How to find the right office space for your business
Whether you’re a start-up hunting for new office space in 2022 or a growing company planning to move out for expansion, finding the right area for your business is crucial.
Take note that the quality of your office or commercial premises can either make or break your business in general.
The best office space for you will help your business grow, add value to your employees and attract more clients. On the other hand, a poor business area won’t help you increase profitability and deter top-quality employees.
However, finding the perfect office space can be challenging, especially if you don’t know where to start. Therefore, it’s essential to learn the different tips for finding suitable office space to operate your business.
Read on to know the essential factors to keep in mind before signing a lease contract.
Find a good location
Good business location is one of the top-flight qualities of a booming business. Here are the essential factors of a good site:
Transportation accessibility
The truth is some employees depend on public transportation to get to and from work. It’d be better if they could go there faster with less hassle. For example, office space in Hammersmith or any nearby location is ideal because it’s close to train stations and bus routes. Keep note, less stress during commute means more energy for work.
Be where the trade is
It’s best to know who your customers are and where most of them are situated. For example, if you’re into the real-estate business, let your office be where brokers, lenders, and property managers are. Make sure to assess if your office area is ideal for your clients.
Close to essentials
One of the best things to consider when finding a suitable location is the accessibility to essentials like coffee shops, restaurants, and convenience stores. Simply put, be in a place where one can deal with emergencies without too much hassle.
Determine how much you can pay
It’s crucial to identify the following things before even deciding on a space to rent:
- estimated monthly income, including slow periods
- additional expenses such as internet connection, tech tools, office supplies, and staff salary
- emergency expenses
Make sure to calculate how much your monthly net income will be. From there, assess how much your business can afford to pay for a monthly rental. Setting up an office budget will help your business stay afloat and not struggle financially.
Identify how large do you need
Ideally, your office space should be large enough to cater to your business needs. A general rule is to have 70 square feet per person. However, you can up this figure appropriately depending on the demand.
Aside from the physical office space, companies should also consider resources. Assess if you would need extras such as the following:
- a conference room to host company meetings
- an area for printing, scanning, and other office tech tools
- A space for your team member’s recreational activities such as eating their lunch or having a coffee break
- A space for restrooms that accommodate standard toilet dimensions including the necessary space for stalls, urinals, and sinks
Having a perfect office layout is also a game-changer! Some offices are small, yet they could maximize their space through a good setup.
Choose the right building
When you run a business, your clients are the people you should give importance to the most apart from your employees. Of course, they’ll drive revenues for you. Therefore, it’s best to consider their preferences. Buildings that can offer the following amenities are ideal for their convenience:
- Free parking spaces
- Tight security for safety purposes
- Bike Storage Areas
A well-maintained building with good security and complimentary amenities is attractive to your potential customers.
Flexible lease terms
Whether you need to move out for expansion or you have to downsize, getting locked into a long-term lease is never ideal. That’s why it’s best to have flexible lease terms. It’s best to forecast whether your space can accommodate your business beyond one to two years. Always consider your company’s long-term needs and make sure it can adapt to possible changes.
Conclusion
Indeed, looking for the perfect office space is impossible because it doesn’t exist. As they say, ‘No one size fits all.’ Therefore, it’s best to know and list the criteria you think are significant for your business. From there, rate all the office spaces that you’re considering. Stop wasting your energy trying to find the perfect area. Instead, be practical!
Considering the essential tips given above will help you choose the suitable business space that’ll meet your needs, work with your employees and increase your business’ revenue.
