What to Check Before Renting Business Premises
Renting a property for your business is significantly cheaper than buying, and also gives the business more flexibility in cases of growth. There are lots of different types of business and many different sectors to trade in, and each will have their specific requirements when looking at property to rent, but there are some commonalities that all business owners should consider when they start making viewings. Whether you're looking for a new-build retail outlet for your fashion brand or a cutting-edge office space for your SaaS startup, here are the most important areas to check and think about before you make a decision that will have repercussions for your business.
Evaluating Your Needs
Your first task is to ensure that the properties that you view are suitable for the business that you run. Looking at a building that has a large office space and a small unloading bay is no good for those that need the opposite, and office workers aren't going to feel comfortable working in a retail space. It's important to think about the future at this early stage as well, making sure that property has room to grow into.
Location Check
Where your property is located is of paramount importance, even if you're an eCommerce brand that rarely sees a customer or investor. When it comes to location, always make sure that you do research on the area, especially if you're signing a long term contract. You need to check:
- Links to local transport
- Property impact (known as kerb appeal, this is particularly important if you are expecting client visits)
- Local shops, bars, and other amenities
- Internet speeds in the area
- What facilities are available for staff
- Average rent prices in the area
When looking at a property to live in, most people remember to check for issues with damp, loud traffic/neighbours, and utility issues. Do the same for your commercial property.
Additional Location Checks: There's a lot to check when looking at property, but don't overlook doing your research into local growth plans. Check with the local council so that you know if there are any plans to make changes to the area that will affect your business, such as new roads, any expected changes to building regulations, or any changes that are expected to occur within the duration of your contract.
Signing Your Agreement
When you rent a commercial property, you will have to sign contracts and legal agreements. Always make sure that everything is read and checked before you sign, paying particular attention to the length of the lease and any clauses regarding breaking the lease. Always have a solicitor check your documents and contracts. However, be sure to keep that solicitor by your side, just in case you find yourself in the middle of contract disputes later down the line.
What to look out for
You must remember to check for hidden costs that will affect your operational budget, such as any shared service and/or maintenance costs there are for the property. Only when you have done your research and had all of the legal documents checked by a professional should you sign the necessary papers.
Conclusion
Once you've got your keys, the hard work of building up your business begins. If you take the time to make sure that your property is the best fit for your brand, the fewer issues you'll have as you manage your business and your team.
