As an entrepreneur growing your business is exciting but leasing your first office space can be both thrilling and overwhelming. You know there is risks in business but mitigating the risks with an education approach will help you grow your business to success. Right now, you've likely been working from home, café’s, pubs and numerous other community areas. Whether you need that office space now, or you're looking, our experts have some free tips to make sure you get the right space for your business. Please call Guy Hebert at 780-445-4723 to view office spaces that might fit your needs.
1. Know Your Needs
Do you need space for your business or is it something you'd like? Some businesses will require a place to call their own but with technological advancements some businesses run just fine working from home or a cozy café. Having your business function and thrive in these alternative environments can save you a lot of time and money.
2. Business Location
How many times have you heard, "location, location, location" in real estate. This mantra does not only remain true for buying your property, it is true when it comes to leasing.
Choosing a prime location that will be easy to access and is close for your employees for commuting will not only impact your business directly it will make your employees happier which has numerous other benefits for your business. In fact, a study of 1000 people said the ideal commute to work was no more than 16 minutes.
3. Nearby Amenities and Services
When considering your first office space think about the desired amenities you'd like close to your business. Being close to a café, restaurant or other boutiques can increase foot traffic whilst keeping your employees happy. Being close to shops helps but thinking about your day-to-day activities is another factor. Often you may need to do regular visits to banks, or other meeting spaces.
Being relatively close to your employee's homes can broaden their modes of transportations. For these reasons it’s important to consider other factors such as parking stalls and a secured area for bike storage. With the increase of bike lanes and paths in St. Albert, Edmonton and other major cities more and more people are biking to work. If you do not have a dedicated spot consider a bike rack or storage space within the building.
4. Property Accessibility
When considering an office space how accessible do you want your business to be? Is the office building you're looking to get close to public transportation such as the LRT or bus stop? Is it close to a free way? How visible from the street will your business be?
5. Business Locations Affects SEO
These days Google is everything. From asking Google for directions to a friend's house or a local business. Where your business is located physically can impact you digitally. According to Snap SEO the ideal business location to better impact your businesses online presence is closest to the city centre.
With this in mind you'll be better positioned to rank better than your competitors.
6. Consider your Budget
Looking past your business location your monthly lease payment can be one of your business's largest bills. Knowing this it is important to set a budget and stick to it. Putting your company into debt or stunting its growth can be detrimental to business growth. Make sure you are clear and realistic on what you can afford. Perhaps you can forego a larger extravagant space for something cozier.
Consider the Expenses
When renting an office space there is extra expenses to consider. Your lease is just one factor when it comes to your budget but the added expenses can really add up. Consider other expenses such as:
- Property tax
- Phone and Internet
- Utilities (Power, Water gas)
- Insurance
Consider rent to own furniture
To cut down initial purchase costs it may benefit you to look into rent-to-own furniture to fill up your space. In the short term this is much more cost effective and allows you to modernize your technology when something greater and better comes to market.
7. Lease Agreements
Once you have picked out the property for your business you will want to look at the lease agreement. Having a lease agreement that is clear and concise will reduce a lot of headaches in the future. Make sure the lease clearly defines all the provisions. A verbal agreement between your landlord and you with some additional costs such as the power being included is just that – a verbal agreement. Having items in writing will protect both you and your landlord.
Who is responsible for building maintenance?
In your lease make sure it is clearly defined who is responsible for repairs. An unexpected water leak can damage goods and information. If you are responsible for repairs leave some extra room in your budget.
Lease Length
The length of your lease may vary in options from a year to five years and beyond. Locking in your lease for a long-term lease for multiple years may save you a dime but you want to make sure you will not outgrow the space. On the contrary you don't want to be stuck with a bill in case your business folds. Whatever the case it’s important to consider the term you want to carry for your lease.
Tenant Responsibilities
Before signing a lease read it over thoroughly. Scan it and ensure you clearly understand all your responsibilities as a tenant. As mentioned above you may be responsible for power, utilities and more while some locations may have them included.
8. Move Forward with Confidence
Taking your business to the next level requires you to collaborate with the right experts to get the knowledge right from the source. At Bermont Realty we are leaders in commercial leasing and have a huge selection to choose from. Feel free to drop us a line by going to our contact us page.