Article Contributed by Marleen Clover
Once you have all of your affairs in order, it’s time to rent your first business office. If you’ve never done this before, it can be difficult to know where to start. Signing the contracts and moving in is not an exceptionally easy process (and neither is breaking a lease), so you want to make sure you get the right office the first time. You may be surprised at some of the things you should consider when selecting your office, and what options are most likely to work out the best for you.
1 – Finding the Right Location
Your location should strongly depend on what you do. If your business involves customers or clients regularly coming in and out, you need to select an office in an area with high visibility. If it’s difficult for customers to find you, that will knock you down on their list of priorities. Your location also has to be convenient for your employees, so selecting an office that’s too far outside of a populated area won’t do. Try seeing what’s available in locations that will work for you on a site like Gumtree.
2 – The Right Amount of Space
If you’re expecting to hire a certain amount of employees, getting an office that’s only big enough to fit everyone is something you’ll soon regret. As a small business, you’re likely hoping to grow. If you don’t have any room to accommodate that growth, things are going to get cramped pretty quickly. Calculate what your space requirement would likely be, and add fifty percent to that number. This will allow your business to grow by a third within the space you’ve selected.
3 – Lease Length
Your lease is the best way to sink your feet into the ground. If you think that you’ll be more likely to rent larger building in a different location to accommodate growth, your ideal lease will be a reflection of that time table. Do you think that, in five years, you’ll want to move on to something bigger and better? You’ll want a lease that will allow you to continue with your long term plan.
If you see your business growing gradually, or you feel as though you’ll want to rent a second building in a different location to accommodate growth, a lease as long as ten years could work out in your favor. Longer leases generally come with a reduction in rent, which will allow you to put that money aside for investing in the future of your business.
If you’re entering a building as a fresh startup, go for the shortest lease term possible. The reality is that you don’t know how long you’ll be around. If you sink in the first year, you’ll still be responsible for the consequences of breaking a lease. You don’t want to cut any more losses than absolutely necessary.
4 – Call in a Pro
Leases, by nature, are complicated and intimidating. You’ll likely need a professional to decipher the legalese. At the end of the day, landlords are businesspeople too, and they have their own interests to protect. If you’re not sure what you’re doing, it can be at your expense. Calling in a lawyer to review everything that’s contained within your lease can help you determine whether or not the lease is reasonable, and she can also coach you on how to renegotiate the things that aren’t working.
About the Author
Marleen Clover is part of the team at Timeo.co.uk. She believes that great company culture leads to success. She’s interested in building brand awareness and digital media.