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How to rent a space for your business

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Business owners should recognize that the physical space their business occupies will be one of the biggest expenses in running their company. Most business owners find that when they need more space, (as many businesses start out of someone’s home) that generally buying is not an option, so renting becomes the best solution. However, there are certain things that you should consider, before you sign a lease. Here is what you need to know about how to rent a space for your business-

• Consider the size-In today’s market, even commercial space is at a premium. While it may be tempting to rent a large and open space, if you can’t really afford it, or aren’t getting a spectacular deal, then you should take a pass. You want to make sure that you are only paying for space that you will actually use. You may be able to find a better deal, if you can forces with another business, and split a larger space, into two smaller ones. Keep in mind that when your business is just starting out, you want to keep all of your costs under control, as this is the best method, for giving your business a healthy financial start. The bottom line is that you will be better off financially, if you can get by with as little space as possible.
• Don’t be afraid to ask for concessions-Even with the higher commercial rents that are prevalent, you should not be afraid to ask for concessions. You can ask your potential landlord about changing the duration of your lease, or possible remodels that he or she would consider doing. Remember, that renting a space is just like any other business transaction and you should not be afraid to get the best deal you can. There are other concessions that you may want to ask for as well. These can include but are not limited to: reduced maintenance fees, reduced janitorial fees, repairs, the number of parking spots, garbage and snow removal, and management fees. There is one note of caution here; it is unrealistic to expect not to have to pay a security deposit. The majority of landlords will require you to pay a security deposit no matter long your lease it. This is the best way for the landlord to recoup any losses that could result, from renting to your business. If you are a new business owner you may want to consider getting as short a lease as possible, so if things are not working out, you are not stuck paying for a lease that you can’t even use. You should keep in mind however, that you will most likely pay more for a shorter lease, then a business that is willing to sign, for the long term.
• Use professional help-The commercial real estate market can be confusing and overwhelming. It can help to simplify the process by using a broker or real estate agent who is familiar with the commercial properties in your area. In addition, if you are looking to put in specific terms to your lease, it can also be helpful to have a broker or agent advise you. In addition, it is important to know as much as you can about the landlord. This is a person who you will have a close working relationship with, so it pays to know what you can. An experienced broker or real estate agent will be able to guide you in this area, as well. Keep in mind that your prospective landlord will want to run a credit check on you and your business, so you should negotiate running a credit check on them as well. You want to make sure that you are only doing business, with the highest caliber of people.

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