Opening a business here in Orange County can be an exciting prospect. While contemplating the prospect of opening the doors, building a customer base and enjoying some success, an entrepreneur has many tasks to complete. One of them may be negotiating and signing a commercial lease.
During those negotiations, it may be a good idea to watch out for several pitfalls that could end up costing the business at some point. For instance, be sure to read the fine print. Failing to completely understand the terms of the lease may put the company in a precarious position.
So could failing to consider just how much space the business actually needs. Unused space not only diminishes the appearance of the company, but probably costs more as well. More than likely, the need to stick to a budget takes priority since starting a business is often expensive. In fact, prospective company owners may benefit from being prepared to pay for the whole amount of the lease since no one knows how long it will take before the business makes enough money to pay the rent.
These are just some of the issues that could arise when searching for the perfect space to rent and negotiating that first commercial lease. Many of the decisions made at this point could make or break the success of the business, especially in its first years. Orange County entrepreneurs may benefit from enlisting the help of a real estate attorney in the area who understands the market, can help with the negotiations and make sure the owner and the company's rights remain protected.
Source: Forbes, "Nine Mistakes To Avoid When Leasing Your First Commercial Space", Dec. 29, 2017