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Consider this before renting office space for your small business

TCC Canada

TCC Canada

Starting up a new small business can be an exciting and challenging time. There are so many tasks ahead of a small business start-up, but the thrill of actually bringing an idea to life keeps owners motivated and looking forward. Unfortunately, sometimes in the rush to get business doors open there are a few mistakes that almost every small business makes when it comes to renting meeting and conference room space or office space that you may want to review before signing a lease. After all, the goal should be to improve on your home space, not end up regretting the move.

The very first thing that you need to do before signing a lease and breaking in a meeting and conference room is hire an attorney to help you navigate the office lease. Many small business owners think that they can handle the lease on their own, but then they end up with their personal assets on the line in case of a lawsuit. There are many little personal guarantee clauses that get slipped into an office space lease that end up putting your own financial assets on the line, but a good lawyer will sort these out before any ink goes on the paper.

Of course, while negotiating your lease you need to consider the price. You might want a fancy meeting and conference room and the spectacular décor of that prime office downtown that the real estate agent showed you, but if you can’t afford it your business will go belly up before it starts. Remember that right now your money needs to go into business growth, and stay focused on that.

One thing to remember while working out an affordable price is that you should not sacrifice the location of your office space in the process. You might think that you can save a bit by signing a lease in a lower priced neighborhood, but if this means that you are not located near your target base of consumers it’s not worth it. Many people forget to research the neighborhood, and then are shocked when they don’t have customers.

Finally, while talking to your lawyer you might want to review the benefits of renting versus buying. Although renting is going to get you a meeting and conference room that is much more accommodating then your living room, saving money until you can buy might be more logistical. The end goal is to get your business off the ground and spending too much up front on office space might deter that goal if you are not careful.

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