Location, location, location. You’ve heard it before – but there’s much more to picking the right spot for your Small Business than just the location. Join Dave Hamilton and Shannon Jean on this episode of the Small Business Show to hear their experiences and tips for choosing the right place.
Listen and and hear about Retail, Office, Industrial and Flex spaces – what’s the difference and what to watch out for when considering moving your Small Business into one type of property or another. We discuss hidden costs, competition, being sure you get just the right amount of square footage and much more.
It’s then time to learn about leases! The lease is the critical part of any rental contract and can save you, or bury you – depending on what’s in it. Learn about Gross vs. NNN leases, zoning issues, CAM, tenant improvements and more.
We wrap up the show by discussing the benefits of owning vs. leasing a space along with a quick survey of other leasing issues you should be aware of.
Join us today and then visit the Small Business Support Group to share your story or ask specific questions about where to locate your Small Business.
Chapters/Timestamps:
- 00:00:00 Small Business Show #147 for Wednesday, November 29, 2017
- 00:01:16 Hacking badge codes!
- 00:02:53 Your Location
- 00:04:15 Retail Space
- 00:06:53 Foot traffic
- 00:08:53 Semi-retail Office Space
- 00:11:14 Competitive exclusion
- 00:12:06 Extra costs/Signage costs
- 00:13:58 SPONSOR: Storyblocks.com/sbs gets you their Triple Bundle for just $149
- 00:16:34 How much space do you really need?
- 00:18:30 Industrial Space
- 00:19:37 Build your own building
- 00:19:54 Zoning
- 00:20:30 Dealing with authorities
- 00:22:34 Be aware of the impact of your growth
- 00:24:08 Own or lease – Why not both?
- 00:25:54 Combo Space – Industrial/Retail/Signage
- Flex space
- 00:28:53 Signing a lease
- Gross Lease vs. Triple Net Lease
- 00:33:08 Learn what’s inside the “Common Area Maintenance” or CAM fees
- 00:34:45 Extra expenses
- Rent increases
- Utilities
- Insurance
- Lease cancellation
- Sublet
- Improvements
- Learn more about location and leases:
Finding a location:
https://www.entrepreneur.com/article/73784
https://www.business.gov.au/info/plan-and-start/start-your-business/choose-a-location
Negotiating a lease:
https://www.legalzoom.com/articles/5-tips-for-negotiating-a-commercial-lease
https://www.thebalance.com/how-to-negotiate-commercial-leases-that-favor-tenants-3515429
- 00:37:09 SBS 147 Outtro
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