Podcast
Questions and Answers
Why is the author opposed to hiring an office on top of workshop/storage space?
Why is the author opposed to hiring an office on top of workshop/storage space?
What is a potential drawback of agreeing to a longer lease period?
What is a potential drawback of agreeing to a longer lease period?
What is the author's advice when renting office space?
What is the author's advice when renting office space?
What is the author's concern about estate agents?
What is the author's concern about estate agents?
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Why does the author prefer a home-based office?
Why does the author prefer a home-based office?
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What is the author's concern about the cost of office space?
What is the author's concern about the cost of office space?
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What is the author's advice for organizing a business?
What is the author's advice for organizing a business?
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Why is the author cautious about committing to a lease?
Why is the author cautious about committing to a lease?
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What is the author's concern about lengthy leases?
What is the author's concern about lengthy leases?
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Why does the author think that home offices may be suitable?
Why does the author think that home offices may be suitable?
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Study Notes
Starting a Business and Renting a Property
- When reading a lease agreement, it's best to do so away from the property you're planning to rent.
- Consider hiring a solicitor to review the lease agreement if the property is not a self-storage unit.
Complying with the Law
- Small businesses face a growing number of laws and regulations, and it's impossible to cover all of them.
- Each business type is subject to different laws, e.g. food businesses vs. water sports businesses.
- Ignorance of the law is no defense.
Food Businesses
- Key laws and regulations to be aware of:
- Food Safety Act 1990
- Food Safety (General Food Hygiene) Regulations 1995
- Food Safety (Temperature Control) Regulations 1995
- The Food Standards Agency Website provides full details on these regulations.
Employing Staff
- All employees are entitled to a Written Statement of Employment setting out the main particulars of their employment.
- Employers must undertake various checks on prospective employees, including:
- Age (affects work types, hours, and pay rates)
- Eligibility to work in the UK
Sharing a Unit
- Sharing a unit with another business can substantially reduce rental costs.
- To share a unit, ensure:
- You get permission from your landlord
- Draw up an agreement detailing responsibilities and termination procedures
- Set up separate standing orders to pay rent
Small Storage Units
- Companies offer small storage units with flexible rental terms (e.g. weekly or monthly).
- These units are useful for businesses that are unsure about their space needs.
Renting a Property
- The golden rule: don't rush into renting a property.
- Always:
- Take time to think before committing
- Ask for a copy of the lease agreement and read it thoroughly before signing
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Description
Learn about the importance of carefully reading lease agreements for your business, including when and how to seek professional help. Understand the legal requirements and regulations that come with renting a property for your business.
