Saturday, August 25, 2012

Mistakes To Avoid When Leasing An Office Space

An office space is one of the biggest investments you make in your business. And it's not just about purchasing a property outright. Even when you lease an office, there is sizeable money involved. Choosing the wrong kind of office could mean a sizeable loss of your hard earned money. If you are a start-up, it could be much worse.

If you looking for an office on lease, you would do well to avoid these rookie mistakes. You learn from your mistakes, but when you can learn without making them, it's even better.

Wrong assessment of the space you need

This is one of the most common mistakes people make when looking for a leased workplace. You don't want an office that is too small, as it can hamper your growth plans. And you don't want an office that is too large, as it leads to wastage of space. It is another matter if you are getting a large office at the price of peanuts, but that's hardly the case. Make a proper assessment of the kind of space you would need for your team. Hiring a consultant or an architect in that regard is a wiser decision than wasting your money.

Not checking the condition of furniture etc.

When you sign a lease agreement for a commercial space, there is often a clause which states that furnishings are in good order and that any damages to furnishings would be borne by the tenant. Most times, however, people fail to check the condition of the furnishings. Before you sign on the dotted line and move into office, make sure you check the condition of the chairs, tables etc. More importantly, if the office has an HVAC installed, get it checked by an expert. It could save you plenty of money.

Assuming that the owner is an all-powerful being

While lease agreements list the terms and conditions under which the agreement holds good, that does not mean that the terms are non-negotiable after you have signed. You can always negotiate with the owner about an early termination of the lease, or any related stuff if things don't go as planned. It just takes good negotiation skills.

Doing things haphazardly

This is a common devil which hurts business owners time and again. Finding a god office space takes time. Don't rush into things because you will end up burning your fingers. Start looking for an office space at least 3-4 months prior to the time you think you would need one. Even if it takes longer, it is worth the effort. It is better to get a virtual office suite for yourself in the meantime rather than rushing the job. A virtual office suite gives you services such as conference rooms on demand, call handling services etc. Thus, a virtual solution gives you enough time to look for an office which is to your liking.

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