10 Questions
Why is the author opposed to hiring an office on top of workshop/storage space?
Due to the additional costs of water rates, lighting, and heating.
What is a potential drawback of agreeing to a longer lease period?
You may not be able to terminate the lease easily.
What is the author's advice when renting office space?
Shop around for the best deal and avoid lengthy leases.
What is the author's concern about estate agents?
They may push for a more expensive property.
Why does the author prefer a home-based office?
Because it is more cost-effective.
What is the author's concern about the cost of office space?
It is too expensive.
What is the author's advice for organizing a business?
Consider a home office and separate workshop/storage unit.
Why is the author cautious about committing to a lease?
Because the office space may not be suitable in the future.
What is the author's concern about lengthy leases?
They may be difficult to terminate.
Why does the author think that home offices may be suitable?
Because they are a cost-effective option.
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
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.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
