What You Should Know About Office Space
Before you start a business, you might want to have a place to launch, you may also want to know what you should know about office space before starting your startup business. You may want to work from home or consider getting an office space. Aside from organization and structure, renting a good office space can make all the difference for your startup business depending on of course the type of business you create. It can be a place where you will be able to grow, work on your product, and possibly attract investors. Choosing the right office space might help lead to the success of your startup business, credit may also play a part in your journey of obtaining an office space as well.
The Different Types of Office Spaces
There are a variety of office spaces available for startups, each with its pros and cons. The three most common types of office spaces are co-working spaces, private offices, and enterprise offices.
1. Co-working Spaces
Co-working spaces offer a flexible and cost-effective option for startups. They typically provide shared workspace, meeting rooms, and other amenities such as coffee and printer access.
Additionally, co-working spaces often have a variety of amenities that can be useful for startups, such as conference rooms and printers. However, coworking spaces can also be noisy and distracting, which can make it difficult to get work done.
2. Private Offices
Private offices can provide startups with the privacy and focus they need to get work done. For example, you won’t have to worry about distractions from other people in the space.
Additionally, private offices often come with more features and amenities than coworking spaces, such as kitchenettes and private bathrooms. However, private offices can be more expensive than other types of office space.
3. Enterprise Offices
Enterprise offices are designed for businesses that need more space than a single person or team. However, such outlay might bear significant costs.
4. Purchase Office Space
Purchasing office space can be a huge undertaking, and might not be the right fit for a startup. However as your business and office grows, you may need a place to create production. You may also consider expanding to various states and may want to purchase a commercial office building.
How to Choose the Right Office Space for Your Startup Business
There are a few things to keep in mind when choosing office space for your startup business. These are:
1. Projected Growth
First, consider the size of your team and projected growth. You may want to consider having enough space for everyone to comfortably work, as well as room to grow.
Having a clear idea from the start can help you make intelligent choices from the get-go. This will help guide you to choose the right rent office space has to offer, according to your startup specifications.
Great locations are always hard to combine. If your startup business experiences a meteoric rise, you might not want to be changing offices very frequently as it could prove detrimental.
You should consider planning your office space with projected growth in mind. Take advantage of buildings that can be upscaled to cater to your business expansion.
2. Price vs Budget
Budget is crucial, but there needs to be a meeting point between the financial cost and your expectations. In other terms, you'll need to find something that's affordable but also suits your needs.
The rent for a small office space in a major city can easily cost you a lot of money per month. For a startup business, this can be a substantial amount of money. In addition to the monthly rent, there are generally other costs associated with office space, such as utilities, janitorial services, and furniture.
However, there are ways to reduce the cost of office space. One option is to sublease office space from another company. This can be an affordable way to get started, but it may not be the best long-term solution.
Another option is to find an office space that is shared with other businesses. This can be a more cost-effective solution than renting a traditional office space. In everything, resist the temptation to punch beyond your purchasing power. In doing so, your startup might get some of the leverage to thrive.
3. Location is Important
Location is important for both practical and marketing reasons. Choosing a spot that is convenient for your team as well as one that will help you attract new business might be something you should consider.
You may want to be in a prime spot that is visible to potential customers and clients. A good foot traffic is also one that you need to consider in your location if your business is geared for this. In the end, you should want to be in a place that suits your company's needs.
The location of your office space may play a big role in how much it costs. If you’re in a major luxury center, you can expect to pay more than if you’re in a smaller retail mall.
4. Consider the Amenities
This is another important factor to consider before renting an office space. Maximize your full money's worth by securing a facility that comes with all the amenities important to you and your team.
Do the bathrooms work? How about parking space and security? If you're building a business that will utilize a lot of techs, check for outlets that support your ideas. Make sure the office space you choose has everything you need to stay productive and happy.
5. Plan the Layout
The layout of a building might be important, if you're a tech startup, an open space could be a priority for you. But if you're into therapy or any type of counseling, an enclosed space might just do the trick. Because clients will want that privacy in your office space.
Whichever the case, choose a layout that supports your startup model. Other things to consider may be conference rooms and kitchens if you're operating a shared space.
6. Lease Period
For smaller startups, you may go for a lease period that fits the line of your upscale vision. What this means is you should be careful not to get trapped in a lease period longer than necessary, and of course consult with your CPA and attorney to make sure the lease fits your needs.
One of the things to do is to evaluate your current staff strength. If you have six employees, it could easily be before 24 staff in seven months, it is all on the growth of your startup.
Another option you can explore to rent an office space is subleasing. A sublease may fit your short-term demand for flexibility. Make sure the lease fits in with your long-term strategy.
7. Talk to a Real Estate Expert
Talking to several experts when it comes to rentals is never a bad idea. You would glean from their experience and make sound choices for your startup business.
When it comes to real estate rentals, potential hidden costs abound. These costs could see a potential rise in your rental rates. A real estate expert might give you a heads-up on potential bargains on property. You can also be in the know as to development plans in and around the neighborhood.
Tips for Startups Moving into an Office Space
Having your own office is a big milestone for any business. But before you sign the lease and start decorating, there are a few things you should know about workplace etiquette. And what to expect from your new office neighbors.
Here are our top tips for startups moving into an office space:
1. Know the Rules and Regulations
Make sure you're familiar with the building's rules and regulations. Every office building has its own set of rules. It is important to be aware of things like quiet hours, visitor policies, and parking procedures. Familiarizing yourself with the building rules will help you avoid any potential problems down the road.
2. Introduce Yourself to Your Neighbors
Even if you're not planning on being a social butterfly, it's always polite to introduce yourself to the businesses around you. You never know when you might need their help – or they might need yours.
3. Keep Noise Levels Down
Whether it's music from your office speakers or impromptu meetings in the hallway, noise can be a major issue in shared office spaces. Be considerate of your neighbors and try to keep noise levels to a minimum during business hours.
4. Be Tidy and Clean Up After Yourself
Nobody wants to work in a messy or cluttered environment, so do your part to keep things clean and organized. This includes everything from keeping your desk tidy to disposing of trash properly in common areas.
Starting a business is a big undertaking, and there's a lot to think about before taking the plunge. Office space is just one of the many things you may consider when starting your startup business. In the end, you should be prudent, do your due diligence and build your connections with a trusting network. You may never know how large your business will grow unless you take the risk and try.
Office Space - Law