Like anywhere in the world, recession has caused financial issues in Toronto as well as offer new opportunities for those who enter the market during a recession. For small businesses, the recession has created a great opportunity for renting, buying or leasing an office space at a low cost. Before you can decide on the place where it might be perfect to set up your business, you need to know exactly about type of place you want and for how long you want to lease it. Moreover, there are a number of factors that should be taken into consideration before finding a proper office space available.
Who owns the space?
Would you move to a new apartment without knowing your landlord? Knowing does not refer only to information such as the first name basis but rather an entire complex investigation of that person. We are referring here to information such as a person’s family details, his/her history, any problems with the law etc. Everything should be investigated before you can sign a contract with that person so as to avoid any future issues.
Hire an attorney
Never sign a contract without letting your attorney read it. There will be a number of things on that contract that you will not be able to understand no matter how much you try! This makes it necessary for you to hire an attorney who will be able to read the tiny fine prints at the end of the contract that can knock you over.
The time goal
Short-term or long-term goals decide how much and how fast you want to grow. So when you sign a lease keep your time goal in mind. How fast do you plan on growing and leaving this space for a bigger and better one?
Is your location safe?
You cannot possibly conduct your business in a neighborhood with shady activities going on. A business needs to take place in a space where everyone feels safe. So knowledge and investigation of the neighborhood is imperative. Shady neighborhoods may be cheap but not good for your business!
What type of office environment is ideal?
Ask yourself whether your office needs an open environment or a confined one. If you have a law firm then a confined environment would be your choice for privacy. Also keep in mind the number and type of pantry, meeting rooms or bathrooms that are needed in the office and select an office space according to that.
How much will it cost in the long run?
Never calculate your expenses for the short term but rather do it for the long term so as to get a clear idea about the expenses of the office. Include the hidden expenses such as the ones related to furniture, equipment, utilities and maintenance as well.
Always keep in mind the value of the space before buying it! Moreover, every business space moving process needs at least three to five months of planning. If you don’t plan beforehand, it is highly unlikely that you will be able to find a good space. The planning process should include research on costs and resources to give you a clear idea of what you can get and what you actually need.