Small businesses that jump into renting a space without doing the necessary research ahead of time can often end up regretting renting the space they chose—or even renting, period. Here are a few common regrets to be aware of and avoid when looking for your own office space, as suggested in the article “What Do Small Businesses Regret After Renting Office Space?”:
- Renting – Sometimes small businesses regret renting at all and wish that they had continued to work at home. The reason for this is usually that money is too tight and they cannot comfortably afford the space that they lease. Sometimes it is better to take the time to save a little more before renting, or wait for growth—and certainly to make sure that a space is within your budget.
- Not Reviewing the Contract – Small business owners often make the mistake of signing a lease without really reading it closely. Particularly if you are a first time commercial real estate lessee, it is important to have an attorney go over your lease with you to warn you of clauses that could be dangerous—such as a personal guarantee, which could put your home, car, and other personal assets at risk if your business is unable to pay rent.
- Bad Location – If your business needs foot traffic for sales, it is essential that you choose your location wisely. Even if you find a beautiful office for a great price, it is not worth your money if it doesn’t have the foot traffic potential that you need. Avoid this regret by researching the demographics of an area. Who lives there? Will they be interested in your product or services? What is the competition in the area? Do your homework to make sure that you don’t find out the answers to these questions the hard way.
- Too Much Luxury – It might be tempting to go for a higher priced space in an upscale area or with all of the gadgets and features you want, but be wary of spending too much on flashy luxury elements. That money could be used for more practical business purposes, such as increased advertising. You will be in that lease for at least a few years, so be careful not to sacrifice functionality and growth for slick looks.
Be sure to do research before renting a space to avoid regretting it later!