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Whether it’s your first business premises or you’re moving to a new location, finding a suitable space will accelerate your business success. It pays to give the exercise enough time, and even when it feels overwhelming, don’t settle for any office you find. Make sure the office fits your business needs. Here are things to consider
Work With a Professional
It might seem like you’ll be spending extra money, but a professional such as a lawyer will make sure you get a good deal and the contract and lease agreements are favourable.
Probably you don’t have the time or skills needed to go through every word in the lease agreement. The expert will ensure there are no terms that are potential loopholes affecting your finances, business health, and peace of mind in the future. A law firm like Accuro Maxwell will even help you negotiate good deals, protecting your interests.
Understand the Costs
Most people get into a lease agreement without knowing that there are other costs associated with the new space. This creates stress and affects the business’s health. Instead, talk to the landlord or property management company and let them state all the included costs.
You have to pay maintenance fees, and when you have an NNN lease agreement, you’ll also take care of insurance and tax expenses because the landlord passes them on to the tenants. Other costs include utilities and modification costs.
You might also incur the expense of new furniture, equipment, and fixtures. Additionally, you might have to pay marketing costs to make potential clients know about your new location, driving more traffic to the business space.
Stay Future Focused
You’d probably want to move into a business place you can afford but still look at your future needs and leave room for business growth. For instance, you might want to build out space in the future as the business grows.
Understand the zoning laws and how they affect your expansion plans. Also, check whether the current setup is big enough to accommodate any future growth. You don’t want to start looking for a new space one or two years down the road because this might be costlier and might also affect your lease agreement.
Understand the Implications of Breaking Your Lease
Most commercial leases are 3 to 5 years, but anything can happen, making you leave the building sooner. Be aware of such implications and negotiate better or more favourable terms. Note that in some cases, you not only lose the security deposit but could even be sued for terminating the lease earlier. Have your lawyer look at the lease agreement and advise you or negotiate better terms on your behalf.
Have a Written Down Agreement
Always have all the promises and agreements from the landlord written down and signed. This will ensure that the landlord fulfils their end of the deal protecting your interests. For instance, if you agree that the landlord will handle repairs and maintenance, have it written down in the lease contract and also ensure that the exercise doesn’t inconvenience your business.Take time to understand the implications of moving into the new space. You don’t want to find yourself in a lease agreement that doesn’t favour your interests, or worse, the environment is not conducive for your business operations.