Signing a new lease for your business is a big decision that can have a significant impact on your success. Before you commit to a new space, it is important to review several factors to ensure that it meets your needs and fits within your budget.
Thorough consideration upfront can save you headaches down the road and set your business up to thrive in its new home.
1. Location and accessibility
The location of your business can play a big role in its success. Consider factors such as foot traffic, proximity to your target market and accessibility for both customers and employees. Choose a location that is convenient and visible to your target audience.
2. Lease terms
Carefully review the terms and conditions of the lease agreement before signing. Pay attention to details such as the length of the lease, rent amount and increases, security deposit requirements and any additional fees or expenses. Make sure you know your rights and responsibilities as a tenant. Seeking professional advice ensures you have a thorough understanding of the lease terms.
3. Space requirements
Assess your space requirements based on your current and future needs. Consider factors such as square footage, layout and amenities. Make sure the space is suitable for your business operations and allows room for growth.
4. Budget and finances
Evaluate the financial implications of the lease agreement on your business. Calculate your total leasing costs, including rent, utilities, maintenance and any other expenses. Make sure the lease fits within your budget and will not strain your finances.
5. Negotiation
Do not be afraid to negotiate the terms of the lease to better suit your needs. Consider aspects such as rent amount, lease length and lease renewal options. Be prepared to compromise but advocate for terms that are favorable to your business.
6. Compliance
Ensure that the property and lease agreement comply with legal and regulatory requirements. Research zoning laws, building codes and any other regulations that may affect your business operations. Make sure the property is properly permitted for your intended use.
By taking the time to evaluate all of the key factors, you can make wise choices when you are ready to sign a new commercial lease for your business.
