When it comes time to decide on a particular site you will need to decide whether you are looking for a property to buy or lease. There are advantages and disadvantages to each, so both options should be carefully researched and professional legal advice considered.
A commercial lease for a property is a contract and, like any other legal document, it should be studied before signing. It should cover major topics such as:
Once the lease is signed you are committed to fulfilling its requirements and obligations, so you must be able to appraise it from the point if view of something going wrong.
Negotiations between you, as the lessee, and the landlord, may be complicated as each party aims to get the best deal possible for themselves.
Therefore it is advisable to check with the local council on trading restrictions, and to consult with a solicitor and your business advisors to assist you in negotiating the terms of your lease, before you sign anything!
Download the Locating the Business business guide for a summary checklist of things to consider when deciding to buy or lease premises.
When establishing your business premises, you need to decide whether to lease or buy your business vehicles and equipment. It is important that you have a full understanding of your business start-up costs so that you can manage your profits, cash flow and bottom line.
There are various factors to consider before you sign up to buy or lease major purchases:
With each option of buying or leasing there will be associated advantages and disadvantages. It is vital that you consult with your solicitor, accountant and business advisors or mentors to fully consider your options.
Hard copies of any “How to” business guides can be attained by contacting Business Point.
Phone 1800 440 026 or email businesspoint@development.tas.gov.au
