business plan.
2. Identify What You Need
The next thing to identify is the amount of space you need. Businesses have different space requirements depending on the products or services that you’ll offer. Consider the amenities and facilities that you will be privileged to use. Be wise by maximizing the space and making sure that no room is wasted to get what you pay for. Also, keep in mind that it is better to start small and then upgrade, than to start big and downsize later.
3. Locate Where You Want to Start a Business
Sure, you want to rent a commercial space that is safe and accessible for your target customers. These two considerations are crucial in locating where to open your business.
Security is an important thing that customers consider when making a purchase. If they don’t feel secure, they will not likely want to shop or come back. Sanitation is another form of security that you want to assure your customers.
Accessibility is another thing to consider when you want to rent a commercial space. Put up a store where your target demographics are crowding in. Go to your target market instead of waiting for them to come to you. Moreover, you want to rent a commercial space that is near other complementary business. For instance, a tailoring shop is best placed near a retail store or pastries and dessert store near a coffee shop etc.
4. Research for Options
Real businessmen know how to research for the best buy. Consider several options and filter them based on your budget, size needs, and location. However, do not compromise the profitability of a commercial space with low budget.
5. Always Check for Zoning Regulations
Check for zoning permits and regulations to avoid a slew of problems that can hamper the opening of your business. An informed business owner knows if the nature of business will pose legal issues or problems. For instance, internet cafes are not allowed a number of meters away from schools etc.
6. Consider How Long to Stay
In your contract, it is imperative that you consider the number of years you would like to sign up for. Initially, it is better to go for short term lease and just renew later to avoid unexpected losses as there is no way to predict the growth of your business. You don’t want to find yourself in a situation where you want to move to a better place but you have to wait for the lease to expire.
6. Consider Space Remodeling
When you negotiate the lease for a commercial space be mindful to include your right to remodel it. You can demand this term from the property owner as this will give you the freedom to design and remodel according to what suits your business.
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