Here are 3 Tips to secure a commercial space for lease in Washington DC to make your life easier:
Tip #1: Have Your Business Plan Ready.
As a prospective tenant, you will need to provide the landlord a copy of your complete business plan about your concept. It is necessary for all start-ups to provide as much information as possible for the landlord to assess your viability as a tenant. If you have another location, it still important to show your growth plan for your business. The tenant's job is to provide reassurance to the landlord that you will add value to their building and surrounding community.
Tip #2: Prepare your Business Financials.
The biggest question from a landlord is "Where are your financials?" The landlord wants to make sure you won't open today and shutter your doors tomorrow. It will be a waste of time and money for everyone involved. Make sure your have your profit & loss statements, balance sheets, etc. ready to show liquidity and profits. If you plan to get business financing such as an SBA (small business administration) loan, it is important to have your pre-approval in hand. Rule of Thumb: It is always best to show at least 1 year's worth of rent among your assets.
Tip #3: Research building and zoning codes in advance.
The more you know about where your type of business is allowed, the easier and faster it will be for you to find the most ideal commercial space in Washington DC for your business. It is best to either pay a permit expediter or go to DCRA early in the morning to speak to the experts in various departments (ie. zoning, fire code, fixture load, etc) about your business and the building code requirements. It will save you time and money when speaking with commercial brokers, landlords, and architects regarding your build out needs.