Keypoints to Remember When Hiring an Office Space
When starting up a business, many people choose to operate from their home, specifically from their kitchen table. However, as dreams grow from a start-up to a full-fledged business, working from a kitchen table is not a viable option. You will need a business expansion strategy and this includes looking for office space. Before hiring your staff and meeting with clients make sure you have a presentable office space.
Here are some things to consider if you are thinking of hiring an office space for your small business:
1. Good Things Come In Small Packages
For small businesses, there is no need to worry about the number of opportunities available. Today, they have as much opportunity as big businesses. In terms of office spaces, landlords are now open to accepting tenants that are relatively smaller in number than they are used to. One of their strategies is to divide large office space into smaller compartments to accommodate small-scale tenants.
2. Pre-decide your lease period
When renting an office space, one of the most important decisions is planning the period of the lease. Whether it is a one-year lease or a 10-year lease, you have to weigh up the factors and decide which is the most beneficial.
For start-ups, business experts say that you should go for the shortest lease possible. Since start-ups are unpredictable and one cannot be too sure how long they’ll stay in the office space, a short-term lease is handy if the business is presently unpredictable. On the other hand, if you are already a thriving business you could go ahead and try negotiating the rent for a long-term lease.
3. Ask for additional concerns
One of the arts you need to practice in the business world is your negotiation skills. Why not put that into practice by negotiating with your landlord. Don’t hesitate to sit down for a talk before signing the lease. This way you’ll be able to get the best deal for the office space that you are planning to lease.
4. Be Ready to Pay Security Deposit
It is normal for landlords to be wary of tenants failing to pay their rent when it is due. This is why landlords now require tenants to pay security deposits. Generally, security deposits are about 10% of the lease and should be paid in advance. Additionally, landlords will require a letter of credit and for small businesses they may also be required to make a personal guarantee. This way they are protected from tenants who fail to pay the rent.
If you are not comfortable with this arrangement another alternative are subleases. Subleases are when big businesses that have additional space take in tenants or other firms. These big businesses normally ask for one or two months rent as a form of security deposit.
5. Do Proper Homework About Your Landlord
Apart from looking into the physical appearance of the office space, you should also consider one of the most important aspects of your lease, the landlord. It is imperative that you do some research about the credibility of the landlord or building owner. If you are planning on entering into a deal with the owner, a credit check is now mandatory.
These are just some of the things you have to remember when looking for an office space to lease for the first time. If you are looking for a new office space, look no further. Our fully serviced offices at Kentspace are offered with affordable, flexible terms and are ideal for both start-ups and growing companies, as well as larger companies looking for an accessible satellite location. Please browse our website for more information, or contact the team on 01634 673 307.