What challenges will you face when leasing business space?
If your small business has been steadily growing, you may decide that it's time to find a new business space. It's no longer feasible to operate out of your garage – you need a real office and all the amenities that come with it.
The prospect of leasing commercial real estate can be daunting to someone doing it for the first time.
The prospect of leasing commercial real estate can be daunting to someone doing it for the first time. If you don't know who to talk to, or how to carry on that conversation, it's easy to get overwhelmed. It's good to study up beforehand on what the challenges are and what sort of logistical roadblocks you might encounter along the way.
Going over the challenging aspects
Leasing an office is a key step in your business development progression, but there are numerous logistical hurdles along the way, according to Business Victoria. Among the tricky parts you'll need to iron out are:
- Your contract – How will the lease be worded? Are there any confusing bits you'll need clarified?
- Zoning and permits – What specifically will your space be used for? Are there any legal limitations on this?
- Payment – What are the precise terms of how you will pay the landlord for the space you're using? Are the rules fair for both sides?
These are just a few examples. All in all, there are countless difficulties that leasing a space can present, and you may well need professional help in dealing with them.
How long should your lease be?
One of the most important things you'll need to decide when leasing a space is how much time to pay for. If your business is young and not too stable yet, you might only be comfortable going year to year, or even month to month. If you're going to stick around awhile, a five-year plan might be tenable.
MyBusiness advises to go as long as you can – the more time you agree to stay, the more perks you can negotiate in your deal. Working with chartered accountants can help you make key decisions about exactly what terms you should ask for in your lease agreement.
Get help from skilled consultants
There are many ways that reaching out to a business development consultant can help you with running your organisation better. Working out lease details is absolutely one of them.
At Wilson Porter, we have a well-rounded team of experts that's happy to offer you myriad types of business support. Talk to us today if you have any needs that aren't being addressed; we'll be there for you.