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Monday, December 7, 2020

Things That The Entrepreneur Should Consider When Renting Commercial Premises

If, as an entrepreneur, you are in the process of starting a new adventure and you require a physical space to set up your business, you have come to the right place. In renting commercial premises, different aspects must be evaluated.

There are many commercial premises types that you can rent, but not all will be the right ones. One of the most daunting steps for many entrepreneurs is choosing the right space for their business. And with good reason, because part of the result will depend mainly on this decision. What aspects should you look for when on the hunt?

Image Source: Unsplash

1. Don't rush

Nothing worse than making a fast decision and choosing the wrong space for your business. This can happen because decisions have been made in parallel (such as hiring, suppliers, etc.) that, although they already generate costs, cannot be put into operation until the premises are ready to operate. The first thing is to make sure that you will give yourself adequate time to search for space and not do it when you already have everything on top. The ideal time should be between 3 and 6 months, to coordinate all the details that renting implies. Things should be absolutely correct for both you and your staff.

2. Research your local market well

Before settling on a particular site, make sure you have researched who your potential customers are in the area. The best way is to walk around the area. On the other hand, it will also be beneficial to investigate the level of competition in the area where your business is located and calculate whether there will be a demand for the product or service you are offering. Remember that although there is the idea that "there is a business for everyone", this does not really always apply fairly.

3. Stay future-oriented in business

You always have to consider in advance the paths that a business can take. Being positive, it will be useful to know for sure what kind of limits you could find to require an expansion. It is about knowing details, such as if the owner and the zonal authorities recondition the chosen space. For many, this may not be a priority, but it could happen that that small cafe grew in a year or two enough to be a fit restaurant.

Image Source: Unsplash

4. Insurance is the safest option

It may sound like a simple play on words. Still, on the one hand, many owners demand that the business have protection insurance, from civil liability to theft or natural disasters. And, on the other hand, it will always give you peace of mind that whoever manages a business is protected against any unforeseen event, whether or not the landlord requests it. Look online to see what the best deals may be for your business.

5. Always think of a plan B

Penalties for breaking a lease are often very costly. Therefore, it is always advisable to review the exclusion clause. In some cases, not only may the security deposit be lost, but financial penalties may be covered at the risk of being sued. Ultimately, a lease is a contract and a business of the counterpart, so don't expect there to be much flexibility in this regard. Plan B means contemplating possible inconveniences and knowing the rules in hiring the lease of premises—nature and duration, payment dates, renewal, increase, and restrictions, among others.

6. Measure profitability

Profit margin is a metric used to find out how much money a business is making. It measures how well the profits are used to pay for operating expenses. In other words, profitability determines what percentage of revenue a business maintains. It would help if you weren't using your finances for an office space that is too expensive. You must look at your budget quarterly and look at downsizing if you need to. Or switching to a cheaper location. Rent often is determined by geography.

7. Plan to clean and sanitize

Firstly, you should ensure that you have adequate office cleaning, and to develop an effective cleaning and sanitation plan, you need to assess the space. That is, what is its function? What types of surfaces are present? With what objects, materials, or instruments?

This is because, depending on the business premises, there are more crowded spaces than others. On the other hand, once you have identified the type of surfaces, you can select some of the disinfectant products that have been approved for use. Regarding the materials, it must be evaluated which ones are essential and which ones are not? The best thing is to find a strategy to distribute the premises to encourage the smooth movement of people. During these times, being sanitized is vital in order to keep your staff safe.

Likewise, when designing a disinfection plan, the maintenance of that space, delegating tasks, assigning times, and integrating them to each business's circumstances should also be considered. Of course, within the plan, the local staff must be included, that is, how will their ways of working and interacting with each other or with the client be modified? As well as identifying the equipment that will be provided for your safety.

8. Check your plan often!

In the current situation, the information is continuously updated, so you should review your plan frequently so that you keep the spaces of your premises safe and with a low risk of contagion.

Remember to pay attention to the corresponding authorities' indications and recommendations and promote the proper follow-up of the routine designed with the support of signs, both for workers and consumers.

As part of the protocols to interact, the place must provide antibacterial gel dispensers and regulate the temperature measurement entrance. Finally, prevention is the primary tool to keep everyone safe, so designing an adequate and personalized sanitation plan for your premises is one of the most relevant elements.

Be sure to evaluate the risks, budget, and things you need for your new office premises.

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