Starting a business is an exciting time. You’re ready to stop working from home and upgrade to an actual office. Some business owners decide to look for those high-end offices, which are located in prime business districts. However, that may not be the best location for your company.
Choosing the right office is an important next step for your business. You’ll have several options to choose from including leasehold office spaces, serviced office spaces, or coworking spaces. But which type of office is best for your start-up?
We’ve put together some tips to help choose the best office for your business.
1). Determine a budget: the first step is to determine how much your business can afford to pay for rent. Keep in mind you’ll have to pay the rent even if money isn’t coming in. For start-ups this can be challenging.
So, determine your budget first, and then you’ll have a good idea of how much you can afford. Keep in mind that if you choose a leasehold office space, you’ll have to cover not only the rent, but the cost of office furniture, supplies, office equipment and utilities. Those things don’t come cheap.
With a serviced office space or a coworking space, most of the services and amenities are included in the rent. This includes all the office furniture, equipment, and more. For start-ups with a tight budget, these might be the best offices spaces for the money.
2). Calculate the size: next, you’ll need to determine approximately how much space your business will need. If you’re working alone, then a smaller office or coworking space may work just fine. However, if you have employees, then you’ll need to do a headcount.
With this number, you can then calculate the amount of space needed for the company. Figure about 100 sq feet for one desk (for one person) or 50 sq ft per employee. If you opt for a serviced office, the provider will already have allotted space and will advertise on a number of desks basis, saving you the need to do this.
In addition, you’ll need to make a forecast to determine the growth of your business in upcoming months. If your business is set to grow, then you’ll need to take this into account when searching for the right office space. The goal is to avoid being too crowded and instead find an office space with room to grow.
3). Location: there are many things to consider. The office will need a location that is easily reached by employees, clients and partners. And keep in mind that your office location will help attract top job candidates and retain employees, if the office is located in the right area.
The office should be centrally located in order for all employees to feel they are comfortable with their travel time and route to work. If the office is difficult to reach, you could lose workers who want a job closer to home.
One exercise you can try is to map out where your current employees and clients are located. This will help you find that perfectly located office space. The location should be near transportation links and not too far from amenities such as restaurants and shops.
4). Office spaces to fit your business: consider the culture of your business, your industry and your company image. You want the office space to be a good fit for your business in these areas.
The right office space provides your employees with the room and right environment they need to work. Their productivity will flounder, however, if the office is too crowded and the environment is dreary and uninspiring. The idea is that the office should provide a place to work yet keep everyone comfortable and happy.
Next, consider what type of image you want your business to project. If clients and partners visit regularly, you’ll want to find an office that provides a good first impression, located in a suitable area. This may or may not be the prime business district, depending on type of business you have.
5). Office design: as a startup, another crucial element to attracting new staff is to offer a unique, vibrant working space. With a leasehold office space, you have control of creating the work environment. You’ll be able to decorate and arrange the office as needed. However, keep in mind that a leasehold can be expensive.
With a serviced office space or a coworking space, everything is provided. The environment is usually vibrant, creating a great space that lends itself to inspiration and productivity. You won’t have much control over the design of the space, but then again, everything is provided for you. A serviced office space or a coworking office space may be the best option if your startup budget is tight.
6). Amenities and services: now you’re ready to consider the types of amenities and services necessary for your business. Remember that if you choose a leasehold office space, then the business will be solely responsible for providing everything needed to run the business—from office furniture to tech. This can be quite costly and needs to be considered when creating a budget.
On the other hand, serviced office spaces and coworking spaces provide what you need. It’s all set up and ready when you move in. Services and perks can include:
- Office furniture
- Kitchen access or fully stocked kitchen
- Meeting and conference rooms
- Access to office equipment (such as printers, projectors, and more)
- Breakout rooms
- IT & telecom (WiFi and other services)
- Reception desk
- Admin assistants
- Cleaning & maintenance
- Security services
This is a list of the most common services provided by serviced offices and coworking spaces. Services will vary from office to office. Other perks may include a secure storage room, a gym, on-site showers, and more.
If your startup has a tight budget, a serviced office space or a coworking office space may be the best option. Everything is provided and covered in the monthly rent, including maintenance and cleaning. You won’t have to worry about paying for furniture and more. Instead, it will all be provided for you. Just move in and setup, and you’re ready to get to work.
Choosing the right office space for your startup can be challenging. However, with a little homework and research, you’ll have the right information to start the search.
A leasehold can be the perfect option for some new businesses. However, if you have a tight budget or prefer a zero hassle experience, then a serviced office space or a coworking space may be the best option for your startup.