Wondering how to start, relocate or fund your business venture? It’s certainly a factor to consider. Before diving in, be sure to survey your options and create a road-map so that your business can adequately weather the seasons of Falmouth.
New or Relocating Businesses
Be sure to ask the right questions. The answers will differ depending upon village you locate in, the landlord you’re working with, and many other factors, but good questions help limit unknowns, manage risk and position your business for success.
We’ve compiled a list of key regulatory and commercial real estate questions to help get you started. These questions obviously don’t cover every possible situation you’ll encounter, but they’ll get you thinking about all the small details that can greatly impact the ultimate success (or failure) of your business.
Key Municipal Regulatory Questions:
- Have you applied for a business license?
- If you’re selling a product, have you applied for a sales tax license?
- Have you confirmed that the use you’re interested in is allowed by zoning?
- If you are doing interior or exterior renovations, did you get a building permit?
- Will your use and/or renovation plans trigger any additional municipal tap fees?
- Did you apply for a new sign permit?
Key Questions & Considerations before committing to a Commercial Lease:
- Do you have a well thought-out business plan? A solid business plan provides the best indicator of whether or not you can really afford the commercial space you’re considering in Falmouth.
- Have you conducted basic cash flow forecasting to get a sense for the type of lease you can handle?
- Remember: The best commercial lease agreements are a partnership with your landlord. You and your landlord should have equal interest and confidence in your business plan.
- Have you evaluated whether your business type aligns with the property?
- Is there enough parking?
- Will your customers be driving, or are they pedestrians?
- Does the commercial space you’re considering accommodate your business’ purpose?
- Where are the water access points?
- Can you dispose of wastewater?
- Can you install a vent?
- Do you know what type of commercial lease is being offered?
- Do you understand the differences between the three primary commercial lease types? (Gross Lease, Triple Net Lease and Modified Net Lease)
- Do you know the potential risks and benefits of these lease types on your business?
- Are the terms of the lease negotiable?
- What insurance coverage does the lease require?
And remember, when you get to the big decisions, consider hiring a good attorney, accountant or real estate professional to look out for your interests. Find one of these professionals in the Falmouth Chamber of Commerce Business Directory.