Your business is growing at a fast rate and now you feel the pressure of getting some more space for your warehouse. Before the excitement of owning such space overtakes you, it is important to understand some pitfalls that most businessmen and women make when leasing for the first time. Some of the real dangers that could put your business into a precarious condition are unknown expenses and emotional attachment. You have to sober up and get armed with your negotiation skills so that you get the space at some affordable cost which you can afford even during the financial downtimes.
Continue reading this article and see some of the mistakes you can avoid when leasing warehouse space
Looking for the space in a haste
It is easy for you to think that there are many properties to choose from when it comes to leasing warehouse space. That is why most people will ride on that assumption and wait for the 11th hour. As true as that may be, most of the spaces that are not occupied are vacant for a reason. It could be because of their location, space which doesn’t meet the requirements of many businesses, cost among many other reasons. That is why you need time to look for the most appropriate space and with the best terms that will be favorable to your business. If you look for warehouse space in a haste then you may end up with the wrong one or pay far too much than it’s necessary.
Failure to ‘think future’ when leasing
There is always a temptation to just lease some warehouse space that solves your ‘now’ problems and ignore future business expansion plans. How would it feel if you leased the space and before the year ends, your business grows and the space becomes too small and now you need more? That is why you must think about your future business expansion plans and get enough space. Again, the contract you sign with the owner should allow for future business growth-do not sign a rigid contract blindly.
Focusing so much on the rental price
Building owners are out to get the best returns on their investment just like you-the business person- who is out to get the best price for the warehouse space. If the rental price is low compared to many others, you need to think twice. Most of these owners will make it less but there is a price to pay; you may end up spending too much on electric repairs, plumping, flooring and such which would increase the furnishing cost. Before you get excited about the rental price, get to the details of the condition of the space and ensure that it is according to your expectations.
Failure to think beyond the working space
You’re not just looking for space for storage of your goods only- nope. Your staff will need some space for their offices, a kitchen, boardroom and such are important features that you must pay attention to. Ensure that you get the best warehouse design and spaces that will accommodate that and even allow for more room should your business grow.
When looking for warehousing space, you have to think about your future expansion plans. Let your contract be flexible so that it can accommodate future changes. Most importantly, look for industrial warehouse space queens who will help you get the best there is in the market.
