When you start looking for places here in Orange County to set up shop, the realization that you are starting your own business may hit you. In your excitement to get the ball rolling, you may be tempted to rush into a commercial lease for the space you believe is perfect. The problem is that failing to take the future of your business into account could limit its possibilities.
Of course, you expect your business to grow. You may even have outlined how you believe that can happen in your business plan. Did you consider the possibility that the space you rent now may not be in line with your projections for growth?
Do some checking up on your potential landlord. Personality conflicts, poor response to maintenance and repair requests and unwanted interference in your business could make the term of the lease a nightmare. It may also be a good idea to determine whether the landlord is experiencing financial troubles that could cause problems for you and your business.
Will your intended customers or clients find you? Are you in a location that draws people to your door? The location you choose could make or break your business, especially in its first years.
Answering these questions properly, from deciding on a space and figuring out how long of a commercial lease term you need, could be a challenge. You may benefit from some help. A commercial real estate attorney who is familiar with Orange County’s market may prove invaluable in this area.
Source: quickbooks.intuit.com, “Should Your Business Sign a Long-Term Lease?“, Accessed on Feb. 25, 2018