As an entrepreneur, selecting the first office space for your business may be one of the most challenging decisions you will face. This is true whether you are a solopreneur, in a partnership or manage a handful of staff; choosing the right business base – and knowing what to look out for – can be difficult.
When you begin looking, you may be tempted by the range of high-tech serviced offices, or dream of some of the world’s coolest office spaces like Google’s headquarters, but how do you know what type of office is right for your business venture?
Obviously, one of the most important considerations when renting an office is price. However, in addition to affordability, there are also a number of other factors that must included in the decision-making process, such as:
- Can the space cater for business growth and development?
- Is it in the best location for employees and clients?
- Are there good transport links and amenities?
- How long is the lease and does the price include any additional services?
- And what sort of layout does your business require?
Finding the Right Office is Essential.
The right environment will not only provide a stable base, but it could also help your business to flourish. For example, if your business relies on team work, an open glass office space can foster creativity, communication and collaboration. Or, if your business is still finding its feet, a startup incubation unit could be the best choice.
Essentially, the right office can boost staff productivity, impress potential clients and serve as a platform for growth.
Renting Versus Owning.
While the idea of owning an office may be exciting, most startups and small businesses lack the capital required to buy their own premises.
Renting an office comes with a number of perks, such as: convenience, flexibility to scale your business and upgrade premises, and being able to afford a more high-tech space.
Furthermore, renting also provides a sense of security that owning cannot match. For example, when you buy office space you must be prepared to: pay for repairs and maintenance, sell before you can move to new premises, and meet monthly mortgage repayments which may limit working capital.
Choosing the first office for your business can be a daunting task. But if you take your time and do your research, you can select the right office to support your venture and foster growth.