How to Choose the Right Office Space for Your Business
Setting up your business in an area with a reputation for successful businesses, or as a hot spot for startups, can have a significant positive impact on how clients and staff view your company. So how exactly can you find such hot spot or even create one?
The easiest way is to have a checklist of all the right things to look out for when hunting for an office space. Here are some guidelines to consider to find the right location for your business.
Things to consider before choosing an office space for your business
Room for business growth
When you’re hunting for an office space, look beyond your immediate business need for space. Consider opportunities for growth and other factors that could be affected by space requirements throughout the course of the lease.
But if you can’t afford the cost of an extra space, do your best to negotiate for a shorter lease term. Another option is to add a clause to the lease to get the first right of negotiation on any nearby space that becomes available.
Appropriate location and access
How easily customers and staff can get to your business can turn out to be the most crucial factor you will have to consider before you decide where to buy or lease. Without clients and punctual staff, your business will struggle to keep it’s head above water. Choose a location that is easy to commute to by car or on public transport. The possibility of commuting to your office via public transport like trains and buses can boost your business reputation significantly. Inquire about drive times. While the distance between one point to the other may not be very far, if access routes are congested during your business hours, it may have a negative impact on your business.
Many of your staff or clients could be stuck in traffic for several minutes or even hours. But ease of access via car is irrelevant if the building lacks a car parking lot. Make sure the building has enough parking for your staff and customers.
If you run an interstate business, or do business with delegates from overseas, consider locations with easy and direct access to the nearest airport.
Look around to find out if there are places nearby where your staff can get lunch. Are there places where you could take clients for drinks or meals? Also, look around for places where you can buy essentials for your office. Employees always have errands to run so consider a location that is close to a bank, or a shopping area to make things easier for your employees.
Size and space
So how much space do you really need for your business? It’s hard to figure out a one-size-fits-all space for every business. The type of business you do will determine the appropriate amount of space you really need. If your business is a franchise, make sure you understand the compulsory space requirements to run your business. So your business will comply with the franchise mandatory space requirements. When you acquire too much office space, then you’ll have to pay for more than what you really need. But if you acquire too little space, odds are you’ll have to move again after a short period of time. Don’t overlook ambiance. It can have a significant effect on your business image, reputation, and work productivity. Consider a quiet environment for employees and during meetings with investors, clients or partners. So before you sign any lease, check out the office space in person to determine its ambiance.
Consider the operating expenses of the office space before you lease or buy. So think about your potential cost of energy, taxes, janitorial, maintenance, and other minor costs that could add up to the entire cost of occupancy.
Your agent should have knowledge of comparable building’s typical charges. You should see this as a chance to capitalize on building efficiency improvements like the HVAC system or energy-saving switches which can save you some money.
Review the lease
Just before you sign the lease, make sure you review the paperwork to ensure all the few important pieces of information are included. First, you’ll have to decide how long you intend to lease the property for and your what your budget is. Find out if the rental price is gross or net. Net rent is the base rent that is payable while other costs are additional. These extra costs could be body corporate fees car parking, rates etc. So find out exactly what these costs are going to be before signing any deal. Gross rent means these expenses are already included in the rent. Check to find out what exactly is included and if any expenses that is important to you have been left out.
Finally, ask about incentives, which are often offered for signing in some period of time and this may include fit-out contributions, rent reductions and rent-free periods.