Building your business from scratch can be an exciting moment in your professional life. However, it can also place a lot of pressure on you if you consider yourself a beginner. You will never know what will happen in the future, and all companies are aware that there is really no special secret formula to hit it rich at once when you first start your business. This is why if you’re going to start your own business, you better plan it out and start it right!
The first thing to consider when planning or creating your business would be finding a commercial space. But which are the aspects that you have to take into consideration when looking for an establishment to set up your own business? Well, for sure there are few principles that everybody should learn. But that is why we are here! There is nothing we love more than making you happy. So, if you are an entrepreneur but you don’t know where to start if you want to build your own business, these are some tips that might be quite helpful:
1. Do your research: The Internet is there to give you the latest information that you need in renting a commercial or office space. Learn everything that you can from the current status in commercial spaces. From checking the average costs for each type of commercial space to recognizing the three types of commercial spaces, such as industrial, retail, and office, you really need to be dedicated with your research so you can decide faster as to which property you’d like to rent for business. Real estate portals play an important role in this kind of situations, sites like Persquare, for example, are more than indispensable. Have a look at the commercial spaces we offer, if you don’t believe us!
2. Check what you need: Different businesses have different needs. Different needs require different offices or commercial spaces. Always consider the space needed for your business, the facilities that you’ll place in the commercial space, road access, parking space, and other important business concerns. In fact, you should probably resolve this first and foremost before even considering on renting a commercial space!
3. Research for comparable rents: A good businessman should always consider each and every option given towards him/her, especially if it has something to do about business. Check the city for other great deals on commercial spaces too, since there will always be business spaces that have better deals than the one you saw online or on the newspaper.
4. Always check for zoning regulations: Always remember to check for zoning permits and regulations within the commercial space that you’re renting (or about to rent). Don’t forget to check if projects within the commercial space will not pose any legal issues or problems.
5. Get professional help: If you feel that negotiating the rent for a commercial space may seem to advanced or difficult for you, then you can always contact a real estate company who can definitely help you in negotiating for rent for a commercial space. Although you’ll need to pay these guys for their services, you can bet that the investment will be truly worth it.
6. Don’t forget to put it in writing: In order to formalize the agreed rent, as well as any conditions that may seem important during the course of renting the space, don’t forget to put each and every detail on paper. Don’t forget to give the landlord/landlady of the said commercial space a copy of the agreement.
7. Always check for timing: Most business-minded people would advise newbies to sign up for a longer lease period in order to get better lease terms with the property owner. The question, however, is what would you do if your business suddenly grows too fast within the next few months and you’ll need to move to a better location before the lease expires? In this case, timing is also crucial when negotiating for rent. Instead of long lease periods, try negotiating for shorter lease periods. You can always renew and extend the lease period when needed.
8. Commercial space remodeling: When a business starts to boom, the demand for your product and/or service also expands too. For that, there will come a time when you’ll need to remodel the commercial space. When negotiating the rent for the commercial space, it is very important to include space remodeling in the terms of agreement between you and the landowner.
Finally, don’t forget that if you need more real estate tips like these, you can always check and subscribe in our Blog page. If you’re looking for a good commercial space yourself, then head on to our Listings page for the best and the freshest commercial space deals from almost all corners of the Philippines.
