Finding your First Office Space? What You Need to KnowMay 10, 2017
A first office is a turning point for many organizations, a potential stepping stone towards success. Still, if you really mean to grow and thrive, you cannot settle for just any space. There are many moving parts and factors to keep an eye on, so brace yourself. This is a big undertaking, one that takes quite a bit of time, research, and investment. Some of the crucial considerations revolve around the budget, company’s identity, and specific business needs.
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The first thing to do is assess current expenses and grasp the full picture. Remember to include details such as internet, supplies, staff, technology, etc. Estimate how much money you will need to invest in marketing, advertising, delivery, customer service, and other core business areas. Once you obtain the total of your expenses, you’ll need to estimate future income and cash flow. Getting into the numbers is the best way to decide whether you can afford an office.
Leasing vs Buying
When searching for a commercial property, you have two basic options. Firstly, those who lease an office space have all their payments laid out for tax purposes. Basically, they know exactly how much they will spend per month. The drawback is that the lease and property owner determines the length of the lease. On the other hand, buying a space is a sound strategy for companies with ample funding and strong proven growth. Apart from new office spaces, it’s possible to invest in older ones or even apartments, and then renovate and remodel them.
Of course, there are some other options. For some businesses, it might be better to stay in a home office. Indeed, this strategy is one of the most cost-effective solutions. Also, note that many startups are clustered with other small businesses and sharing the office (and expenses) with them. A temporary rental space is also worth considering. Namely, there are many websites like LiquidSpace where businessmen can book conference rooms, offices, and studio places.
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Small businesses should strive to find a place that allows them to scale up, an office that can grow together with the operations. Growth potential is an important aspect you have to factor in because you do not want to grow out of your office when the lease is not yet over. The truth is that growth is a tricky metric to predict, which is why entrepreneurs often look for something short-term. However, if you’re expecting growth it may be preferable to opt for a bit bigger space, one that could serve its purpose for next few years.
A list of things
Depending on your circumstances and business sector, there are a slew of elements that affect your choice. These involve the layout of the office (closed-off workspace or open plan), equipment, condition, size, parking availability, traffic in the area, location, amenities in the vicinity, and neighborhood. If clients are going to visit your office, you should also take into account their wants and needs. The building itself should provide some amenities as well, and be safe and secure.
Different Strokes for Different Folks
Your office is a reflection of who you are and what you stand for. It is an extension of your business ideas and mission. Moreover, it sends a resounding message to others, including your employees. Thus, it would be a good idea to find an office that speaks volumes about you and leaves room for customization. After all, the office is a vital piece of a business’s identity and a place that should suit both the professional and personal needs of employees.
Keep Your Options Open
Finding a perfect first office is both thrilling and overwhelming. There’s not much room for error, so see if it makes financial sense to rent or purchase the space and whether you can justify all the monthly expenses. Anticipate your rate of growth and cash flow and have an exit strategy in place. Ponder on the needs of yourself, your team, as well as clients. Don’t bite off more than you can chew and research every aspect thoroughly.
The above post is provided by Chloe, a young blogger and a huge fan of social media. She enjoys learning and writing about interior design, business, psychology and productivity related topics. Her biggest dream is to travel the whole world and take stunning photographs of beautiful places. You can find Chloe on FB and Twitter.
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