So, you’ve been running a business from your garage, and now, it’s starting to take flight. You know what that means; it’s time to ditch that underground space and move into an office – but, how?
As exciting as moving into a new office space is, it is essential to do your research and discover an easy-to-finance area and run with it. Choosing the wrong office can not only hinder growth but also drain you financially.
What you need is a guide. Now, you must be wondering, why would finding an office space require a manual? You see, finding office space can be challenging, even more than finding an apartment nowadays.
Often, it is purely a question of information. Sometimes we encounter helpful brokers, but you’re burdened with their fees and other stuff you don’t know about, especially if you’re buying the place. But it doesn’t have to be that difficult. You can always rent an office space because renting gives you the best of both worlds.
Here’s everything you need to know about renting office spaces, including ways of finding the right one for you.
1. Serviced Office Spaces are Ideal
Many trivial businesses prefer to rent communal, serviced offices that offer a range of amenities within the lease agreement. Some of the shared facilities may include Wi-Fi, storage units, a lounge, furniture, and even support staff like receptionists, security, and concierges.
Serviced offices are ideal for small start-ups because they eliminate the element of worry and allow you to concentrate on what’s important. Furthermore, if the thought of finding serviced offices seems compelling for your business, you’re in for a treat.
You can now rent serviced office spaces from The Executive Centre and receive top-class amenities, including industry-leading technologies and 24/7 support.
2. The Layout and Size
For a business to grow, this may be one of the most crucial decisions ever. You need enough space to accommodate a large number of employees. If the office space starts to get tight and you get stuck into a long lease, know that you have plenty of options today.
To capitalize on smaller office spaces, you could look into outsourcing work with flexible schedules. What’s more, these guidelines will help you attract good talent.
Either way, you will require the following:
- Phone booths
- Meeting rooms
- A break room
- A separate room for storing stuff or a kitchen
3. Is the Office Space Secure and Safe?
Your employees won’t want to work in an unsafe place. You should select a secure space, is reachable and doesn’t leave you in a constant state of worry.
4. Know What You’re Allowed to Change
You’ll want to make your rental office feel like your own. Unfortunately, most landlords don’t want you knocking down walls and giving the space a complete makeover. So before you put the changes in motion, see what you’re allowed to do to the rental space without the owner charging you for damages.
5. Remember, Every Lease is Negotiable
You don’t have to accept the terms as they are. It’s essential if you have an attorney who can analyze your paperwork for you. If the property owner claims that you are responsible for all repairs to the building, you can always have that condition changed. Even monthly down payments, rent, and lease durations have room for wiggle.
Furthermore, you may also want to consider the length of the lease. You can save money by agreeing on a longer lease, so the owner charges a lesser rate per month. At the same time, consider the adequacy of the space itself; will it be enough for a year or six years? If you are confident that the area is enough (or if the exit terms are rational), a lengthy lease is a good idea in the long run.
6. Consider Parking
Parking is another aspect overlooked when chartering an office space. You have to make sure there are enough parking spaces available nearby, so your employees get to work on time without hassles.
A dedicated area for parking is a plus. On the other hand, if most of your employees use bikes, there should be enough space or a separate rack in the building for employees to hoard them.
7. Exit Strategy
If by the grace of God, your company expands its space before the lease is over, you’ll need to understand how to halt the lease. Often, leases offer provisions for exiting. All you have to do is make sure you know how much notice you’re required to give and how much will it cost.
On the flip side, if there aren’t any provisions in the lease, ask about them before validating the lease.
8. Figure out Office Expenses
Indeed, budgeting for your office can drain you. You may have to deal with deposits and leasing for services and utilities, office supplies, and furniture. On top of that, you’ll also need office equipment, such as computers, fax machines or printers.
Printed and signage materials are another consideration. At a minimum, you’ll require a company logo and name on the entrance with business cards for staffers. Besides that, you’ll also need in-house signage and other informational collaterals.
Get a more precise understanding by creating a spreadsheet for expected expenses and identify areas where you can make cuts. You will save money by answering the right questions, such as discussing contracts or what the lease includes.
Some leases include security, parking, common areas, and utilities. Before you settle on a space, the bottom line is to make sure you scan the lease’s fine print of the site you are considering. What’s included and what’s not – can make or break the deal.
9. The Takeaway
If you’re worried that there’s too much to look out for, don’t back out. Read this checklist carefully. It will help you evaluate, compare and negotiate the office space that complements your business. While you’re at it, make sure the rental space you select reflects productivity and positivity instead of the opposite. Keep your focus on what you want to achieve, and it never comes easy.