Renting an office for you and your team is one of the most exciting decisions you’ll ever make. At the same time, with so many details to consider, it’s easy to make a mistake that costs you time and money.
When you take your time and understand what’s available, it’s much easier to rent office space that suits your budget and professional requirements. Whether your business is in software development, futures trading or home inspection. Having the flexibility to limit your expenses is extremely beneficial.
Here are five things to keep in mind when renting an office:
1. Total Cost
Don’t get so caught up in the monthly rent payment that you overlook other potential expenses, such as utilities, maintenance, and insurance.
Once you know the total monthly cost of the office, you can make an informed decision as to whether it’s right for your business.
2. Think About the Future
Just the same as a house or car, you must think about what could change down the road. Do you have plans to expand your operation? Will you need more room for equipment and/or employees?
By thinking about the future, you allow yourself to choose an office you can grow into.
3. Thoroughly Review the Lease
This is the best way to fully understand the terms and conditions of the lease. Rather than take the landlord’s word for it, verify that everything is clearly defined in your contract.
If you have any questions about the lease, discuss it with the landlord before signing on the dotted line.
The lease contract provides a clear idea of what’s being offered to you. With this in mind, you can then start the negotiation process.
Some landlords are willing to negotiate terms and conditions, while others shoot down the idea of doing so. You’ll never know if you can get a better deal unless you first attempt to negotiate.
5. Talk to Your Insurance Agent or Broker
There’s a good chance you already have some type of insurance, but moving into a new office space calls for you to review your coverage.
Contact your insurance agent or broker to discuss your new situation. This will help you decide if you need to make any changes to your policy.