Small business

Small Business Owners: Avoid These Leasing Debacles

Small-Business-AdvertisingYou need space in which to conduct your business—and while some small businesses can and do meet in private homes, the majority of them need outside office space. That's especially true of retail businesses, which have customers coming and going with considerable frequency. If you want to attract customers to your company, you obviously need the right kind of space.

Actually getting that space is easier said than done. Yes, there are plenty of options out there for leasing business space. At the same time, there are a number of common errors and mistakes that can all but derail your leasing process, cost you money, or compromise the quality of the space you're getting.

We'll show you what we mean with this quick list of leasing mistakes to avoid.

  • Not knowing how much space you really need. Have you made the calculations? Have you run the numbers? Have you determined how much space your equipment and furniture takes up? Your products and displays? Have you ensured that you have sufficient space for customers and staff members to move around freely? Don't simply "eyeball" your space. Really do the math.
  • Not budgeting correctly. You need to know what kind of space is required, but also how much it is going to cost you. The last thing you want is to be stuck in a lease for room you cannot truly afford.
  • Not budgeting completely. Related to the last point, remember that your budget is about more than just the rent. You'll likely also be paying for most of your utilities, and perhaps also for things like trach pickup. Try to get all of these figures and sums before you commit to anything.
  • Failing to check on the zoning. Is the space you're looking at actually zoned for the business you're trying to run? That's something to check on, for sure—otherwise, you could find yourself with a legal problem, or with space you're paying for but can't really use the way you intended to.
  • Not considering the location. You may get a really good deal on a building or an office in a bad part of town—but is that really a good thing? Think about your customers. Think about foot traffic. Think about making your business as accessible as possible. You don't necessarily have to be in the prime part of town, but you do need to ensure a location that's actually going to help your business thrive.

Leasing office space brings with it a number of considerations—so make sure you approach the process thoughtfully. Use this roadmap—these "wrong way" signs—to help you do exactly that.

Do you have any questions? Please ask.