As exciting as renting new office space can be, it’s important to do your research and find a space that will help your business grow.
An office space can build brand awareness, create a sense of legitimacy for your business, and increase your team’s productivity.
In this week’s blog post, we share seven tips for renting your first office space so you can make an informed decision and take the next step for your business.
The first step is to decide if you really need office space. How will a desk impact your workflow and team collaboration?
The benefits of investing in physical office space can be:
Mail Delivery – Providing customers with a reputable business address is much more professional than a home address or PO box. It will also allow you to separate your private life from your professional life.
Search Engine Optimization – Brands that have a physical address can verify their listing on Google and appear in Google Maps and local search results.
1. Estimate the space you need
Space requirements can vary widely by company, industry, and location.
While larger corporations may be interested in suites that can accommodate up to 500 people, startups and new entrepreneurs may benefit more from a smaller coworking space or private office.
Consider the number of people on your team and your growth expectations.
What type of work environment does your team thrive in? How should your business grow during the term of your lease?
2. Ask about included amenities
Renting a modern office space involves evaluating the amenities included in the price.
Providing your team with a fully functional space and modern amenities can make all the difference.
3. Compare the different types of desks
There are different types of spaces when it comes to an office. From shared coworking spaces to traditional private offices, entrepreneurs can choose from a variety of office layouts.
Office Suite – A great option for entrepreneurs looking for collaborative and individual spaces dedicated to a growing team and business, which can be customized to bring their brand to life and meet specific user needs. These spaces include dedicated kitchens and, often, private entrances.
Private office – For individuals or teams of up to 15 people. A private office allows teams to grow and evolve, which is ideal for new teams, geographic expansion, freelancers or those just starting out.
Dedicated Desk – Similar to a coworking membership, Dedicated Desks offer flexibility and affordability, along with the security of a locked file cabinet and reserved desk in a shared private office.
Virtual office – This is not a physical workspace, but is very useful for people who work remotely and need a business address and a place to pick up mail and deliveries , as well as access to on-demand meeting rooms, day offices, or occasional lounge access.
4. Explore the nearby area
It is essential that you choose an office location that is easily accessible to your team and clients. Does the office have a bike rack? Your team may also appreciate a location that offers a choice of nearby cafes and restaurants.
5. Avoid legal pitfalls
When renting commercial office space, remember to carefully review the terms of your lease.
Pay particular attention to the duration of the lease, its effective date and the existence of renewal options.
Also, does the rent include insurance, property taxes, and maintenance costs?
How much is the deposit and what are the conditions to get it back? What common areas are included in your rent?
6. Consider your budget
Don’t choose an office space that will put your business in debt. Establishing an appropriate budget will help you maintain your peace of mind.
That being said, investing in your business and in your dream is a necessary part of growing a business.
Remember that amenities, maintenance, taxes, postal service, furnishings, and other factors should be considered when determining your office space budget.
7. Look for flexible terms
Read your office lease agreement thoroughly. In addition to the criteria you have set for your ideal office space, you should be mindful of any flexibility in the rental process.
For example, the office rental company may offer a discount on your rent if you sign a long-term contract (like a one- or two-year contract).
This level of flexibility can be crucial to ensuring the viability of a growing business.
8. Personalize your space
If you plan to spend most of your week at the office, why not make the effort to arrange it to your liking?
At the start of your week, the space should give you a sense of optimism and excitement.
We’ve seen people posting posters and photos of their family, writing inspirational quotes on their walls, and even bringing furniture from home to feel even more comfortable. How will you personalize your space?
9. Watch your business grow
A single desktop might be enough for a small business start-up, but if you’re growing quickly, you’ll also need to consider scalability.
How many new team members are added each month or quarter? Do you plan to expand even further next year?
When choosing a suitable space for your team, remember to keep in mind your near future as well as your current situation.
10. Learn about building security and maintenance features
Safety and security should be the number one priority for everyone on your team.
Wherever you end up working, you and your team members should feel protected.
Find out about the security measures in place. These are usually key card access, security cameras, and various emergency security procedures.
You should also find out how the building is maintained. It’s a good sign if technical or mechanical issues are resolved as soon as possible so as not to interfere with your daily work.
11. Cultivate your company culture
One of the best things about working in an office is the community you build with your colleagues.
Not only can they inspire you to work harder, but they can also make work less dry and mundane.
Discuss with your team which values are most important to them, and start building your company culture around those values.
What is essential to keep in mind? What motivates your every action? Culture is what separates a generic company from a company that has longevity.
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