As any business owner knows, finding the perfect location for your company is essential. Not only does it need to be in a convenient location for your employees and customers, but it also needs to be the right size and have the necessary amenities, as per Thomas J Powell of Resolute Capital Partners.
However, commercial space can be notoriously expensive and difficult to find. Here are a few tips on how to land the perfect space for your business:
3 Tips to Land a Commercial Space
Determine What Type of Commercial Space You Need
According to Thomas J Powell, choosing the right commercial space for your business is a critical decision that can have long-term implications.
One of the first things you’ll need to decide is how much space you need. This will depend on several factors, including the type of business you’re running and the amount of inventory you’ll be storing. If you’re planning on expanding your business in the future, leaving room for growth is also important.
Once you have a general idea of the size of space you need, you can start looking at specific locations. According to Thomas J Powell, it’s important to find a space conveniently located for your customers or clients in a safe and accessible area.
Narrow Down Your Choices and Tour the Top Contenders
When you start looking for a commercial space for your business, it’s important to have a clear idea of what you need. Otherwise, you could end up wasting time and money on a space that doesn’t suit your needs. To narrow down your choices, list the must-haves for your new space.
For example, you may need a certain amount of square footage, or you may need to be in a specific location. Once you know what you need, you can start touring spaces that meet your criteria. By taking the time to narrow down your choices and tour the top contenders, you’re more likely to find a commercial space that’s perfect for your business.
Negotiate a Lease Agreement and Finalize the Paperwork
Once you’ve found a few potential spaces that meet your needs, it’s time to start negotiating with landlords. In addition to addressing the rent price and length of the lease, be sure to discuss any special requirements that you may have, such as build-out allowances or exclusive use clauses.
Once you’ve reached an agreement with the landlord, be sure to have a lawyer review the lease agreement before you sign it. This will help to ensure that your rights and interests are protected
Final Thoughts
Finding a business commercial space can be a great way to get started in the business world, but it’s not always easy to find the perfect spot. According to Thomas J Powell, the right location can make or break a business, so choosing wisely is essential. With the above-mentioned tips in mind, you should be well on your way to finding the perfect commercial space for your business.
Thomas J. Powell is the Senior Advisor at Brehon Strategies, a seasoned entrepreneur and a private equity expert. With a career in banking and finance that began in 1988 in Silicon Valley, he boasts over three and a half decades of robust experience in the industry. Powell holds dual citizenship in the European Union and the United States, allowing him to navigate international business environments with ease. A Doctor of Law and Policy student at Northeastern University, he focuses on middle-income workforce housing shortages in rural resort communities. He blends his professional acumen with a strong commitment to community service, having been associated with the Boys and Girls Clubs of America for over 45 years. Follow Thomas J Powell on LinkedIn, Twitter,Crunchbase.
