First timer at business – any advice on renting shop premises
I need some advice with regards to renting premises. We are looking at setting up an internet cafe, and have found what we believe to be good premises in a good location.
However, as this is the first time of renting a property for business, I was wondering if anyone could post some general tips on how to go about it:
(1) What kind of questions should we be asking the rental/estate agent at the first viewing?
(2) What pitfalls should we be looking out for? Any absolute "no no’s" that should warn us to stay away from?Kind regards,
Any general advice on the process of business space/shop rental would be very much appreciated.
Why not conduct a market research on Internet cafe pros and cons. This can be done on the net by doing some research, phoning cafes directly and asking a few questions, speaking with local FSA, Business link, Chambers of Commerce, etc. Also get help with putting a business plan together this will answer most of you above questions.
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A couple of retail clients got caught out by business rates & rent reviews. Make sure you know what all the outgoing of the property are when you take it on & also when these might change. I’d also suggest you don’t tie yourself into the lease for too long so try & get an early get out option and also the right to re-assign the lease to some-one else should your business plans change in the near future.
Advice you’ve got so far is good. I’d add to the list of people to speak to (if you can identify them) the local Business Association. They tend to know the local landlords pretty well & should be able to help you with their particular quirks.