Renting an office

Another possibility for your start-up company could be to rent your own space, either a commercial space or an office. This will depend on your business activity and your long-term plan. If your main objective is to provide coaching to clients, whether in life, health or business coaching, probably only a space designed for face-to-face meetings with clients is required.

In this case, a small office with a desk, some filing cabinets, a couple of chairs and appropriate decor might suffice. However, if your focus is health and nutrition, and you plan to make and sell specialty foods or open a gym or dance studio, you will probably need more than a traditional office. It's crucial to carefully consider your business needs and plan ahead when looking for rental space.

Example: As always, I prefer to give you a practical example to better understand the different aspects of renting an office:

• A group of entrepreneurs, all of whom are exceptional yoga teachers, were aiming to open their own hot yoga studio. They decided the timing was right, and found a commercial location in a plaza near their home.
• Their hot yoga business became popular, but the owners had to make some significant modifications to the rented space, such as changing the floors, building walls to separate the rooms, installing showers and an additional heating and ventilation system.
• However, the building owner decided to raise the rent and the entrepreneurs had to adapt to maintain the same profit levels by creating an additional room with varied programs to attract new customers. When looking for a space to rent, it is important to consider the budget and the needs of the business, and if you are a good negotiator, you can get more than what the landlord offers in the initial lease.
• Although they were prepared, in order to continue generating profits, they had to make some changes and build a third, smaller training room, where they would offer different programs in order to generate more variety and attract new clients who might not be interested in hot yoga but would enjoy the new fitness classes.

Things to consider when renting an office

One of the key issues when looking for a place to rent is to evaluate the physical characteristics needed for the business. But even before that, the most important thing in finding the right business space is to determine in advance the budget and what you can afford as part of the aforementioned business planning.

The key in this matter is to define precisely how much you can afford to spend on renting such space each month, and to stick strictly to that amount. Even trying to reduce it if feasible. It is important to keep a clear figure in mind while determining the physical features required for the business.

As an entrepreneur, you must constantly keep looking for inexpensive properties to acquire, renovate and rent or sell quickly, with the goal of making a profit. However, in this particular case, you must shed your role as a landlord and put yourself in the shoes of the client, the business owner, looking for the right commercial space. And I should mention that a good negotiator can get much more from the landlord than what is stated in the initial lease because landlords are often inflexible with what they offer.

The ability to negotiate well can enable you to get good office space, which is often easy to come by. However, if specific features are required, such as cooking or a dance studio, it is important to pay attention to the specifics of the space. For example, if you want a hot yoga studio, it is important to consider the location.

However, for someone with no knowledge or experience in construction, this could have been a big problem, as any changes to the space would come at a cost. So, it is important to be an excellent negotiator to get necessary modifications from the landlord or have the resources for a complete renovation.

My recommendation is to look for a place that already has the main features you require. If you plan to bake, your home kitchen may not be large enough for it. That's why you may want to consider renting a kitchen space somewhere.

Instead of simply renting an empty space and buying all the necessary equipment and features for your kitchen, I suggest looking for a commercial space that already has a functional kitchen. This type of business, especially when it comes to food, is expensive, and you must be aware of local regulations regarding commercial space. For example, if you plan to bake bread, local regulations may require a certain number of vents and a fire-resistant roof. Therefore, it is important to do your research before looking for commercial space.

In addition, you should consider your long-term goals and plan your business as specifically as possible. For example, if you start your business today as a personal trainer and work strictly online, but within a year you plan to have at least a hundred in-person clients, and in two years you plan to expand the business and have a studio with different fitness classes and physical or emotional assessments.

If you plan to record your pre-recorded classes for your online platforms, you should keep in mind that renting commercial space commits you to a long-term lease. It is important that you plan ahead and find a location that you like and where you feel comfortable, as this will help you in the planning stage and in the long run.

It is more economical and strategic to plan everything from the beginning and adjust according to your future success, rather than having to move to another place two years later because you outgrew the initial space.

My advice is that, if possible, try to grow your business in the same location instead of moving. If you have created a business plan that envisions rapid growth, it is better to look for a space that allows for that possibility of growth. It is easier and more economical to expand the business where it is located, even occupying the space next door, than to move the entire business to another location.

General characteristics required for all offices

I have compiled a list of some general characteristics necessary for most business premises regardless of their activity. Although these features are general, they are different from the specific features needed for your type of business such as a kitchen for baking or mirrors on the walls for a yoga studio.

When choosing a space for your business, it is important to make sure you have good electrical circuits. Good ventilation and an exhaust system to let toxic air escape. A heating and cooling system.

Good security, including reinforced doors and windows. Good Wi-Fi connection. In addition, parking is a key element for many businesses as a large number of customers come by car, so it is important to make sure you have enough parking spaces. Parking can be a deciding factor in many businesses.

Deciding what type of space you need

Once you've determined the physical characteristics needed for your retail space, the next step is to choose the right location. If your business is based on virtual customer service through platforms such as Skype or Zoom, and your marketing is primarily online, location may be less important, as long as it meets your basic needs for security and cost. But, if you prefer not to work from home or have a virtual office, location will be crucial to your business.

Location is a crucial factor to consider if you plan to teach in-person classes, conduct assessments, give cooking classes, or conduct consultations. It is important to know your target customers and understand their habits in order to anticipate traffic and place your business in a suitable location. At the end of this course, you should be fully prepared to start the business and take into account all the necessary aspects, including the importance of knowing the target customer and choosing a suitable location.

It is important to consider the target customer when choosing a location for a business because, by knowing your target customer, you can anticipate traffic and make informed decisions about the location of the business. This is because the habits and preferences of the target customers can influence the choice of a location, as, for example, if a business is dedicated to the online sale of computer parts it is not necessary to establish offices in a specific physical location.

However, if the business focuses on in-person services such as coaching or therapy sessions, then the location may be crucial to attract the right clients and provide a suitable environment for the services. It is important to choose a safe and quiet location, especially on a small, quaint street without a lot of traffic to ensure a relaxed and serene atmosphere.

If it is a studio or gym business, then it is important to consider choosing a location near a public transportation station, to provide more visibility to commercial thoroughfares and be accessible to potential customers, or near an office building to attract clients from the area. In summary, choosing the perfect location for any business is a highly personalized matter and depends on the needs and preferences of the target customers.

However, you should always carefully evaluate the location before renting a business location. It is important to consider aspects such as:

• The safety of the neighborhood.

• The convenience and accessibility of the location.

• The availability of parking.

• The condition of the building itself.

Steps to rent the office

Once you have found a suitable premises in a desired location, it is important to contact the owner of the premises, either directly or through a commercial agent. However, it is important to keep in mind that commercial agents charge commissions which influences when negotiating the price.

Negotiating the price

The next step would be to negotiate the rental price and the terms of the lease with the landlord. It is important to be prepared to discuss the price per square meter in annual terms. And calculate the monthly price by multiplying the square footage price by the square footage of the space and dividing the result by 12 months.

It is important to take into account some important factors when looking for a commercial space to rent. One of them is the rental rate, which is usually expressed in dollars per square feet.

Using the example of a 1,000-square-foot commercial space costing $14 per square foot, you can calculate that the monthly rent would be around $1,166. It is possible to negotiate with the landlord, offering to make bulk payments or negotiating the length of the lease.

Many times, landlords will agree to three-year leases that specify allowable rent increases each year, depending on inflation and other economic factors.

Negotiate the other features of the business

In addition to negotiating the price, it is also advisable to negotiate the features of the building from your perspective as a business owner, such as the signage that can be posted, the number of outlets and circuits available, and whether improvements can be made to the building.

The goal of lease negotiation is to make sure that the lease covers details important to the operation of your business, such as the ability to post advertising signs, the number of electrical outlets and circuits included in the leased space.

With proper negotiating skills, it is possible to get the landlord to make some improvements to the leased space, such as building partition walls to cre