Leasing a studio space can be scary and overwhelming. It’s a really big commitment. It can also be incredibly exciting and inspiring. However, that excitement and inspiration can be a big distraction away from the important things you need to do before you lease a studio space.
I’ve been in the studio owner industry for over a decade and I’ve seen every mistake imaginable when it comes to leasing a studio. Here are my top 5 tips for renting a studio space that won’t make you regret signing the lease agreement.
1. Figure out your budget.
First up, figure out your budget. Never lease a studio space that’s beyond your means, because you will have to honor the contract and pay the rent regardless of whether or not you’re earning enough to cover it. Take a close look at your finances and determine how much you can comfortably afford to spend on rent each month. Don’t forget to include insurance and utilities in your budgeting.
2. Location, location, location
Location is essential. You want a location that’s easily accessible to you but also convenient location for your ideal customers. Consider the proximity to public transport, parking options, and the surrounding neighborhood. If you’re leasing a space in a building, research the other tenants to make sure their businesses align with yours – and also make sure you’re not sharing a building with your direct competition! Consider what type of studio you’re running and where your clients might be. If you run a kid’s dance studio, you’ll want to be in an area that has a high number of young families, possibly near a school or playground. If you run a Pilates or yoga studio, a beautiful inner city space would probably be more appropriate.
3. Check and check again
Before leasing a studio space, it’s essential to evaluate the space thoroughly. Is it suitable for your needs? Does it have adequate lighting, ventilation, and soundproofing? Take measurements of the space to ensure that your equipment will fit. Don’t be afraid to ask the landlord or leasing agent questions about the space and its features. Are you allowed to paint the walls? Put up branding material inside or outside the building? Are you allowed to install a custom fit-out? These questions should be asked and answered before you sign anything.
4. Review the Lease Agreement
Before signing a lease agreement, make sure you review it. You need to have a thorough understanding of the terms and conditions of the lease, including the length of the lease, the rent amount, and any fees or penalties. If there are any clauses or terms that you’re unsure about, seek legal advice before signing.
5. Ask around about the landlord
Always check the landlord’s reputation before leasing a studio space. Research the landlord or leasing agent online and read reviews from previous tenants. If possible, speak with current or former tenants to get an idea of what it might be like to lease from them. If you hear several negative reports – don’t sign the lease. It’s not worth it. Even for the perfect space. A difficult landlord can really make or break your studio business.
If you loved these tips and you want more, why not book a Mini Studio Review? It’s a free 1:1 connected call with one of our Community Coaches. It’s a valuable chance to chat to an industry professional