Business Strategy

Tips for newbie Entrepreneurs: What you should consider before renting an Office Space

Tips for newbie Entrepreneurs: What you should consider before renting an Office Space

unnamed-minMoving to a new office space is a crucial business decision. The choice is associated with high stakes greatly affects an organization’s success or failure. In order to establish a business in a commercial environment, an aspiring entrepreneur engages in meticulous planning and assembles a shortlist of properties, desirable features, and red flags. So, here’s a roadmap for small businesses and startups that want to establish their headquarters and achieve greatness.

The spadework

One has to factor in a multitude of aspects that make or break a good office space. Since leasing an office ties you into a legally binding contract for a given time period, it is a good idea to involve key staff members in the decision-making process and let them voice their opinions. Moreover, you must come up with a budget and assess whether you can actually afford the space. A sound financial projection encompasses monthly costs of renting the space, but also interior design, utilities, construction, refurbishing, maintenance, moving, and hidden expenditures.

The big picture

Now, one of the most common mistakes is not planning for future growth. Startups can expand quickly and grow out of their premises, facing businessmen with additional costs. They could blow up the budget when you least need it or cause an upheaval for staff. Hence, it’s highly recommended to align lease terms and duration with growth patterns. Strive to identify the space requirements and optimal configuration to gain a realistic picture. Make sure, for example, to leave some free space for new workstations, tech infrastructure, workforce, and amenities.

The location

Location of the office is paramount. First of all, the office should be accessible. Getting to it must not be a time-consuming endeavor because this shatters the team morale and puts clients off. Thus, you would be wise to check out public transportation links and parking space. Also, you don’t want to have major competitors close, as this may take the customers away from your company. Likewise, night clubs, loud neighbors, and cafés do not make for ideal surroundings, unlike shops and food options. It goes without saying that an area with a bad rap casts a shadow over your image.

Like a pro

The labyrinth of negotiations can put even those with nerves of steel at their wit’s end. Therefore, it’s always a safe bet to rely on the professionals. Feel free to hire a real estate agent or a property solicitor, who knows the market backwards and forwards. Furthermore, know that some problems might have been swept under the carpet, which could make you end up buying a money pit. So, opt for commercial property inspections that bring unseen issues to light, such as structural faults, roof damage, hazardous materials, leaks, etc.  

Pieces of the puzzle

A productive environment provides ample space for workers to go about their daily activities, interact with each other, and rewind. Pay close attention to workstations and try to provide flexibility when it comes to their layout and personalization. From the choice of interior colors and decor to the amount of natural light and fresh air, there are numerous factors that affect productivity and the appeal of the workspace. In any event, do not neglect factors such as stimulating décor, appropriate lighting fitting, ergonomic furniture, and chill-out areas.

Image of success

Bear in mind that your office space speaks volumes about your business. It echoes your business philosophy and resonates with customers, representing your values and company culture. With a well-designed, suitable space, it is much easier to make a nice first impression and attract new prospects. These things are essential for small organizations still struggling to make a name for themselves. And if you’re not satisfied with your space, it is much better to walk away than to cope with headaches and growing pains.

A game plan

Before you settle on a particular office space, you have to weigh a wide array of elements. Rushing the decision is a potentially disastrous scenario, so conduct monetary and strategic planning. Don’t overstretch yourself financially and know exactly what you are getting. After all, a leased office should enhance your operations and give you a push in the right direction, towards steady and sustainable growth. Those who do their homework and cover all the bases are able to reach a profitable outcome for their businesses.

 

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