There are numerous elements that contribute to the success of your business. One of these varied elements is the ability to properly manage and benefit off of your commercial lease agreement. There are companies that can help you do this, like Woodgrange Solicitors, so you don’t have to do it alone.
The commercial lease your company settles upon will be a very important factor that will influence the rest of the business in one way or another as well. That is why it is important to know the basics and follow the best commercial lease advice.
Here some of the things you will need to keep in check:
1. Lease length management
The length of the lease is very important because choosing a lease length that is just to long will negatively impact the company. If it’s a smaller company, a smaller lease length usually fits in better because companies have the option of walking away after a relatively short period of time. This kind of lease last for about 2 years in most situations. If you think you won’t need it for that long you can even go for less than that. Either way, it’s important that you make sure the lease agreement comes with the option of renewal. This will guarantee that no matter how short or long your stay is, you will have the option of staying longer once that period is over.
2. Research the market
It is very important to make sure that you get a great location and price. Even though leasing costs might not seem that much on the spot, they add up and eventually amount to quit a small fortune in most cases.
That being said, it’s best to research the market and see all the available options alongside their respective prices before finally settling on an option that looks good for you.
3. Custom lease
It’s very important to ask for custom clauses that will benefit your business. There are a lot of clauses that can be added and are not part of a standard lease agreement. Therefore, settling for the standard lease will definitely come back to bite you in the long run.
There are a lot of things that might require a custom clause such as having another business from the same domain operate in the some premise as you. This can be prevented by having a custom clause that forbids the landlord from leasing other units to similar businesses in the area. This can extend to a lot of other functionalities so that you can benefit the most out of the lease agreement.
Takeaway
Taking advantage of these options and making sure your lease agreement is the best available option will definitely increase the chances of being a successful and profitable lease partnership.