Choosing the right office space for your startup
Starting your own business comes with a plethora of considerations and decisions. One of those considerations, that influences almost all others, is the place you'll be working from. If you're working from home you might have some time yet until you need to start looking for an office, but if you already have a team, the clock is ticking. To find a perfect office space for your startup you need to ask yourself and answer a few important questions
- What would be the right office space considering your startup's culture and the industry you work in?
- Which office location would attract the most clients and retain employees while being within budget?
- How much money can you afford to spend on rent and still allow your startup business to grow?
- Do you have a growth projection that includes the number of employees and expansion to new markets?
- Which amenities within your office are essential for effective work?
- What kind of layout would best suit your professional needs and those of your employees?
Answering these questions gives a clear and valuable insight into the necessary considerations that await every startup owner. Careful and timely planning and budgeting will set the course of the business. A lot of things depend on the right office space and they shouldn't be taken lightly.
What is your startup about?
The industry you work in defines your startup and, consequently, your startup defines your ideal office space. What you do will significantly determine where you need to work from. Your perfect office space needs to be large enough to accommodate all of your workers and tools of the trade. If the office is too crowded, you risk an unhealthy atmosphere, low productivity, and even injuries at work.
Another important question pops up: should you buy or lease office space? The answer for startup owners is - lease unless you're lucky to own it already. Buying your office space at this initial stage is too risky of an endeavor as it may stress you financially. Leasing will give you sufficient time to develop an image that will distinguish your startup and allow you to grow at the pace you set.
Location is vital for every business, especially for a startup
The location of your office space is key for several reasons. It often sets the first impression of the company and how the clients and employees perceive it. While the prime location for a startup can put a strain on finances, it may have a great return on investment at the same time.
Another equally important trait of a good office location is its accessibility. It should be easy to find by clients and offer sufficient commute options to employees. Ease of access is often a deciding factor when employees choose between jobs. Also, note that you should always be on the lookout for a better and more affordable office space. Once you find it, make sure you hire a moving company like verifiedmovers.com with experience in commercial relocations. The last thing you'd want is to lose precious clients due to downtime during the move.
Your budget will define available office space for your startup
As mentioned above, a prime location can have a crucial but also detrimental effect to your rising business. Unless you're sure that the revenue will quickly cover your rental expenses, you should better start on a more modest location. Startups are fragile in this initial phase and you'd want to be as certain as possible that your rental expenses won't inhibit your business growth.
Also, make sure you find out about all the other direct or indirect expenses attached to the lease. Ask the landlord what amenities are included in the price, like parking, amenities, etc. Compare the prices of available office spaces in the market and everything the landlords offer. Getting the most for your money is a startup owner's priority.
There aren't many startup owners who can predict their business' growth speed. Finding the right office location for the long-term period at that initial phase is difficult. It is advised that startup owners consider short-term leases and after every 6 months re-evaluate their need to move to a bigger space. Just be sure that you have all the resources if moving business somewhere outside Florida, or any other state for that matter, as you will want to know the facts of the market. Moreover, you might need to move out before you're ready to leave the office space due to your lease agreement. Make sure that your growth projections coincide with the landlord's plans.
Think about the layout and amenities that would suit your business
Your ideal office space and office layout will mostly depend on the industry you work in. Open space layout will best suit creative and tech professions, where brainstorming and sharing of ideas are vital for the business. On the other hand, consultants, therapists, and lawyers, as well as their clients, will greatly appreciate the privacy. In the latter case, having a reception area would be preferable. Knowing what you need to conduct business and keep your employees motivated will determine the necessary amenities. Office space that includes a conference room, a kitchen, parking slots for employees and clients, should be taken into account.
A few extra notes
Even though buying a business may be better than starting up, some people have the ideas, time, resources, and diligence required to do it. So, focus your time and energy on detailed planning and budgeting. The more carefully you analyze everything required to build your startup, the better. Finding the right office space for your startup ranks highly on the list of priorities. It greatly influences all other aspects of your business, like employee retention, access to clients or customers, and financial stability. Choose an office for your startup wisely to assure its steady growth.