Strategy 5: Maintain Flexibility

Predicting the business climate over the next six months can be difficult. Attempting to predict it over the next six years is folly.

Try to keep your terms as flexible as possible. It is worth paying a little extra each month if you can avoid having to 'buy out' four years of a lease because the market is no longer there for your product or service!

You'll also be a hero with your boss!

One way to reduce the term to less than 5 years is to sub-lease your space. If you do this, you should consider renting rather than buying furniture and equipment.

For lease terms of less than three years, I would strongly recommend an executive suite. The typical lease term is 12 months, while even shorter terms are available.

Your flexibility is enhanced at an executive suite because you do not need to hire additional support staff.