10 Unexpected Expenses of Leasing Commercial Space (And How to Avoid Them)
When leasing a new commercial space for your business, the bills can soon start to add up to more than you would have anticipated.
Here are some of the most common unexpected expenses and how you can avoid them happening to you.
1. Unexpected connectivity fees
You must have accounted for internet and phone charges, but did you factor in the initial set-up costs? Many connectivity providers charge an up-front fee, so be wary of any unexpected costs.
2. Equipment maintenance
Once you’ve saved enough to purchase your equipment, you’ll need to ensure you have enough left over to maintain it. This includes everything from fresh ink in the printer to new parts for your PC!
3. Essential repairs
Despite maintenance, things can (and will) go wrong through no fault of your own. You’ll need to ensure you have a safety net in the case of these eventualities.
So you knew you’d have to buy furniture for your new office, but you may have underestimated how much it would cost – especially as you begin to employ more staff!
When leasing a commercial space, it may not be pre-wired for the type of business you run. As a result, you’ll need to spend time and money having the correct cabling fitted for you to use.
6. Light and water
Did you account for your electricity bills? Utilities are often overlooked and can be expensive – especially if there’s not currently any electricity or water in the building.
Businesses need insurance on their premises, ranging from employer liability to public liability to property.
If you haven’t factored the appropriate property insurance into your monthly budget, this could be a problem later on.
8. Additional staff
As you set up your commercial premises, your business may begin to expand. The downside is, you may not be able to cover all the extra work yourself. Many companies use this as a reason to hire administrative or telephone answering staff, but paying a new employee can be expensive.
9. Meeting rooms
If the space in your office is limited, you’ll need to pay for somewhere to host meetings. Ensure you have a plan for this to avoid a panic before meeting a client or potential business partner!
10. Additional fees
In a traditional office, you’ll be faced with additional fees such as business rates and stamp duties. While you may have planned for the upfront rent, did you remember to account for these too?
So how can you avoid these unexpected expenses?
If you’re looking to avoid the risk of nasty surprises, you may wish to consider a serviced office. Serviced offices contain all you need to run a business from your new premises, including all of the above and more – all in one package with just one monthly payment. Doesn’t that sound easier than a pile of bills?
To learn more about serviced offices across Asia Pacific, get in touch with our team today!