Being an entrepreneur is full of challenges, mostly because you have to work with limited funds, resources and manpower. However, we all know that those limitations don’t necessarily hinder success, many known entrepreneurs can attest to that.
Goal after goal, your startup may not remain a startup for long. Eventually, you need to make plans for expansion and rent an office space to accommodate your growing business.
After all the hard work, it’s an exciting and rewarding moment when your business finally expands and you acquire a bigger and more established office space. Despite the excitement, you know that there are still things left to do and decide on. Here are some things you should know before renting an office space.
1.Location and Accessibility
The location of your office space determines its comfort and accessibility for you, your employees, and even your future clients. You can start with areas that cater to your niche, as this is where your clients and potential business partners will be situated.
Also, don’t limit yourself to your own perspective. For example if you have a car, and you think that a potential area is a good choice and easy to locate to but it’s actually hard for people who don’t have a car and need to use public transport to commute to and from the said office, then that location is not really a good choice. Remember that some of your employees or clients may not have cars unless your business only caters to the upper class.
This includes the amenities available in the building and in the surrounding area. Does the building have a good number of parking spaces, round the clock security, high speed elevators and decent broadband connections? Does the area have facilities like cafes, restaurants, fitness centres etc? Is the area linked by major forms of transport? All of these factors will determine if the area is a good fit for you, your team and your clients and if you’re getting money’s worth.
In order to establish a business and rent an office you need to complete certain formalities which are dictated by the law. This means that you need to register your business, pay taxes, and open your bank accounts. You might also have to deal with some special requirements according to the location of your business. For example you need to complete some unique formalities before renting offices in the UAE or Singapore.
Making sure that your business complies with the law will make you highly credible and trustworthy.
Renting a serviced office gives you your own space and access to other building amenities for a fixed price each month. These facilities might not provide everyday office supplies or they might charge you extra if you request them.
Therefore it’s a good idea to set aside some part of your budget for things like PCs, laptops, filing cabinets, printers, notebooks, pens, paper, and other office supplies that will help you get your work done efficiently.
5. Area Customisation
You might be thinking of installing partitions in the space you’ve rented. This is okay since you may need to organize your employees in the workplace. However you need to consult with the building owner or management and also review your contract so that you know the extent to which you’re allowed to customise your space.
Before renting an office space, you must also think about the number of employees you are planning to hire for the business. So check the area first, and only consider going for a larger space when you’re sure you will hire more employees.
You also need to assign an area in the office which will act as a reception. This extra space should function as a common lobby where you can meet with visitors, clients and other partners. You also need to consider a room for meeting purposes and a room for leisure purposes that should be exclusive to the employees.
7.Other Monthly Expenses
Aside from the monthly rental, the space will also incur utility bills and maintenance fees which have to be cleared regularly. These expenses will ultimately add to your overall operational costs. So before finalising a space, you need to make sure that all of these expenses can be sufficiently covered by the business.
When you rent a serviced space, maintenance is usually carried out by the building owners or management so you don’t have to concern yourself about hiring a dedicated staff for this. You may, however, need to pay an additional fee for this.
8.Overall Security and Safety
The safety of your office is usually determined by the location and the security services provided by the building. In addition to the security guards available in the building premises, you also need to check if the building complies with various safety standards and has a decent number of exits in place in case of emergencies.
9.Plan for the Long-Term
Startups are usually quick to transition. So even if a certain office space is perfect today, it may not be the best space for you in three or five years. If your current office is just a temporary space for your company then it’s best not to invest too much into it. After all, you won’t be staying in it for too long.
10.Consider a Co-Working Space
If you’re still having second thoughts about whether or not you should get an office space today because of the costs it entails than you have an alternative option available in the form of co-working spaces.
Co-working spaces are perfect for young companies who want to have an actual workplace of their own. Co-working areas are more economical than serviced or traditional office spaces and also have more flexible contracts. Even though you’ll be sharing the space with other people, co-working spaces give you several advantages such as a readily-furnished work area, high speed internet connections and shared resources such as meeting rooms and printers.
Co- working spaces are the best possible option for small businesses who need to carry out their work in a more professional setting but are not yet ready to get their own office space.
You can start searching for office spaces or co-working areas in or near your city today. Start searching for an office now.