Everything You Need To Know About Renting Your First Commercial Space
Come a long way since the humble beginnings of that first business idea? If you’re looking for your first commercial space, it can only mean that things are heading in the right direction. Making sure this crucial next step is a successful one can be stressful.
But armed with all the information and a solid plan, the transition to your new workspace can be seamless. Once you’ve read through our useful guide, you’ll be able to take your business to the next level with ease.
Factors To Consider When Choosing Your Commercial Space
The key to choosing the right commercial space is thorough research, careful consideration, and a clear idea of what you want. But what exactly should you be looking for?
Keep the following considerations at the top of your mind:
Budget
Determining your budget is the natural starting point! Beyond the monthly rent, factor in additional costs such as utilities, maintenance, and insurance, as well as any other services you might need. Things like internet connection and parking might not be included in the rental cost. Also, make sure to plan for unforeseen expenses. If you can, seek out the expertise of a financial advisor to decide on a final number.
Commercial Activity
Before you start looking for commercial properties to rent, have a clear idea of what you’ll use the space for. This will depend largely on the type of business you run and what its needs are at that moment.
If you’re an online retailer, you may need a large space to manage and store your inventory, whereas a start-up company might need affordable office space with all the necessary amenities and features instead. You might even be an artisan, looking for a space with drive-up access to load and unload your equipment with ease.
Commercial spaces are versatile, so make sure yours is tailored to suit your business’ needs — both now and in the future as your company evolves.
Location
A good location is critical. You want the property to be close to you and your customer base, but if you’re in a popular town or city, nearby locations will be more costly. Sit with this decision for a while, weighing the overall costs and convenience. Not only is time money, but a distant location could mean more spent on fuel or higher shipping costs if you sell products. How often you plan to visit the commercial space should also be a determining factor.
Space & Flexibility
If the budget allows it, go for a space that’s larger than you need over a tighter fit. New businesses can expand very quickly at the beginning, so this will accommodate for future growth — whether that’s more space for stock storage or office space to take on new employees.
A short-term lease is the wisest option for your first rental, if possible. While most spaces want you to sign for a year minimum, there are some spaces for rent on month-to-month contracts, like those offered by self storage operators.
Though there are often incentives for long-term rentals, we recommend exploring these only once your business is better established. For now, prioritise flexibility, and give yourself the option to upsize and downsize to scale with your business.
Security
Whatever the nature of your business, you’re bound to have valuable assets, be it equipment, inventory, or office supplies and furniture. You’ll also have important legal and financial documents that need to remain confidential. That means you’ll need a highly secure space with excellent security measures to keep your things — and yourself — protected.
Safety should be high up on your priorities list since security breaches can pose massive threats and stolen goods can cause serious financial setbacks.
Visit the property and give it a close inspection. Take note of how many security cameras you spot — the more visible they are, the better they work as a deterrent to thieves. Make sure that the perimeter is securely fenced off with no weak spots and enquire about on-site staff. Ensure the property is fitted with working alarms — not only burglar alarms, but fire alarms as well, since theft is not the only threat to your assets’ safety. And on that note, make sure that the building maintenance is up to date; there are some bargain buildings on the market, but they could be seriously behind on building codes.
You’ll want to organise insurance once you’ve decided on the property, so do your due diligence and make sure you’ll be able to claim in the event of a mishap — the last thing you want is your provider saying it was a mistake waiting to happen due to negligence.
Legal and Zoning Considerations
Verify that your chosen commercial space complies with local zoning regulations and any legal requirements for your specific type of business. Some properties may have restrictions on certain types of businesses or may require specific permits. Ensuring compliance from the start can prevent legal complications down the road.
How Louth Self Storage Can Benefit Your Start-Up Business
Self storage offers a versatile solution for your commercial space needs, with options for warehouse, document, retail, and small business storage units. This option ticks every box.
At Louth Self Storage, you can expect the following:
– Competitive prices, with an option for everyone
– Airtight security that will keep your assets safe
– A central location, offering a convenient operational base
– A range of unit sizes, suited to all sorts of business needs
– Flexible short- and long-term rental options, with the ability to scale up or down as you please
– Transparent pricing with one flat rental fee that covers maintenance and utilities, plus free parking
– The option to have your goods covered by our Contents Protection Policy
Interested in our business storage options? Reach out and our friendly team will get back to you in no time!
Simply get a quote online, give us a call on 01507 327008, or send us an email at office@louthselfstorage.co.uk to enquire.
We look forward to hearing from you!
