Renting your first office space is a huge milestone in your career. It is exciting and terrifying in equal parts. It is all the more daunting taking into consideration the added expenses involved if until now you have carried out office work at your home. However, renting a separate space will allow more room for your company to thrive.
Set aside the distractions and focus on finding the best space without compromising on the budget. The right space improves the productivity of your business in multiple fold. Before you make the huge plunge, take into account certain considerations that would directly impact the growth of your business.
Pick the right location: The location says a lot about your quality and brand. It won’t appear professional, if you choose to set up your office in a residential area. A bustling city location is bound to be costly but comes with numerous benefits like ease of transportation, neighborhood restaurants and gym.
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Size and layout:
The next question you should ask yourself is how much space you would require. There must be sufficient space to accommodate all employees. If you are planning to hire more employees, make sure you choose space keeping that in mind. Think about what other rooms you would want to include such as –
- Meeting room
- A break rooms
- Smoking room
- Lactation room
- Wellness room
- Other dedicated rooms
Assess office expenses: This can be tricky. Apart from rent, you’ll have to spend for furniture, office supplies and put up deposits for services and utilities. You would have to fix a board of your company name and logo. You may require additional signage for marketing your services. Jot it down on a spreadsheet and assess in which areas you can cut down cost.
Lease length: Signing a long-term lease helps you save more bucks as the landlord would likely charge you lesser each month but re-think if that place would suit the growth of your company until the lease length. If you are sure, the place would be sufficient go for it.
Exiting strategy: There may be situations in future where you have run out of space and want to terminate the lease. Most leases let you exit halfway by putting forth some conditions. To be on the safer side, learn about the conditions before signing the deal.
Customize the space: Most office leases are okay with painting, hanging decorations and papering. Read the instructions on your lease document and double check with your landlord if it is allowed.
Make a wise decision when looking for a business space. The work ambience impacts the mood and thereby the productivity of your employers. The more they feel comfortable in their work desk, the more your work will get done.