Whether you are a small business owner ready to move out of your garage and into a commercial space or a multi-store retailer looking to expand further, finding the right location is key. However, that’s not the only factor you must consider.
When it comes to business, almost everything is negotiable. It’s up to you to negotiate your commercial lease to get the best terms possible. Some tips to help you with negotiations can be found here.
Know your limits
It is exciting when you are ready to move your business into a commercial space. However, do not let the excitement make you sign a lease you can’t afford or that doesn’t have favorable terms. Before going to the table, be sure to know your budget for the property and what you must have. With this information, you’ll know if you should sign or walk away based on what the property owner will negotiate.
Consider your exit strategy
When you sign a commercial lease, you commit to paying rent on the space for the specified amount of time. If you happen to leave early, fees and penalties will be attached to your exit. This is an area that’s up for negotiation. Request that the penalty amounts and fees are lowered. This is particularly important for new businesses that may not be sure how they will perform.
Negotiating your commercial lease terms
Your commercial lease can be negotiated to suit your situation and needs better. It is best to never sign documents without negotiating some of the terms. Doing this will help you get the best deal possible and give you peace of mind that you can afford the space you are moving into.