You know your business has taken an exciting turn when you head out to hunt for a designated office space. But you must finish your homework before you start hunting for a new office. Renting a new commercial space can be a daunting task, and you need to pay attention to numerous factors. From office size to amenities, you need to consider everything.
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Choose the Optimal Location for your Team
When choosing a dedicated office space, selecting the right location should be your first important consideration. Your office should be situated in a place that is easy for all your team members to reach. Longer commute times can hurt your team members’ performance, so the quicker they arrive, the better.
The first place to start should be the city’s central location. While most city centers are superior, luxurious, and bustling with life, they also tend to be crowded and expensive. So, if you’re on a tight budget, you may have a hard time finding the right place here. Similarly, city traffic can be a nightmare to deal with during peak commute hours. And to top it off, parking is not going to be an easy catch either. If these factors seem like a deal breaker to you, how about moving your consideration set away from downtown? You’d be surprised at how the rent and traffic ease down a few miles away.
How Much Is Too Much Space?
If your business is skyrocketing, this can be a tough one. Every business is unique, so the spacing requirements vary by the company size, industry, or even your location. While established enterprises may need spaces that accommodate up to 500 employees, smaller startups can thrive even in co-working spaces.
But a general rule of thumb would be to take into consideration the number of employees you have and how many more you expect to have by the end of your lease. Once you’ve set your mind on the right office size, determine what layout you want. Do you prefer more open workspaces, or would closed cubicles bring the best out of your team? You’ll also want to think about whether you need dedicated rooms like conference rooms and break rooms.
If you want to keep the place a little small, consider the option for remote working and alternative schedules. For some employees, these are highly desirable choices and may even help in bringing better aptitude to your organization.
Budget Your Office Expenses
Budgeting for a new space can become too tedious too quickly. Not only do you have to account for the office lease, but everything from utilities to daily supplies. When you’re stuck in such a situation, it’s better to funnel the expenses down. Start with your biggest expenses, that way you’ll have a better idea of where most of your cash is going and how close you are to your limit.
Some of the hefty expenses are your office utility bills and services, the new office furniture, and essential electronics such as computers, printers, Xerox machines. It would be wise to make a spreadsheet to keep everything tidy and accounted for. You’ll also be able to spot areas where you can cut down your expenses here. If your budget is tight, it is best if you keep factors like decor and furnishing to a minimum. You can periodically improve these once your business begins to flourish!
Know Your Lease In and Out
When it comes to your leasing agreement, you’re not going to get a second chance. So, before you agree to your lease, know what you’re signing up for like the back of your hand. All legal documents, including your lease agreement is going to look like a maze of clauses. And since you’re not a real estate expert, you are bound to get confused with some statements.
Since most of the essential information is communicated in the real estate industry language, it is difficult for tenants to wrap their heads around it. But not understanding what a clause means can end up being a costly mistake. Make sure you go over your lease agreement thoroughly. There is no need to take any chances. Ask as many questions as you feel like; after all, this is crucial for your company’s future.
When you find yourself in a tight spot, it’s always best to consult a professional. No matter how thoroughly you have researched, nothing better than getting the green light from someone whose been working in the industry for years. By consulting someone, you’ll understand the finer details in the process, minimizing the chances of any significant mistakes in the future.
Renting Short and Long Term
Since your business is still in a dynamic phase, you should also consider whether a short or long-term lease would be optimal. Long-term leases are generally better as the landlord may charge you a lower monthly rate. But if you do not take your unique situation into account, this can backfire. Most landlords may expect you to sign anywhere between one to five-year contracts. But would your space be adequate for that long? If you are confident that you are making the right choice go ahead, a longer lease will fare you better. But if you are unsure, take your time.
Committing to a long lease when your organization is rapidly growing can diminish your growth, or worst-case scenario, force you to get two different offices, creating a plethora of new issues. If your organization is in such a volatile space, it is better to consider temporary co-working spaces or shorter leases. You will save yourself thousands of dollars while taking your time to find the right place to settle in.
Once you’ve spent a fair amount of time hunting for office spaces, you’ll likely have a few options in mind. Weigh in the small pros and cons of each before you make the final call. Remember, it is best to consult a real estate professional before you do so!