One of the early challenges involved in starting up a business is looking for decent office space. Whatever type of business you are in, this is something which you will need to consider. It is one of the first things you will start researching – or it should be. Many business owners fail to look into it in good time. As a result, they often end up with second-rate properties as their center of business. The office you choose has implications reaching much further than you might suppose. It is not just about feeling comfortable in your new workplace, although that is important. There is also the fact that it is your business’ hub. If any clients visit, you will want to impress them, so it’s important you find an office which you are happy with. If you are starting to think about finding office space for your business, then read on. Here are the top things you need to consider.
Location
This is a famous tenet of real estate; the fact is, it applies just as readily to commercial ventures as to residential ones. The location of your office is paramount to all else. There are several reasons for this. First and most importantly, you need to choose a location which your staff will be happy getting to. There are a couple of ways to achieve this. Possibly the way which makes the most sense is to choose your office location first, and then find employees in that area. However, this is not always possible, particularly if your new office turns out to be in an industrial part of town or out in the sticks. Try and choose somewhere fairly central to your employees, though bear in mind that you won’t be able to please everyone. Also, remember that any clients visiting you will need to find it easy to get to.
Cost
The other aspect to finding a good location is that you might have to make a compromise to keep your budget afloat. This is fine, you shouldn’t feel guilty about it – it’s just good business. Indeed, the cost of the office is one major area of concern for many new business owners. In the early days of running a business in particular, you are watching the budget very closely – or you should be. It is important to save as much money as you can early on. While this doesn’t mean cheaping out and going for something which is a hundred miles away, it does mean you should consider the cost. There are many ways to get around the normally high cost of office buildings. You could, for example, use 1031 exchange property and carry out an exchange. This is usually significantly cheaper than buying outright.
Size
Another important thing to consider is the size of the building, or your part of the building. This ties in neatly with cost, as they obviously impact each other. It can be difficult for many business owners to decide what size is right for them. Remember that you want to have the space to expand without having to move. At some point, your business will hopefully grow to the size where you need to relocate. But it makes sense, financially, to put that off longer by investing in larger office space. Too large, however, and you might regret it – particularly if you are renting. Work hard to find a happy compromise before you settle on any property in particular. Expect growth, but not too much.
