As your business starts to grow, you might find yourself in the position of taking on a commercial lease. Obviously, this is one of the most important things you will do a business owner. Getting it right is crucial, not only for your space and equipment requirements but for location too. There are a whole host of factors that can be influenced based on your premises. It’s not always easy to get started when you’ve done this sort of thing before, and that’s why we’re here.
Getting Started
Alright, so we’re going right down to the very basics with this one. You want a commercial property, but you don’t know how to go about getting one, right? It’s really easy in the first instance. You can browse online for all sorts of offers. You can even find more niche opportunities like a medical practice for sale or lease. If you don’t want to deal direct, agents can help you to find something that suits your tastes. It’s really easy to get started by simply browsing the market.
Pay Close Attention To Location
I can’t emphasise this point enough. You need to make sure that the location of the property is going to suit your business. Let’s take that medical practice example that we used above. If you take a practice that is in a bad area and lacking people, are you going to be successful? No! But, taking time to seek the right location with business potential might lead to success.
Get Out Clauses
When you’re negotiating the deal, keep in mind that you might want to discuss get out clauses. In the event that you wish to terminate the lease, you don’t want to be in a tricky position. This is why understanding notice periods is key, ensuring you don’t have too many financial penalties. You’ll both come to an understanding on this, but only if you discuss it thoroughly. Don’t forget!
Obtain Advice
Normally, I’d recommend this in any case. But, considering this is your first commercial lease, it’s absolutely essential. You want to obtain advice from experts that can help you to get the best deal for your company. There are a lot of things in the small print that might just cause a few stumbling blocks. By investing in expertise, you can ensure that you don’t make a costly mistake.
TLC
If the property needs a lot of TLC before you move in, you might be able to negotiate something. Ideally, a rent-free period might be allocated while you get the building back to scratch. While you’re doing this, it’s also a good idea to take pictures of the state it was inherited in. You never just know if qualms will arise later on about certain details. As long as you’ve got evidence of what it used to be like, you’ll be covered. Then, when your landlord asks about a plumbing issue they think is your fault, you can present them with the facts.
This marks an important step on your journey to business success. Whether it’s a lease or you decide to buy outright, make the right decision!
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Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE
