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Things you should consider when renting a location for your small business

Most small businesses start out renting a location from someone. However, no matter how big or small the space you plan on renting is it is important to keep in mind that it can be one of the biggest expenses on your budget. You should only consider renting if working out of your home is not a good solution for you and buying a business is not a good idea either. Before you begin searching for the perfect spot for your business there are certain things you should take into account. Here are things you should consider when renting a location for your small business-

• Size does matter-Business experts recommend that you look for something as small as you can possibly use. There are very few businesses that are looking to rent out larger spaces today. Because of this many landlords are now breaking down larger spaces into smaller ones and offering them at a discount. This means that you may be able to get a great deal if you are willing to work in as little space as possible. Keep in mind that you are looking to keep costs as low as you possibly can and scrimping on the amount of space that you use is a great way to do that. Remember, that you don’t need to be paying any more then you have to.
• You have the advantage-In most real estate markets it is a buyer’s or a renter’s market. You may be able to ask for concessions and even choose the length of your lease if you find a landlord who is willing to negotiate. Today, most landlords are eager to get a renter in so they may be much more likely to offer you the things that you really want. You may also want to consider locking in your rental rate along with the term of your lease. If the space needs renovations you may be able to negotiate this as well. Finally, don’t be afraid to figure in extras such as: janitorial expenses, repairs, parking spots, garbage removal, management fees and ask to have them paid for by the landlord. However, there is a note of caution here. Most landlords will not negotiate on the security deposit since this protects them if your business goes under.
• Ask for help-Commercial real estate can be a difficult and sometimes overwhelming market to be a part of. You may want to ask for help from an agent who specializes in helping small businesses find the space that they need. This person can often help you narrow down your search while saving you both time and money. In addition, if you need a specific type of space or very specific terms it can be helpful to have a professional negotiate the lease for you. However, you decide to utilize the help of a real estate professional it can often mean the difference between getting a great deal and just renting a space.
• Check out your landlord-Your landlord should not be the only one doing a background check. You should take the time to get to know as much as possible about your potential landlord. You may want to talk to the other businesses in the building and see how happy they are with the location. You can also negotiate doing a credit check on the owner of the property so that you know you are dealing legally with the right person. You should not hesitate to do the appropriate amount of background checking since much of your small business success will depend on the location that you are renting.

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