December 8, 2015
Many small businesses start off in the home or are entirely online before renting office space for the first time. To portray a positive image, and as well as to execute certain business activities, it may be necessary to rent a space outside the comfort of your home. Before you rush into renting your first office space, it is imperative to make the right decision for business success. The points worth noting include:
Consider your Budget
The amount of money that you have available for an office space will affect the type of office space you rent, the duration of time you can use the space, and the facilities that will be available within that space. Renting your first office space should not lead to overstretching your resources, instead, it should be a good investment that will bring you good returns.
If you or your staff are not at the office full-time, you may consider renting on a part-time basis. This trend accommodates the mobile workforce well still fulfilling the need for quality, productive and secure face-time with clients and associates.
Within your budget, find a convenient location. As you make the decision, think about you and your staff and the commute to the office. Also, clients should effortlessly locate your premises, consider a location that is close to the main road or public transportation. Added advantages include having local amenities such as banks and eateries close by.
As your first office space you may choose temporary, part-time or shared space. These choices can provide the added convenience of fully furnished, well-equipped offices, accessible boardrooms, printers, Wi-Fi and an already staffed reception area. With move-in ready offices you gain savings on the set-up, staffing and other amenities plus you can instantly acquire an overall professional image for your business.
Also consider professional administrative staff as part of your rental agreement. They have the skills to propel your business forward.
Ensure that you have an agreement that clarifies all expenses that you will incur above the rental rates you pay, including commitment and exit costs. These costs can include additional staff, access to certain resources and even utility bills. Knowing your costs will protect you from incurring a large bill once you are at the end of your lease. Also consider paying office space only as needed, set-up costs are avoided and the signing of a long-term lease is not always necessary.
The scope of your business will determine exactly what office space you need. If you are holding business meetings with investors or influential clients, rent an office that has access to modern boardrooms right sized for the meetings you will plan. Renting boardrooms by the hour or day can be a more cost-effective option. To make the right impression and ensure your time there is productive, the space should be fully equipped with conference facilities, Wi-Fi services, professional assistants, proper phone systems and ample parking.
Virtual Business Space
New enterprises hit the ground running by renting a virtual business space. Create a professional image and control your rental costs by using facilities as and when you need them. This flexible option for acquiring office space can include virtual marketing and branding services, mail forwarding, back-office support and a physical and online presence.
With these points in mind, renting your first office space will help you increase your profitability, manage your costs, and give all your clients a confident and professional image of your business. Keep in mind that your business may grow, so ensure that the space you are in can easily accommodate growth.
Get weekly updates right in your inbox. Provide your email address here.
Every business owner wants their company to achieve impressive professional results. But the traditional corporate structure, whereby a business operates from a central hub in a hierarchal system with departmentalized employees, doesn’t work for every ..
Growth is essential for any startup – but as an entrepreneur, the question is where to start. Service-based professionals such as accountants, paralegals and consultants may begin and end their careers as home-based businesses. But ..
Modern co-working solutions suit different needs differently. Offices can now be rented by the hour, day, monthly or yearly depending on the need. While a telecommuter might need to do their work at a quiet ..
With the cost of downtown Toronto office space in 2019 soaring to over $30 per square foot, it’s easy to see why businesses of any size may be challenged by the rise of fixed costs. Overhead ..
For most business owners and leaders, regardless of industry or size of business, the significance of developing and maintaining cordial and long-lasting relationships with customers cannot be discounted. Market competition is far greater and more ..