Finding an office space can be scary. You’re going to have to shell out some serious capital on the right place – once you’ve found it, that is. There are so many things to consider before you sign a lease and move all of your stuff in. You may not even know where to start. While you probably have a variety of considerations that are specific to your business, you can narrow down the list of possible office spaces by taking care of the basics first.
What’s Your Total Budget?
Before you start getting excited about great locations, make sure you can actually afford them. This is especially important if your business is new. You can’t afford to risk all of your capital on a building if you don’t know what your future profits are going to look like. Set a reasonable budget. If a place you have your heart set on isn’t within your budget, you may be able to knock the lease payments down by choosing a longer lease.
Is Sharing an Office Feasible?
If your business is still in its infancy, or you’d class yourself as a startup, it may be unrealistic to go for a long lease on a large building. In this scenario, choosing a short lease on a shared office space might be the right solution. Check places like Gumtree for offices you can share with other small businesses or startups. You may even be able to network and help each other grow throughout your stay at the building. Worry about a larger space when you know you’ll require more employees.
Will People Be Able to Find You?
Location is everything. You may think you’re getting a great deal on the perfect office space, but if it’s located in the middle of the desert, you’re squandering your money. You need both customers and employees to be able to find you with ease. Nobody is going to work for or spend with you if they need to climb to the top of a mountain just to see you in person. Think about the community you intend to serve and hire within before you choose an area to rent in.
What’s The Lease Situation?
If something breaks, whose job is it to fix it? Taking on a building as-is is probably cheaper, but only at first. Bad wiring and old pipes aren’t something you want to get tangled up in. You’ll also need to consider what will happen in the event that you have to break your lease. How stable is the lease? If your landlord reliable? If you’re unsure about all of the legalese within the lease, it may be worth having an attorney look everything over.
What Does The Longevity Look Like?
How long are you going to be able to operate out of the office space before you outgrow it? If you already have a significant amount of employees, you may feel tempted to squeeze them in to an office space that’s just the right size. Chances are, you’re only going to accumulate more employees. Unless you want them working from the bathroom, you’re going to need a space to put them. The office you choose should have a little room for you to grow, and the growth rate should match the duration of your lease. If you need a bigger place when the lease runs out, so be it. Your goal is to make it until then.
Never rush the process when you’re looking for an office space. You may feel the dire need to get settled into one immediately, but in your haste, you may be overlooking better options. It’s worth investigating the market before you make a big move. It’s better to be cautious than to find yourself stuck in an environment that won’t work for you.
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Hannah Dickins is part of the team behind DirectorStats.co.uk. With a huge interest in technology and the startup industry, she works as a Community Manager. She's keen on new helpful online tools and productivity hacks.
nice post, thank you!
Thank you!