For many start-ups and slowly (but surely) growing companies, the next step is finding office space for a small business. For many who have poured everything they have into their own business the next step can be a scary one. These small businesses are no small investments for the owners, understanding your options is crucial in your next steps. Here are 3 tips for finding office space for a small business.
Finding Office Space for a Small Business: Smaller is better
Many times, going too big is worse than being a little cramped. Some small businesses are too ambitious about the size of their office space. Getting something outside of your company’s means could sink the whole ship. Trying too hard to get the prestigious address could have adverse effects. Spend that extra money you would have on rent on things for your advertising or expanding a product line. The size of the office and its cost are huge when finding office space for a small business.
Duration isn’t a deal breaker
Whether you are looking for a one year or a ten year lease, don’t get hung up on securing a longer duration when finding office space for a small business. Although locking down a location helps with brand recognition, a shorter duration may benefit you, as well as the landlord. It will give you a chance to explore other options if traffic is not what you anticipated. Having a shorter lease duration will also allow you and your landlord a chance to renegotiate the lease after you see how things go.
Expenses should be known upfront
When finding office space for a small business take into account additional expenses. Some commercial real estate landlords incorporate additional expenses into the lease. These additional expenses could include maintenance fees, upkeep for shared facilities (Common Area Maintenance), etc. Another expense to consider when finding office space for a small business is – how are utilities broken up? Are they metered individually? Are they apportioned by square footage? Are they a fixed price? Understanding how your expenses will be measured before you sign the lease will help you better gauge if the space is right for your small business.
When it comes to finding office space for a small business you want to seek the help of someone trained in the market. Knowing the area and current trends will help you make a decision that has longevity. If you need help find office space on Long Island don’t hesitate to call us. One of the strengths of S&D Realty is our ability to evaluate real estate in terms of highest and best use, feasibility and investment performance. For more information on investing in commercial real estate, don’t hesitate to give us a call at 516-248-6905. We look forward to hearing from you!
