If you own a business, there comes a time where you have to make a crucial decision for the growth of your endeavor, and that is choosing an office space. Finding the ideal space can be one of the most important decisions for your business early on, and this can heavily impact your success. Before diving in, here are four things to consider before deciding on where to house your office.
First of all, know what is included in the cost of the space. Cost goes beyond just monthly rent and include rent increase percentage and move out costs. Extra services and fees from things like utilities can add up fast. Be sure to read the fine print and consult with a professional before signing an agreement.
Neighborhood and Community
The location of the office is about more than just you and your employees; consider your proximity to customers, suppliers, and competitors. Being too close to competitors is risky and seldom gives a good payoff. Before moving in, try to meet the neighbors and see what they have to say about the area: sometimes it is a great way to meet some of the nearby companies and get their feedback.
Another thing that comes with the neighborhood and community is the ambience of your office. Of course, the kind of ambience you are seeking depends on the type of business, but in general, pleasant environments improve business. Keeping your team and customers in a place that is clean and safe has an impact on both the customer experience as well as staff morale and productivity.
A trendy downtown location can draw in customers attracted by the “cool factor,” but remember that your customers and employees need to be able to reach you. Industrial units or commercial complexes in more remote areas can be more affordable and offer better parking but come with the tradeoff of access. On the other hand, locations with prime footfall traffic, while key for a retail front, can come with an equally prime price tag.
When thinking about choosing your office space, don’t forget to look ahead at the future. Eventually your business will grow, and you will need a space that will be able to accommodate that growth, whether to house new employee or goods or create new facilities. Also think about “future proofing” your space: invest in infrastructure now that can save you some money down the line.
With these four things in mind, hopefully you will have a better idea of what you might want when looking for a new office space. It is worth restating that much of this depends on the type of business that you have, but these points should help you consider some often overlooked things.