If you start up a business that cannot be run from home, you will need to lease business premises. There is a great deal to consider and plan including getting professional advice from lawyers and in this case, an experienced property lawyer because signing a lease will mean you are committed to pay a specific amount on a continual basis for the term of the lease. In addition, you may need to outfit the premises before you can start selling to get an income. Here are some of the things you will need to consider apart from the price.
- The future needs of your business. You may need to expand, so are the premises large enough? If you expand in a different direction, is there anything in the lease that may prohibit you from selling different goods? Moving from the location after you have built up goodwill there can mean you are virtually starting all over again, so get it right the first time.
- Government regulations. There are sure to be many rules and regulations and you will need to ensure conducting your business will be in line with them all. Regulations can include what type of business can be conducted, where and what type of signage is permitted, what parking needs are needed, and what changes you can make to the building.
- Location and demographics. There is no point signing a lease for premises that are not going to be where your demographic are. The location of your business premises is of prime importance for visibility and ease of access for your customers. Also important is what kind of businesses are next door to it – or in the same street.
- Time frame of the lease. You are legally committed to paying the lease for the time frame in the contract. However, allowing yourself enough time get business, legal and financial advice about the terms of the lease is also important. Never, ever sign a lease or any other document that you don’t fully understand the legal implications of.
- Professional advice. It is especially important to understand the terms of the lease and ensure there are no clauses that are onerous or even illegal. You must be sure of what you are signing before you put pen to paper. It is essential to ensure that the lease is one that will suit you and your business model, that you can afford it and that it allows you to do what you need to do to make the premises suitable.
- The type of lease. There are many different types of leases and they vary from state to state. Make sure the lease is one that applies to your business and is suitable in all ways for what you want to do. Again, it is essential to have the lease approved by your accountant and your lawyer before signing it.