For a young startup, moving from your bedroom to a small office space is a big step. It’s exciting and nerve-wracking at the same time. It’s the start of a huge journey, and it gives you the capacity for huge growth. You can bring in new employees, and expand the business. You can collaborate, and run daily meetings to further the company. At the same time, however, you’ll significantly increase your overheads and outgoings. You need to make the right decisions, and stick to a budget. Here are some top tips for making the right choice.
Choosing the type of office space
First of all, make a decision about the type of office space you need. In some cases, you could just purchase a virtual office space. That gives you a registered business address, and a professional impression. Another option is renting meeting rooms on a regular basis. This is perfect for meeting clients, investors, and other team members. The professional choice is a full office space for rent. Remember, you can choose from open plan or closed offices. What would suit your business?
The location of your office space is essential for your company. Firstly, your employees will appreciate an office that is central, and easily accessible by public transport. The quicker their commute, the better their productivity and happiness. Secondly, it’s important when considering your competition and meeting clients. You’ll notice that most similar businesses operate from the same area of town. Why not consider a move to a whole new town? Try a city where startups are thriving! You need an office that is easily accessible, and close to your competitors.
Ideally, you’ll want to pick an office that is kitted out with modern facilities and amenities. That makes the general upkeep and maintenance easier. You can also move straight in, and set up shop. Look for an office space with existing phone lines and internet connections. Find an office with built in kitchen and bathroom facilities. It may cost a little extra, but it will save you a lot of money on renovating, and installing the necessary facilities.
Room to grow
Renting your first business space is a huge step. You’re probably not thinking about expanding again, but you should be. If things continue as planned, you’ll bring in more money, and – consequently – more staff. Try to give yourself an extra quarter space to grow into. That will satisfy your business as you grow and expand. The last thing you want to do is constrict yourself further.
Of course, we couldn’t end this article without discussing the cost of your rental space. Upgrading to a larger space will immediately increase your overheads and outgoings. Consider how much your business can afford to outlay every month. More importantly, are the long-term foundations in place to cover the office lease? This isn’t a decision to make lightly, so spend some time with the accounts. Make sure the money is there, and create an extra pot of emergency funds.
Follow this advice, and you’ll move into the perfect office space for your startup company. Best of luck, and let us know how it goes.