4 Errors to Avoid When Leasing An Office Space
Leasing your own space can be quite exciting, especially if you’re expanding your business for the first time and looking to get into it as soon as possible. But for this experience to go well, a certain amount of time and energy should be invested into researching the pitfalls of leasing office space. Here, we will be dealing with the most common and most dangerous errors to avoid unpleasantries and additional expenses.
Plan it Out
Deciding to lease an office space without a plan, can spell disaster. On the one hand, there’s a small chance you might luck out, but if you don’t - the repercussions can be extremely costly and can potentially harm your business. When we say a plan, we mean thinking through the exact needs, how much space, furnishing, the office layout, the budget, parking, location, expanding options, etc. Once you’ve worked through these questions, you will have a better idea of what you need to look for.
Sticking to the Budget
After the math is done, anybody who is looking to lease an office space will know precisely how much money they can invest. Even though this should go without saying, people tend to forget to stick to their budget when they see glamorous, shiny, new spaces that would be perfect for their business. Unless the office space has something so essential to your business you decide it’s worth the additional cost, do not go over the limit you have set. If you find this to be a challenge, remember that you can always move your company in a couple of years to a fancier setting when your finances can allow it.
The Fine Print
Reading the lease terms diligently (even a couple of times) is essential. As the landlord is the one drafting the contract, there might be loopholes here and there in their favor that you might not pick up on. Even if this isn’t the case, the terminology and language can be tricky, leaving you confused about what exactly you agree to. If you don’t have previous experience with leasing office space, you might want to consider hiring an attorney to go through the terms and conditions, which is the cheaper option in the long run.
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Talk to your staff
What you think your employees need versus what they require can be two very different things. Because something works in your current office, doesn’t mean it can’t be improved in a new space. Most employees make their peace with an existing system an office has, but that doesn’t mean it’s to their liking, so make sure you take the time to hear what they have to say, because ultimately, if your employees thrive, so will your business.
In the end, what often leads to errors when leasing office space is rushing. Most of the time people get overwhelmed and want to get their business on the go with a fresh start, but dealing with the details will save you a ton of headaches later on.
If you found this article useful but have some further questions, you may reach us at info@LLCPM.com