As a business owner, you know for sure that there’s going to be a lot of decisions that you’re going to face and make in your life. There’s nothing easy about running, opening, or even expanding a business. Of the many choices that you’re necessarily going to have to go through, one of these has to do with choosing the right office space.
Like any other matter in your business, choosing the right office space isn’t something that you can do haphazardly. It requires a lot of thinking through to ensure that you won’t make the wrong choice. It would help if you had a plan for you to come up with the ideal office space for your business and your workplace.
That said, here are some tips to help guide you through this process:
- Consider The Demographics
The demographics here refer to the business segment that you’re trying to reach. The area that you’re considering to have your physical office space should be one that makes sense not just to your business, but even that to your target market segment as well.
A good point for you to think of is whether or not the potential location of your office has enough population of the demographics that you wish to reach. If it doesn’t, then you’re better off looking for another site instead.
- Decide On The Space You Need
Some business offices demand a small space, while others require a bigger one. So, as you start to narrow down your options of office spaces to choose from, also decide on the size of the space that you need. Don’t just factor in the number of employees that you’ll need, but also the office equipment that you’re going to need to put in. When you already have a size in mind, it will be less complicated for you to look through possible options.
To help you determine the space that you need, you may also want to seek the help of professionals. For instance, an experienced serviced office broker from Europe (if you’re looking around there) can help you calculate the per square foot needed for a particular number of employees, plus other office equipment considered.
- Factor Convenience
Another determining factor that you have to bear in mind when choosing among different office spaces is convenience. No matter how nice your office space may look, if it’s in the middle of nowhere, then no one will also want to go to it. For starters, you have to be accessible to public transportation, great parking options, and high foot traffic.
You don’t want to make it hard for your customers to find your office. Else, it’s going to be so much harder for you to attract customers. Along that line too, think of your employees’ convenience as well. If it’s difficult and costly for them to go to and from your office or workplace, chances are, they’re going to want to work for another company instead.
- Consider a Co-Working Space
This section applies to those of you that are moving out of your garage or your home office as a business office but is still pressed by the economics of renting your place. If, after thorough research all around, all of the offices up for rent are still way above your budget, then you might want to consider setting shop at a co-working space. This kind of set-up applies when you’re running a business without the need for physical inventory, and you’ve still got a few employees also along with you.
With a co-working space, you’ve got more options to rent out for the day, depending on your needs. For instance, if you know you’re not going to have a meeting today, then don’t rent a work or meeting space. Go for individual desks instead, which you pay for individually, depending on the number of people on your team. For the time being, this could also be cheaper, especially if you’re still making your finances grow.
- Be Mindful of Your Budget
Lastly, but one of the most important factors to have in mind: the budget. As the owner of the business, naturally, you know the kind of budget that you’re working with. This refers to the amount that you know you can afford to pay for, in maintaining the office space. Remember that it’s not just the rent per se that you have to factor in. There are also incidental expenses such as utilities and other bills.
Always choose an office space that you know you can afford to pay from today, until a certain period in the future.
When you’re on a hunt for the right office space for your business, this can generally mean a good thing. It can mean that you’ve hit your business growth spurt now that you feel the need to have a physical office. As exciting as this may be, it can also be a challenging time in your life. You’re going to have to learn to balance all the business needs that your office location should meet. If you’re headed along that line, keep in mind the pointers enumerated above. These will surely give you a good head start.