As a business owner, it's important that your business is successful. However, depending on your business structure, finding the right office space is crucial. Especially as the right space can create the right atmosphere for co-workers. This in turn can be a key factor in encouraging cooperation teamwork as well as employee well-being.
Your business is one of your biggest asset. Everything relating to the way you run your business, from the procedures and structure down to the place where your business is, plays a major part in success. Whether you’re starting out or an established business looking to change things up. Consider seeking advice from a professional, they can help with what will best benefit your business success, finances, and value in the future.
This article will give you insights into what to consider when finding the perfect office space for your business.
As the saying goes location, location, location! It’s definitely the most important. Find a location that suits your business style while being convenient for your employees. You will also want to consider things like internet connection, and maybe even conduct an internet speed test when you find somewhere you like the look of so you can make sure you will have the speed you need to keep yourself, and your employees, connected and able to do the work you will be doing each day. You will also want to research the area you are interested in and the environment, focusing on details like accessibility.
This can include how close it is to public transport, thus making it an easier easy commute. Check if the office is within a bustling area or if it is secluded. Also, try to find a place that has an aesthetic suited to your type of business. This can appeal to and attract prospective employees. Remember to stick to your budget as well as this will have an impact on the area of your office location choices.
Depending on your business there is nothing worse than realizing the place is too small for your needs. Or, getting a place that is out of your budget and too big. That is why it is important to have a plan of what your office space will be used for. Think of how much space you require, and the number of employees within the space.
Size requirements to consider;
Take these factors into account to help determine your budget.
Your budget determines everything. How much are you willing to pay for the office space for rent? Settle on a budget that is reasonable and that you can actually afford. You need to account for certain factors other than monthly rent for an accurate determination of cost for a place, these factors include:
You want to reduce as many risks as possible, and setting a realistic budget is key in achieving this. So, decide on a certain percentage of your income that you can spend on office space.
Once you’ve got your budget, you can determine the areas that are suitable for your business as well as affordable. Weigh up the options for office spaces, you don’t want to just go with the first place you find. Research what is out there and compare prices, quality and accessibility. Consider all other factors that could play a role in your final decision. From firsthand experience never trust the photos, it's always best to view the properties first hand. This will give you a better feel of the space, structure, and size. All of which can help you to visualise and set out what your expectations are for the design, layout, and production of the business.
As a business owner, your goal is for the business to succeed. However, you are working towards growing the business as a whole. This is something that you need to factor in when finding the ideal space. Yes, you're looking for accessibility and functionality for now, but you also want to be able to leave room to grow within the business as well as the space.
One option to consider could be renting a bigger space and subleasing the excess room until it comes time to expand if you believe that is where you want your business to go in the future.
Even though once you find an office space that fits within your budget, there is still room for negotiating when it comes to the lease. This is another reason why research is key. You may be able to see that similar office spaces within the area have a cheaper lease option.
Another great way to help with negotiating your lease amount is by getting a business valuation. Specifically a current market value for rent determination. This valuation is a report that is conducted by a senior valuer that is specialized in the industry. They should also have local knowledge of the area and the market. This will help determine the true value of the space which you can use to negotiate with the owner of the office space.
When negotiating lease terms and coming to an agreement with regards to how long you would like to use the office space for, you may want to discuss rental increase procedures. These are usually described in the lease agreement. Just be aware of it as this is something that can catch you out if you haven't properly planned your finances.
Finding the ideal office space at the ideal price that suits all your business needs is important. Thus, it's key that you plan, research and budget in advance before jumping into anything. As above, consider seeking professional advice to determine if you’re on the right path for the success of your business and your financial capability. A business valuation is a perfect step to give you overall insight into an office space that you are interested in.
These steps above are the first steps in your own research to start you off. Once you have decided on a space but want to know if it’s the right choice, a business valuer is the right person to get you to your final decision and start the growth of your business.
Jennifer Matthers has been building her professional career as a property valuer for over 20 years, making her an expert in his field. After she finished her Bachelor’s in Property, Jennifer jumped straight into a training programme to develop her skills and further her knowledge on property. Now, she helps in creating new advanced training programmes for new valuers to pass on her expertise.