Starting a retail store in Oregon requires several different elements. Choosing a prime location, the correct type of products and hard-working employees should help get you on the right track. Negotiating your commercial lease is another key element you’ll want to get right. Keeping some critical aspects in mind during the process should help you obtain a fair and affordable lease.
Know the amount you can afford
Keeping your costs as low as possible will help ensure your new retail business has a chance to become successful. One of the most significant elements you must consider is the commercial lease for your location. Knowing the amount you can afford that fits your budget is the first step to take when you’re coming up with a number. Going into negotiations with a precise number helps ensure you get started with the odds in your favor.
Commercial lease negotiating tactics
Negotiating from a place of strength is critical when obtaining a commercial lease for your retail store. Having a few locations in mind is an excellent way to harness this strength. During negotiations, it gives you a way to walk away from one site and move to another if you’re not happy with an offer. Having a seasoned real estate lawyer with experience in business law assist with this process may be an excellent choice if you want to help ensure you get the best deal possible.
Checking the square footage of the commercial space where you’d like to set up your retail store is an essential step. You don’t want to end up paying for a smaller area than the landlord is claiming. Signing up for a longer lease term is another negotiation tactic you can use to get a better base rent. Having future rent increases capped can also be used in your favor.
Haggling over the lease structure and base rent can be challenging, and you may not get the owner to budge. Looking for other elements where you can save a few dollars, such as free Wi-Fi, can help reduce your expenses and boost your bottom line over the long run.
Going through this process may seem daunting at times. Giving yourself plenty of time for negotiations is the best way to maneuver.
