In Show 123 – Fast Fix Monday – 7 Considerations Before You Enter a Lease originally broadcast on Facebook Live on Monday 27 August 2018 we explore this interesting topic.
On this edition of the show we present the 7 things you need to consider before entering a lease. Finding a suitable place to setup your business is a critical decision that you don’t want to enter into lightly.
1. Don’t rush
This might seem obvious but it’s very common for new business people to rush into a lease without looking at all the details.
2. Read the fine print
There is always lots of provisions in any lease agreement. Make sure you read and understand everything in that document.
3. Get everything in writing
You lease is going to be in writing but there are plenty of things the landlord or agent will say to you to get you to sign. Those extra provisions have to be written down event if it’s your own notes written at the time.
4. Look at the premises
You’d be amazed at how many people lease properties sight unseen. Look at the property as many times as you can especially during the times when your business will be operating.
5. Research the property
There is plenty of information out there about the property you’re considering. Google is a wealth of information but talking with the current and former tenants is a good idea.
6. Research the landlord
It’s always a good idea to know who you are doing business with. Talk to the agent, and former tenants to get a good idea about their history.
7. Make sure you can afford it
In the excitement of getting a new property many people forget to work out a monthly budget. It’s not just about the lease payment additional fees and costs have to be factored in as well.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.