PropertyTips & Guide

Guide To Renting a Shop as a Business Owner in Ghana

The roadsides are full of shops selling various items, renting the best one means more business for you. You may have wondered how to rent your own shop as a business owner or simply fantasized about opening a shop. Shops for rent are quite abundant on our Tonaton platform. However, which one is the right one for you and how do you get the best one? Now that is a big question. 

Starting a business feels very good especially when you are doing something you are passionate about. Mostly, you will need a shop to sell your goods when you are about to kickstart operations. It may seem that renting a shop is an easy task. However, it isn’t, especially when you want one that meets your needs and budget. 

In this article, we will give you some guidelines to follow when you are ready to rent a shop in Ghana. We will look at negotiating the terms and conditions, finding a location that promotes your business ad future-proofing the rent so you are not vulnerable to the landlord. 

Guide To Renting a Shop as a Business Owner in Ghana

  1. Assess Your Needs and Determine Your Budget

It is always good to start acquisitions such as renting a shop with an assessment of your needs. Your business or shop should be rightly perceived by the kind of shop you have and its location. Also, you have to consider your budget and decide how much will make business sense to spend on a monthly rent of your business premises. 

These are only a few of the things to consider. We hope you catch the drift? In all, know what exactly you want as a shop so that “sales-y” agents don’t persuade you into going in for a place you would have otherwise not gone for. 

  1. Understand all Fees Involved in Addition to Rent
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Renting is not a simple enough thing. It could involve several other fees which will only crop up when you are finalizing the agreement. Other times, it may never come up as both parties make their own assumptions about who carries the bills. These are often sources of conflict. 

You can prevent all of such surprises from springing upon you by simply making sure you ask who is responsible for what. To make it legal, make sure your conversations are put into the agreement document.

Legal cases are easier to resolve when it has been written down and signed. That way the court of law can refer to the written and signed agreement and make their judgment on who is right. 

  1. Is the Shop Fit For Your Business? 

It isn’t any shop that can work. Don’t be deceived. How do you know if the shop fits what you want to do? By knowing what your business needs. Is space your thing? Then get a big place. Is location your thing? Then get a good location. 

Most of the good locations will be quite costly to rent. But hey, if it’s what will bring customers in, then you surely need to make provision for it. 

  1. How Good is the Location?

Your shop is a piece of real estate. Remember, when it comes to real estate, location plays a crucial role. 

If your location is not accessible, how will customers find you? If it is hidden, how will they see you? 

This is the reason why shops are rented along the roadside. The roads are where a lot of people can easily locate what they need and go to buy it. 

  1. Negotiate for the Long Term
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The fact that you are renting means you are in the business for the long term. It makes sense to also rent the shop for the long term. Each time you have to renew your rent is a chance for the landlord to increase the rent. 

Be sure to negotiate with the landlord regarding how much they can increase your rent when you are renewing. That way you can factor that into your future budgets.

  1. Read and Fully Understand the Terms of the Agreement

Your landlord may or may not prepare a rent agreement, but for future reference, it is good you both agree to have one. 

Make sure you agree to all provisions of the agreement before signing. If you do not agree, let the changes be effected before you sign. The reason is that the document becomes binding immediately after you sign the agreement regardless of whether you weren’t happy with some provisions. 

  1. Is there an Exit Clause?

There are times when you want to leave the shop for a different one but the tenure isn’t due yet. How do you proceed under such a situation? That is where the exit clause comes into play. The exit clause states when and under what conditions you can leave. It also states what you need to do when you want to leave. 

  1. Seek the Opinion of Others

If you are a single business owner, you need to seek the views of others. Pick the brains of neighbors, speak to other tenants of your landlord, try to imagine how your shop will function in that location. These will give you an appreciation of the decision you are about to make before you finally commit.

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Conclusion

Opening a shop is not an easy task. We hope this short guide will help you decide on your new shop space and where to rent. Our platform has lots of shops and commercial spaces for rent

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