Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope for profit – Oxford Dictionary.
The beginning of another year always brings in an air of hope. Especially so for emerging entrepreneurs because it represents the time to list down goals with the aim of blazing past them soon in the future. That time is here now, to fix your sight on a big goal – “Setting up a new workspace”.
That can no doubt sound intimidating but here’s where we need to take a step back. It’s about the careful, step by step due diligence of your needs and requirements, before you decide on your workspace.
Here are some essential tips to help you make the right decision:
- The Nature And Culture Of Your Business:
The first consideration when looking for office space is the nature of your business. The ideal space should be large enough to accommodate all your employees and other operational work. For instance, there should be provisions for the storage of stock, materials, and anything else essential in your business’s function ability. On the other hand, if you’re not ready to take the leap to a larger space, you could even look at convenient shared office space options.
The ideal office space should also enable you and your employees to showcase the culture of your business. This shouldn’t be missed because the working environment plays a significant effect on the productivity and morale of your employees.
Get a workspace that motivates your staff to work harder and longer. Never play low on the image and reputation you intend to build your business when finalizing on your office space.
- Value For Money
Evaluate the pricing of each space to ensure that you’re getting value for your money. Sometimes lease contracts have many costs hidden in fine print. Take time to read the lease document or you may miss those charges.
Calculate the total costs of moving your business to the new space, including the cost of renovations and installations. Space should be worth every penny that your business will spend on monthly rent charges. One thing that can reduce the hassle significantly is to opt for a comfortable plug and play office, which allows you to save valuable time.
Profitability always has to be the driving factor. Additionally, the price should be within your budget for rent and leasing charges.
- Space Layout And Amenities
The office layout will determine if all the equipment and furniture that your startup needs will fit. While space may appear large enough, some furniture and equipment may not work depending on the layout. Appropriate lighting adds to the ambience as well.
You want to create a comfortable and safe working environment for your staff. The amenities present in the space can help you make a wise decision.
If you intend to meet most of your clients at the office, look for space with an accessible waiting area and access to a meeting room. Other important things like internet and telephone connections, parking facilities, and other amenities like a pantry and storage units also play in.
- The Right Location
One of the reasons for choosing a physical location for your startup is to convey the right impression to your clients. People trust brands with physical locations. Its easier for them to meet the owners and seek information about the business.
The location of your office space determines the image you create to your potential and existing clients. While renting or leasing a space in prime locations is quite expensive for a startup, choosing such locations helps you build your brand image.
Your clients and staff too should have an easy time accessing the office. Besides, consider security and access to other facilities like restaurants and recreational facilities. If the rent charges are too high in the ideal location, renting a virtual office or even a shared office space is an alternative yet considerable option.
- Read The Lease Terms Carefully
The property owner may try to rush you to sign the contract, especially when the office is in a prime location. However, please do not sign it before reading all the terms and clarifying any cost implications of each clause.
They may even hide charges and other binding clauses in fine print. Consider the lease period as well. Moving your business from one place to another may harm its long-term profitability.
Its evident that choosing the right office space is no easy task. If you rush the decision, you can incur higher costs than necessary or worse lease the wrong space. We understand, and strive to always make choosing office space, an enjoyable investment.