So you are now ready to start your business. Or maybe you are already up and running, but need to establish a new or additional location due to growth or economic changes. Targeting the right location can be one of the most crucial decisions you make in business. A business owner must consider size and budget requirements, as well as a growth timeline in order to find a location and negotiate a lease that meets the immediate and future business needs. The business marketing plan will be important to review in order to decide if high visibility location will be necessary.
Many business owners drive around areas they like, and call the number on the sign to get the basic rent rice and size information. While that is perfectly normal and acceptable, I am here to tell you in my professional opinion, that is not the most effective approach to locating your new space. A better way would be to hire a real estate professional to assist you. Sounds expensive, huh? Well, in most cases the landlord will pay the fees for your representation! You may wonder why you would hire someone, when you can pick up the phone and get pricing and schedule tours. But a real estate professional will do so much more than that! Those of us in the industry use lingo like LOI, TI, NNN or triple net, etc and more often than not, the novice business owner is confused by this jargon. Not to mention, a real estate professional will represent your best interest in negotiating a lease, term, tenant improvement money, free rent period, etc which can be invaluable to a new business owner.
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