After choosing the location of a side hustle, the next step is to search for its premises. The search will not apply for an home-based or online-based business. It may take time to obtain premises in the chosen area if they are in high demand. Seek services of a property agent while you put the word out there to your contacts or Whatapp group in case they get information on vacant spaces. Walk around the target area for signs of “space to let”. Check out for advertisements of vacant commercial buildings on social media platforms such as Facebook
Once you get the space, it is important to lease it from the real owner for at least one year with an option for renewal or exit. Negotiate the rent payable requesting for a monthly mode of payment on or before a particular date. Have a lease agreement drawn which the landlord, two witnesses and you append your signatures. Read the lease document carefully in case there are provisions that you may not be able to honour.
Avoid verbal agreements on rental matters because some landlords change their minds and breach the agreement.
RENOVATION OF PREMISES
Rarely would one find premises that are ready with design and structures of the intended business. Hire a qualified person to design the available floor space to accommodate the workflow of the business operations. If it a retail business, there will be a need for a place for storage, display and point of sale of products. Obtain permission from the landlord for renovations that would materially affect the physical structure of the building.
Actual renovations will require the services of technicians in areas such as carpentry, masonry, plumbing and electrical, among others. Always negotiate with each technician before they offer their services. Avoid situations where they want to do the work first followed by negotiations of their fees. Find out the market rates of the technical services to be armed for informed negotiations. Have the work done under your supervision so that any rectifications can be undertaken along with the on-going technical tasks.
An already renovated business premise for the side hustle is a signal that you are on the right track to realising your business dream.
Check tomorrow, Thursday, for the legal business requirements to be met in the process of business start-up.