A growing business is certainly a great sign, and at one stage or another, a business would need office space to spread its wings. Renting an office for your business to upgrade the operational scale is an interesting and exciting time. Not only does it indicate towards the growing value and development of the company, but also is a significant step towards entrepreneurial goals.
While renting an office space for your business, there are a lot of things that must be considered about the site. The office space must fit and adhere to the requirements of your company.
Here are five tips to renting an office space for your business.
Analyse the Location and its Vicinity
Before looking into anything else, the foremost thing that must be considered is the location. The location you select as a rented office space must be ideal, keeping in mind the needs of your business.
Initially, it must be completely safe and secure. Offices that are situated busy locations, in close proximity to a main town are usually more secure. Try to avoid areas with high crime rates.
Next, the office space you’re considering must be easily accessible. It should be located in the city rather than the outskirts for obvious reasons. If budget dictates that your business cannot be centrally located at this time, you should ensure that public transport links and ample parking are close by.
Lastly, you must consider the surroundings. This will differ dependant on the nature of your business. Will you need materials, do you need to be close to suppliers, post offices etc. Do you need to attract foot fall, if so your office entrance cannot be hidden. Are you too close to competitors? It is important to think about the daily running’s of your business and choose the location that will allow these processes to become more streamlined and efficient.
Define your Area Needs
You must know how much space you’ll exactly need, calculate this per person (This will be altered depending on the configurations you have in mind.) You should rent an office that is spacious enough to accommodate your employees, furniture, electronics and any required inventory. Although, rent a site too spacious and you are wasting money, rent a space too cramped and you risk discomfort and disruption for employees and a bad impression for clients.
Ensuring utilities in a rented office is extremely important as the working conditions have a significant influence on the productivity.
Initially, an uninterrupted power supply must be ensured so that your business operations aren’t interrupted. Places prone to regular power breakdowns must be avoided.
Another important thing that must be ensured is Internet. The Internet has become necessary for modern businesses as a lot of tasks and operations are dependent on it. Hence, a place which offers high-speed and consistent internet must be preferred.
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Other utilities that you must look out for while renting an office space for your business include telephone, water, sewerage, central heating/air-conditioning, etc. Lifts or escalators may also be important if you are client facing.
Well-maintained and purpose-built business centres such as those in London are usually equipped with everything a business would need in an office space.
Don’t Go Overboard with Budgets
Growing businesses aren’t usually insanely profitable and must look out for opportunities to save costs. They shouldn’t consider office spaces that are beyond their allocated budget.
Next, they may also opt for subleasing an office space to minimize fixed costs. Subleases are short term monthly, or even weekly leases and going for this option will save you a lot of bucks.
Also, try not to sign yearly lease deals with landlords as you’ll become bound to paying for space until the contract lasts.
Consider Sharing a workspace
Sharing a rented office space is a brilliant idea. You can agree with another entity seeking business space and share an office, splitting the rent, utility bills, and maintenance costs.
With dozens of collaborative workspaces in London, it won’t be difficult to find the one that suits your business.
Considering the above tips, you can choose the optimum office space for your business, as per your requirements. You can minimize your fixed costs and choose a location that suits the requirements of your business, employees, and clients.