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Six Tips for Renting Space for your Small Business

Marleen Clover

August 20, 2015

In order for your business to grow and succeed, you’ll need to find office space that is conducive to your needs. You need an environment to promote and nurture your success, and a place for everyone to put their heads together. Since this process will require a lot of planning and research on your part, it’s important to make your considerations carefully. You want to find a satisfying place that will last until you’re ready to expand, and you’ll be able to find one as long as you’re willing to put forth the time and effort.

Base Your Budget Around Standard Prices

Rent is rarely cheap, but you don’t need to get ripped off. Look at other office spaces around the area you’re looking to rent in, and determine what the average price seems to be. Rent on larger or newer office spaces may likely be higher, and you may find it’s worth paying a little extra. The most important thing to be sure of is that you’re not paying for a space that’s lesser quality than other similarly priced offices. Using resources, like the one here, will give you a better perspective.

Make Sure The Space Is The Right Size

If you have any plans to grow your business, you’ll probably be hiring more employees. Unless you want to start again from the ground up with finding an office space, it’s important to make sure the space you’re choosing now can accommodate any potential new growth. If you need more space while your lease is too young, you can find yourself in quite a dilemma. It’s better to go with an office that’s larger than what your requirements call for.

Love the Environment

If your office feels more like a dungeon than a workplace, no one’s going to want to come to work. Make sure you have enough natural light coming in. Be sure of how many bathrooms you’re going to need, and that the size of the break room is going to comfortably seat everyone. Visualize how you’re going to use the space and make sure you can arrange furniture in a way that will allow everyone some room to breathe.

Finding the Right Lease

It can seem intimidating, but a long term lease will often be your best option. If you like the location and see it as a place where you can grow comfortably for a while, there are advantages to picking up a five year lease. Often, the rent rate is reduced on longer leases, and that may help you save money in the long run. That lease can also provide you with a sense of security that will set your mind at ease.

Find Out Who You’re Renting From

You’re likely familiar with the expression, “if it looks too good to be true, it probably is.” That expression is like gospel in this situation. You may think you’re getting a good deal, only to find out that your landlord will leave you hanging when you need repairs done. He could be an unsavory individual who is making all of his other tenants miserable, and you don’t want to unknowingly jump into his boat. It’s also worth finding out if this individual is in any sort of financial trouble that may eventually involve your office being swept out from under you. It’s worth spending the money to have a credit check run on your potential landlord to make sure you’re entering into a stable situation.

Have Everything in Order

Outside of just your rent, you’re looking at a security deposit and other fees that may be associated with your rental agreement. Some renters require a credit check, and you’ll reduce the time you spend waiting to close the deal if you’re prepared for that up front. Do the math and come prepared to lay out the money you’ll need to lay out when you sign your contract.

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