There have been a few times in my life that I have needed a lawyer, and during those times, their help was invaluable. I worked with lawyers during the custody battle for my kids, when I dissolved the partnership for my business and after I suffered an injury at work. In this blog, I plan to write about the law from a range of angles. I may share posts inspired by my personal experiences, what's popular in the news or what strikes my fancy when I'm writing. I have a daughter, Oliva. I manage a medical clinic, and I love blogging. I hope you like the results. My name is Melinda, and thanks for reading!
Your main ambition, as an entrepreneur, is growing your business to successful levels and making it a household name in your niche. As your business grows, you need a bigger office to accommodate it. Building your own commercial office will take some time, and that's why leasing an office is a good option.
A lease is an agreement that legally binds you and the landlord. Pay much attention to the lease process and scrutinise every detail keenly to avoid future hitches with some legal implications. Now that you are almost about to sign the lease, ensure you bear the following critical points in mind:
Include Revisions in the Lease If You Have Any
Any commercial lease has more than just paying the rent every month. Renovating an area and re-building the existing office space are some of the revisions you should think about. Know who will pay for improvements such as adding extra rooms, rearranging partitions, moving doors and repainting. See if the commercial lease is flexible enough when it comes to space reduction, cancellation and expansion options. Ask the landlord if you are allowed to rent or sub-lease the commercial space of your business office to someone else. Include other revisions such as the right to buy-out or purchase the property after a specified rental period and protection against building condemnation and service interruption.
Location of the Commercial Space
Location is the heart and soul of every entrepreneur's trade and the life of their business. Is the commercial space located in an area with high foot traffic? Is it near shopping malls, government spaces, major establishments, schools and crowded residential areas? Such aspects determine how fast you sign your commercial lease. Go for a commercial office that you, your customers and your employees would easily access. Besides considering the area's major landmarks, find out if the commercial space is near the banks, train stations and bus stops among other financial institutions and public amenities.
Understand the Lease Length
How long do you intend to occupy that commercial space or office? You should be able to define and explain occupancy length before you sign a lease. Know whether you will go for a long-term or short-term lease before you proceed with the process. Your business or company's future isn't very clear if it's at the start-up level. Even though your business seems to be doing well today, will it still thrive two or three years to come? This helps you to assess your capability to pay for it when that time comes. Signing a 5-year lease isn't a big deal if you have a wider or solid financial base.
The lease agreement you sign won't cause problems later if you first look into the above aspects. Read and understand the commercial lease to see if it benefits you in any way. Good commercial leases outline your responsibilities and those of your landlord. Some leases have complex technicalities hard to navigate without a competent business lawyer .
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