Many new business owners have encountered questions, decisions and responsibilities that come with building their own enterprise for the first time. One example of a critical task that one needs to undertake is choosing the right location—and one of the most common options available is signing a commercial lease.
However, signing a lease for your enterprise should not be a careless decision. In other words, as a new business owner, make sure that you’ve asked these fundamental questions before taking the first step:
Have you actually read and understood the provisions that the agreement covers?
Many new owners get overwhelmed when it comes to signing a lease not only because it’s a multi-page document but also one needs enough time, especially if you’re a neophyte business owner, to fully understand the contract’s terminologies. This is why most commit the mistake of agreeing to terms and provisions that may not be even practical for a new establishment.
Have you consulted the right people to help you get the best deal possible?
An experienced agent in commercial real estate can help you in finding not only the perfect location for your business but also the best deal possible. You have to know how to negotiate a lease and your best chance is to consult an expert.
Have you considered talking to a lawyer before signing anything?
One of the most expensive mistakes that any new business owner makes is either renting the wrong property or striking a deal from the wrong landlord. Remember that you’re starting a new venture and you can’t afford to make one wrong step, especially when talking about legalities.
In other words, contracts are legally binding and before signing a property lease, talking to a trusted professional or attorney should make sure that you and your company are protected.