Mistakes You Should Never Make When Leasing A New Office Space
When you start looking for an office space you have just crossed a milestone of success in your business and are looking to expand. This sudden flurry of success often forces us to make some really bad choices. Here is a guide to make sure we don’t rush into a bad decision when choosing an office space for our business.
Tarnishes Your Brand Image
If you are catering to a high-income group, choosing a space in a poor neighborhood will definitely affect your business and vice-versa. You will have to rent a space near your target audience to make sure they get a feeling that their business rightly belongs to you. So, choose an office space that matches your line of business.
Does Not Suits Your Budget with Ease
Make sure your flurry of positive emotions does not force you to lease a high budget space where you earn to pay your landlord and there is nothing left for you. Your business depends on liquidity, the more cash you have in hand, the better it is for business. So, choose a space which suits your needs and you can set aside the rent for at least three months before you lease the space.
Poor Legal Terms
When leasing a space, you should remember that the legal terms are negotiable before you sign the agreement. When you are bargaining for the right price, do not forget to bargain for the right terms as well. Right terms are more important than the right price as there are great consequences when you choose poor terms. You might end up paying a huge chunk of cash as compensation or might be forced to retain the space even when it does not suit your business anymore. Consult https://www.execusuitesinc.com/ for the best legal conditions you can get while leasing a space.
Make sure the space you choose is not in a zone with huge peak time rush and jams. Also, make sure your place is easily accessible for all your employees as well. Having a great looking office which is inconvenient for your employees is not of any use. You should work with your team to find out a location that suits the team as well.
Poor Estimation of Requirements
You have to work on your requirements if you underestimate or overestimate, you might end up either paying a higher rent without need or might be forced to leave your workspace when your workforce increases. It is best if you sit and work out the team size you see in the coming months in both optimistic and pessimistic calculations.
Leasing an office space is challenging, specially for startups. Always keep in mind that the paperwork and facilities provided are as important as the beauty of the space. A space might look costly on a shorter lease but getting into poor legal terms on a long-term lease will end up badly if things don’t work out well. Take time, think what your needs are, discuss it with your team before calling a real estate agent.