Having a startup company is exciting but also a time when you need to make some very important decisions. For instance, you need to choose a location and building for your office. A mistake that some startup owners make is being overzealous. What happens is that they lock into a long-term lease for the wrong building. To avoid making this mistake, you need to consider several factors when renting office space.
Finding the right office space will be one of the biggest challenges that you face. One obstacle is that, in general, property owners prefer five- to seven-year lease terms. As a startup, this may not be feasible. The most important thing is to find a property that tailors to your situation.
- Lease Terms – Especially as a startup company, you never want to lock into a lease term that is longer than you actually need. Obviously, your goal is to grow the business quickly. If you lock into a lease for an office that only accommodates 10 employees, within a year you could already outgrow that space. While you certainly do not want an office that is too large, it important to factor in company growth.
- Layout – The layout is something else to consider. If your company is creative or high-tech, an open concept typically works best. This promotes collaboration, which encourages creative ideas. However, if you have a customer services startup, you need space for confidential discussions and meetings. The bottom line is that you should choose a layout for the space that is conducive to the type of work you perform.
- Amenities – The office space that you choose should also have amenities that align with your specific needs. If you hold meetings regularly, you need a conference room. If there are no restaurants within close proximity to the office, then a kitchen is essential. If your company deals with technology, the office must have adequate electrical outlets. For amenities, make a list of things that are imperative to have versus the things that you want.
- Cost – Instead of determining the amount of space based on a price-per-person calculation, focus on what you are willing to spend on a monthly basis. For the price of office space, be sure to factor in any hidden expenses, including furniture, infrastructure upgrades, utilities, building fees, the cost of property management, and so on.
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