It is the magnitude of these ramifications that causes entrepreneurs to delay when making their final decisions. The location can be critical to performance and profitability.
Here are some important tips to help you make the right decision.
1. Consider the nature and culture of your business
The first consideration when looking for office space is the nature of your business. The ideal space should be large enough to accommodate all your employees and operations. For instance, if you are starting a manufacturing business, the chosen space should accommodate machinery, equipment, staffing levels and there should also be provisions for storage of stock, materials and anything else that is essential in the function ability of your business.
Poor planning can lead to a cluttered workspace which at best is unproductive and unprofessional and at worst could be hazardous.
The ideal office space should enable you and your employees to uphold the culture of your business.
The working environment has a significant effect on the productivity and morale of your employees. Get space that motivates your staff to work harder and longer. Do not compromise on the image and reputation you intend to build for your business when choosing the office.
2. Get value for your money
The goal of many property owners is to get as much as they can from their investments in terms of rent charges. Evaluate the pricing of each space to determine if you are getting value for your money. Sometimes lease contracts have many charges hidden in fine print. You may miss those charges if you read the lease document in a hurry.
Calculate the total costs of moving your business to the new space including the cost of renovations and installations. The space should be worth every penny that your business will spend on monthly rent charges.
If the move isn’t going to make you more money, you really need to question if it is necessary. Profitability always has to be the driving factor. In addition, the price should be within your budget for rent and leasing charges.
3. Consider the space layout and amenities
The layout of the office will determine if all the equipment and furniture that your startups need will fit. The space may appear large enough but some furniture and equipment may not fit depending on the layout. Check the lighting and air conditioning as well.
You want to create a comfortable and safe working environment for your staff. The amenities in the building and space can help you make a wise decision.
If you intend to meet most of your clients at the office, look for space with a reception area. Pick an office with a conference room if you have many employees or partners in your business. You will need the facilities to hold meetings. Consider the internet and telephone connections, parking facilities, and other amenities like a kitchen and storage units.
4. Choose the right location
One of the reasons for getting a physical location for your startup is to create the right impression to your clients. People trust brands with physical locations where they can meet the owners and seek information on the business.
The location of your office space determines the image you create to your potential and existing clients. While getting space in prime locations is hard and expensive for a startup, choosing such locations helps you build your brand image.
Your clients and staff members should have an easy time accessing the office. Consider the state of the roads and traffic flows. In addition, consider the security and access to other facilities like restaurants and recreational facilities. If the rent charges are too high in the ideal location, consider renting a virtual office or sharing space with other businesses.
5. Read the lease terms carefully
After inspecting the space thoroughly and confirming that it is a perfect fit for your business, do not rush to sign the lease document. The property owner may try to rush you to sign the contract especially when the office is in a prime location. Do not sign it before reading all the terms and clarifying any cost implications of each clause.
Sometimes property owners will hide charges and binding clauses in the fine print. Consider the lease period as well. Moving your business from one place to another will have a negative effect on its long-term profitability.
You can tell from this discussion that getting the right office space takes time. If you rush the decision, you will either incur higher costs than necessary or lease the wrong space.
Take the time to evaluate all the options, inspect the facilities and layout, and read the lease contracts before making the final decision. The brand image and company culture must be at the top of your list of considerations when searching for office space.