Determine the Space Your Business Needs
Ten issues to consider before you look for commercial space to rent.
Whether you’re a small start-up or an established business, begin your search for a business rental by carefully thinking through your needs. A clear understanding of what you do (and don’t) want will save you time and money, so before you hit the pavement or engage a broker to help you find the right spot, go through the points below and analyze what’s most important to you.
First, before you plunge headlong into the search for suitable commercial space, think carefully about whether you really need to find space now. It may make more sense to run your business from your home. If you’re just starting out in a business that doesn’t require significant space or ready access to the public, maybe you can keep expenses lower by working out of your house or apartment.
Or, if you’re already renting space but looking to move, you might consider ways to improve your current lease situation and avoid the expense and inconvenience of relocating. Take another look at your lease -- does it have an option clause, enabling you to expand into available space?
1. Priorities. If you’re convinced that now is the time to move, think carefully about what you need, would like, and won’t abide. Take out a sheet of paper and list items in three columns: "Must Have," "Nice to Have," and "Won’t Have." Your goal is to end up with a concise statement expressed in words (“downtown area”) or numbers (“maximum $3,000 rent”). When you begin to consider available space, you can use this list to quickly and concisely evaluate its suitability.
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