Retail Space For Rent

February 18, 2014

Importance of Finding the Right Retail Space for Rent

When you are launching a new company, it is important to find the right retail space for rent. However, finding the right retail space for rent can be daunting if you do not know what size office space your company will need. There are small business owners who have already answered this question upon start up and still find their company expanding and their need for new retail space for rent increasing.

The Right Size

The last risk you want to take as a new business or a startup business is locking yourself into a ten year lease on a retail space for rent which is too small for your business needs and prevents your company from expanding after its early stages. Conversely, you do not want to think too big and agree to retail space for rent which is too large for your company and leaves you spending too much money on rent and utility bills which you cannot afford. When you are determining the size of the retail space for rent which you need, first consider the number of employees you have, as well as additional employees who will be moving to the new facility. Consider how many might be able to work from home, saving you office space requirements. Also consider your projections for the next two years and how many employees you already have on your payroll. Answering these questions should help you determine what size retail space for rent you require.

Budget Correctly

The next consideration is your budget. Retail space for rent will likely incur the largest expense for your company and spending more than you need is going to eat away at your profits. This is especially risky for new businesses that will not turn a profit for a predicted five years. You should have a detailed budget and you should carefully consider making new purchases when you have rent to pay.

Parking

You should then consider the options for parking. You should know how many employees are currently on your payroll and of those, how many will be driving to work each day and need a parking space. Figure out if any of your employees use public transportation some or each day of the week. Then figure out if any of them can or do carpool. Should your company be relocating to a retail space for rent which charges for parking and they had previously enjoyed free parking you want to give them proper notice so that no one is surprised and therefore very upset with the company.

Features

Another consideration when looking into retail space for rent is the features which come with the building. You should know beforehand which you need in the new office space, when your employees want in the new office space, and which of those options are financially possible. Lastly, look over the design of the new retail space for rent. Determine whether you company and its employees would prefer fewer enclosed offices, more enclosed offices, the ability to communicate and/or see customers who come to the office, and the amount of square feet per employee.