Finding the right brick and mortar to anchor your business can mean the difference between success and a more difficult road to success. With the phrase “location, location, location” probably running through your head on a loop, it is no wonder you can easily get overwhelmed with the task. Here are a few tips on how to find the right spot for your shop without bankrupting your business before it even starts.
1) Consider what you are going to need the location for. If you are opening a doggy day care, your needs will be different than if you are opening an insurance brokerage firm. Similarly, your customers will be fairly different and what they need you to have may be vastly different. Think carefully about what type of products or services you are going to be offering, to whom you will be marketing those services and products, and what you need to actually produce the products or services. A fifth floor space will not be helpful for a doggy day care just as a lot on a giant acre of land in the middle of nowhere will not be ideal for the insurance brokerage.
2) Remember the competition. Obviously, opening your business next door to someone who operates a similar or identical kind of business is generally not a good idea. Know where your competitors are located and plan accordingly. You want to be far enough away to make it convenient for customers to find you (and not your competition), but not so far away that those customers cannot comparison shop.
3) Don’t go overboard. There will always be the temptation to lease space to allow for growth which can sometimes turn into extra space (that you are paying for but are not using effectively). Think carefully about how much space you actually need and look at securing only that amount. Not only are you using the space that you are paying for, but you are in a better place to gauge what kind of space you might need down the road.
4) Be creative. It is always a great time to think outside of the office. Not everyone needs to have a traditional, large office with multiple rooms and conference areas. Consider alternative working arrangements such as sub-leasing a few offices from a larger lessor who has more space than they can use. If you negotiate right, you might even be able to get free utilities or a reduced cost on utilities as well as access to the conference rooms and break room. See if you can barter services in exchange for space with another startup or find another entrepreneur looking for space and go in together.
5) Have a lawyer review whatever you are signing. This is because any contract should be reviewed carefully so you should understand exactly what you are getting yourself into. This is particularly true when it comes to contracts for space in which you might be locked in for months to years. Even if you are unable to negotiate the terms of the lease, knowledge of the terms and what they mean for you is invaluable.
If you are looking at a lease or want guidance on what to look for in a lease agreement, contact the experienced legal team at the Trembly Law Firm today. Put our knowledge and experience with corporate matters to work for you. Call us at (305) 431-5678.