5 Mistakes Small Businesses Often Make When Renting Office Space

It’s common for small businesses looking for a commercial lease queens for the first time to make several mistakes. Entrepreneurs and business owners can make crucial mistakes which can greatly affect their business and its growth rate. When renting an office space, it’s important to look for one in the right place making sure that you run your business smoothly and without any problems. You should avoid the below mistakes when looking for a commercial space for a small business.

  • Impulse decisions

Renting space for your business is an important decision. Most time will be spent in your working place hence you should choose an ideal space. Selecting an office space is not a decision which should be done in haste. It needs careful consideration, and you should not be wooed by tenants who want to close the deal quickly.

  • Not having a tenant representation

Before signing a lease agreement, you should ensure that you have a tenant representative to represent you and your interests. The tenant representative will negotiate the terms of the contract with the landlord. If you want to have an yearly lease, you might end up with an office space which you don’t love. But if you want a small business office space, you won’t need a tenant representative as long as you will be leasing the space on a weekly or monthly basis.

  • Not properly checking the rent and security deposit

When looking for office space for your small business, you should make sure that the rent is in line with other office spaces which are on the market. The security deposit should also be in line with the norms in the market. Most landlords will want to ask for a high amount of money on their property. You should make sure that the rent you will be paying is reasonable and you can also try to negotiate the price with the landlord.

  • Not understanding the lease agreement and terms

If you are signing an office space lease, then you should make sure that you understand well the lease agreement and terms. Check all the documents and ensure that you are well aware of what you will be signing up for. Most landlords will try to maximize the money they want to make. Check whether the lease agreement has some hidden terms which could end up having an adverse effect on your business.

  • Procrastination

Most people are victims of procrastination. You should begin your office space search six months before your estimated moving date. Spare some time and go check out different office spaces in different locations. Just like with everything else in life it pays to be prepared, and in this case, you as the business owner might save hundreds of dollars which you could have spent on bad office space.

Renting office space is a crucial process for any business owner. Finding the right office space will be beneficial for you and your company too. Be careful when looking for office space to avoid getting an office space which will not meet and suit your needs.