Befriend an Expert in Commercial Real Estate
Having someone who is knowledgeable in your market can give you the upper hand on spaces that are available and more productive for your line of work. Often as a business owner you do not have the time to stay abreast of changes or opportunities in the market. A commercial real estate agent will most likely find you a fair deal to lower your costs and consequently make your business more profitable.
If a lease contract’s end is on the horizon. Start early, understanding the type of space you need. Amount of space, utility efficiency, location, etc. Knowing this information allows you to narrow down your choice of spaces and understand the weakness with each. Leveraging weaknesses in negotiation especially in a competitive market with an excess inventory can increase your profits.
Smallest Space Possible
We as humans will use space in excess. Often just filling up space because it’s there. What is the maximum productivity you can get out of a small space? Can your space be shared or reconfigured? Leasing a portion of a space may be an option with the ability to expand the contract and space as your business grows. What can your business accomplish at 250 sq ft? 500 sq ft? 1000 sq ft? Make a plan, practice the plan. Can you be just as profitable and functional in 250 sq ft as 1000 sq ft?