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4 Things Small Businesses Regret about after Renting an Office Space

Small businesses must be very careful with each and every step they take which otherwise would make them suffer a huge financial loss. Especially when it’s a start-up, you’re just growing and even the small mistake counts.

Of course, the business owners can’t be cautious all the time and they make certain mistakes for which they regret some time later. One of the most common things that the small businesses regret for is when they get into an office space that doesn’t suit their business or the employees.

Here we bring you 4 things that small businesses regret for after renting an office space.

1. Not going through the Lease terms

When does a business owner regret for not reading the lease terms properly before getting into an office space?

It’s when something unexpected or unusual demand arises to be done or followed for which the business is not ready. May it be the maintenance of the space, cleaning or whatever; the business owners must be aware that all the terms and conditions will be clearly stated in the lease term, and it’s his/her responsibility to read the terms carefully before signing the lease to avoid the conflicts later.

Though it’s annoying to do something which you’re not ready for, you’ll have signed the lease already, and you’ll have to comply with the terms and conditions mentioned.

2. Too Much Space

This is the most common thing which the business owners regret for. Yes, nobody would like to see the empty chairs at their office. It makes them feel that they are paying rent for unused space. It’s quite obvious for a business owner to regret for leasing a bigger space than required, because the money they spend on unused space could be used for some practical expenses like advertising their brand and expanding their product line.

This is clearly the miscalculation of space needed to accommodate all the employees. It mostly happens with the start-ups, as they are new to the industry and they probably don’t know the proper way to calculate the space needed for their employees, which ultimately end them up in a bigger space for their business.

3. Wrong Neighbourhood

How does wrong neighbourhood affect your business?

There are a few businesses that don’t depend on the customers’ footfall at all, and they don’t really bother about their neighbourhood as it has got nothing to do with their business. They operate it all using the technology and have meetings with the client right from wherever they are.

But for a few businesses, it’s really crucial to have their office in a location where they can have maximum drop-in traffic, so that the people who live in nearby buy what they sell. Also, if your neighbours are your close competitors, it can be a great drawback for you, as they can pull all your customers at times.

So, if the business relies on the location, the owner has to do a thorough research about the neighbourhood and surrounding areas before getting into an office space.

4. Period of Lease

Sometimes the businesses get stuck in an office space for longer period just because of the lease. Many companies have faced these troubles that they feel an office space suits their business and sign the lease for a long period. Later, they may find some better office space for a lower budget, but they will not be in a position to break the contract and move out.

Signing the lease for a shorter time period can also become a problem sometimes that the building owner may rent it out for some other company from the next day when your contract ends.

Of course, the first preference will always be given to the existing tenants. But if you fail to notify them in prior, there are chances of you missing the space.

So how can you avoid these things? How can you be sure that you don’t regret after getting into an office space?

Well, seeking help of a professional real estate agent can be a solution for that. Fortuneprops is an experienced commercial real estate firm helping businesses find an ideal office space to carry out their operations. We stand by your side in each and every step of the leasing process, and make sure that you are put up in an ideal office space that’s perfect for your business.

We help you in understanding the lease terms while also taking care of the space needed for your business. Choose us, and we’ll never let you go wrong!

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