Although you can start a business from your home nowadays, sooner or later you will have to rent more space. Or, hopefully, you will have to rent more space because that means you are growing and expanding. Still, obtaining the perfect office space isn’t easy because there is so much you need to consider first. Quite simply, your office space has to be perfectly suited to your needs. Otherwise, it is more obstructive than constructive.
Here’s what you need to factor into your decision before you sign on the dotted line.
Price
The price is probably the most important consideration. The wrong premises could cripple your company because the repayments could end up being more than you earn. Even worse, there is no way to get out of the contract once you have signed; it is iron clad. Whether you can make the repayments or not, you will have to find the money from somewhere. The price should be affordable and never too much that you have to put your business at risk just to get a nice looking corner office.
Location
Location works in two ways. Firstly, it has to be easy for everyone at the office to get to work in the morning. If you are miles out of the way, it can affect your ability to attract new and quality employees. Potential workers will always choose the closest option to their home or the easiest option. A long commute time is the last thing anyone wants. Secondly, your location should be close enough to all the necessary links. For example, if you can get office space in the centre of a city, that is better than office space in a small town. City offices have their finger closer to the pulse, and they have a better reputation just because they are in London or New York.
Parking
It is amazing how much parking can affect your business. Okay, it might not be essential for making sales and increasing profit, but it is essential for employee morale. When workers have to park miles down the road or turn up an hour early to get a good space, it will negatively affect their morale. You should try and keep morale high as much as you can, and parking is an area that easily appeases people. Plus, parking lot construction cost can be high if you don’t pick the correct partner. By tying parking in with the premises, it will cut any additional costs.
Future Needs
Business space does not come cheap. So, are the premises enough to hold you for the future? If they are not, you might find yourself in the market sooner than you would like. Although growth is usually a good thing, it can destroy your business if it happens before you are ready. Think about the future and try to buy more than you need at the start. As long as it is affordable, there is nothing wrong with a little extra space.
As you can see, there are a lot of pitfalls you need to be aware of before you make your final decision.
