Five Things To Remember When Renting Your First Business Location
Opening a new business location, whether you’re a first-time business owner or the proud founder of a chain of independent retailers, is always something to celebrate. Running a business can be daunting, labour-intensive and challenging, no matter how experienced you might be. As a retailer, your priority should be your customers and offering the service of products that fulfil their needs. However, understanding what you can do to put yourself in a great starting position really begins with the location you decide to open at. If you’re renting from a landlord, here are five smart decisions to make a part of your business strategy.
Before you even consider renting a property for your business location, you need to assess it from top to bottom. This is an exhaustive process and should include, not only basic rental cost, but the overall condition, location in conjunction with the customers you hope to attract, any necessary improvements or adjustments, and so on. The money and work you put into preparing it for your first customers could turn out to be a major waste if you don’t consider all factors that affect the property. At the end of the day, a beautiful storefront is only as profitable as it is functional, operational, and well-positioned.
Managing The Load
As an independent retailer, you might be familiar with the sheer quantity of responsibilities that fall under your remit. Hiring assistance or legal counsel is highly recommended, not only so someone is available to liaise with a landlord in the occurrence of disputes. Your priority is going to be keeping your shop open, after all. There are also countless online guides to renting a commercial property that can be great starting points for knowing who could be of help to you in a legal matter, or otherwise.
Knowing as much as possible about a property you’re renting is essential to staying on top of things. This isn’t just about filing important documents. You need to request a detailed inventory report from your landlords before move-in day, for example. Once your signature is on the contract, you’re accepting the property as it is. It’s best to not get caught out when it’s too late with repair bills you shouldn’t be responsible for – and knowing what you’re signing up for is crucial.
Poor Mortgage Research
Property owners need to know the basics of getting a good deal. As Trussle explains, when it comes to mortgage comparison for landlords and not residents, different rules apply, with them bound to apply for a buy to let mortgage. However, as a renter, it’s worth understanding the rights of your landlord before entering any sort of dispute or claim. Lenders charge extra in terms of fees and interest rates. The deposit also can be no less than 25% of the property’s value. Above all, you should explore different available deals, but always keep your overall budget in mind. Once again, expert support like comparison sites can make a big difference.
Not Screening Landlords Properly
A landlord can have a big impact on the running of your business, on either end of the spectrum. They might be highly engaged and involved in the renting of the location, or they may be highly relaxed, or perhaps not responsive enough in the case of issues. This issue can be as simple as asking the right questions during viewings, but you can also visit agency websites to locate reviews of the service, in the case you’re dealing with an agency. If you’re renting from a private citizen, naturally, it might be more difficult, but openness and honesty about the business you’re running and your expectations are always best discussed at the consideration stage.
All these steps come down to good organisation and foresight. Your business is your priority and, as an independent retailer, you’ve got an adventure ahead of you. Creating a solid action plan that you can follow with each property you consider will help you to critically consider each location on its merits or shortcomings. At the same time, don’t hesitate to seek outside help. A fresh, professional perspective can give you just the insight you need to overcome any challenge.