Running a business requires some basic needs, one of which is an office. Having an office space is a dream for many entrepreneurs. However, in many ways, it can be a nightmare. Getting the space isn’t easy and it is hard to find a space that has everything you need.
We have all come across the dreaded monthly rental agreement. From the moment it hits our desk we know it’s going to stress us out. This is why we decided to create a blog that highlights important things you should know about when getting an office for your business.
This will save you time and money and prevent stress.
Here are some tips you can use to find a great space that has everything you’re looking for.
- Choose your location wisely
The main thing you have to take into consideration is where your new office space should be situated. Your utmost focus should be on clients not struggling to locate the place.
You’ll also want to make sure your space stands out in their mind for the right reasons, making attractive surroundings another factor which should feature heavily in your decision-making process.
It’s also vital to take into consideration the accessibility of your office space by employees. It’s best to choose an office space and location that employees can commute to easily, otherwise they may decide to seek out a job closer to their homes. you may want to consider allocating square footage for a staff lounge, a meditation room, or private offices, where employees can relax and destress.
- Know your Needs and budget
The room size will undoubtedly be one of your main considerations when looking for an office space or moving to a larger and upgraded workplace, especially if you want to give your business room to expand. Considering your company’s future in mind, choose an office space that can be expanded to accommodate a larger group of people or develop over time.
This consideration also comes at a cost. Many people won’t be able to afford big office spaces. The top priority should be making sure that your team have the space they need to work effectively.
Whether the pricing is appropriate for you and your company is an important issue to ask yourself. Although it may seem simple, it’s crucial to know that you aren’t overextending yourself with the lease. Make sure that getting the office space you want doesn’t really limit your company’s growth in other areas as a result of the associated costs. Take into account any potential hidden expenses associated with your new office location, such as property rate, internet access, or any other fees that might not be immediately apparent.
Your best bet is to determine all additional fees upfront so that you may sign up with confidence knowing that you’ve made a decision that is cost-effective.
- Work with a trusted agent or agency
Since you are venturing into the unknown, it’s best to search hand in hand with an agent or agency. These agencies or agents have domain over the real estate industry and a level of credibility to their name. Avoid working with an agent who has never been successful in finding an office space for someone you know, to err on the side of caution.
You wouldn’t want to leave something this vital to chance, similar to when you relocate and look for a new doctor. Make more research you deem necessary after gathering personal recommendations. Find out what former clients are saying about the agents online by searching for them on LinkedIn and other platforms. There are so many agents out there that make promises and don’t follow through on them. For example, they never complete the searches they claim to be conducting for you. Choose a person from the start that you and your network can rely on.
- Be open to other forms of leasing an office
If you’re just starting to pull in revenue, but you’re not yet making profit, you might not have enough in the bank to convince a landlord to rent a commercial space to you for a long period of time. If this applies to you, it’s advisable to sublease your initial office space.
Month-to-month sublease agreements are typical; week-to-week agreements are less frequent. If you’re still in the growth stage, subleasing is one of the best and more practical route to take.
A commercial lease agreement is also another major decision you’ll need to make for your company depending on the location you choice for your office space. Due to the fact that the first draft of a business lease is largely in the landlord’s favor, research is a crucial step in the commercial leasing process that you cannot afford to miss or rush through.
Long-term leases typically result in significant savings and increase landlords’ willingness to make accommodations. If you do determine that a long-term lease would be the best option for your company’s needs, take the necessary precautions to safeguard your business by include conditions that allow for early termination, subletting, and assignment.
- Know that everything’s negotiable, even rent.
There is no hard and fast rule when it comes to nailing down an office space. For example, just because the rent for an office is listed as $5,000 a month doesn’t mean it’s actually $5,000 a month. You should always negotiate the rent down between 5 to 20 per cent of the square footage listed price. You’d be surprised how much people are willing to go down.
Once you have a short list of potential office spaces, visit each location and see how you feel about the space. Don’t forget to ask what’s included and what’s not. Ask about cancellations, deposits, guests, and meeting rooms, these make a difference.
This is where you’re going to work from Monday to Friday between 9 am and 5 pm for the next years to come, so make sure it is a space you like. You should also distinguish your must-haves from your nice-to-haves. there’s no such thing as a “perfect” office space.
We hope you enjoyed today’s article on how you can get a space for your business. We hope our tips on getting a space for your business have been helpful and that you now feel more confident exploring your options for a square footage of an office space.
If you do have any questions about getting a space for your business, please don’t hesitate to get in contact with us at 0555584552.