Looking to secure a new office space?
Finding an ideal space for your business goes beyond budget and availability of space.
Securing an office space should be a well-thought, carefully crafted process for any business owner, because not only can you end up married to space you can’t get rid of, a poor choice can have a huge financial implication on your business.
It will amaze you, how many business owners are stuck paying for spaces that simply cannot serve them.
If you are reading this, then you are in luck! Here are the major things to look out for on your quest to finding that perfect space for your business.
Going for the cheapest space is not always the smartest choice. It is often said that if it is too good to be true, it most likely is.
If space is too cheap, chances are that you will hate it in a couple of months. If it is too expensive, chances are that you might need to downsize and move out in a few months.
Before starting your space hunt, you need to have a set budget to serve as a guide. You, also want to make sure your choice property does not have hidden costs that could become a big problem in your future.
2. Type of business
The type of business you run is a huge factor when trying to determine the best space for you. Some businesses by nature require certain layout, design or style of spaces.
If your business is one of those, getting the wrong space might be that iceberg that sinks your ship. You want to ask the questions “Is this space functional for my line of business?”.
This question is a lot easier to answer if your business has been operational for a while. However, if your business is a startup, you might want to take some time to do a bit of investigation on the type of spaces your top competitors are using for their business. If it’s working for them, chances are that they got it right.
Size is another top factor to consider when seeking? out office spaces. If you get an office space that is too small, you might need to move again in a few months, and if you get one that is too big, you may be paying for excess space you don’t even need.
The right size for your business should be based on certain considerations:
- A number of employees in your business.
- Your short and medium term goals.
Bearing the above in mind, you want to look at sizes that meet your current needs and at the same time leaves enough room for you to grow.
The importance of the location of your business cannot be overemphasised. The location of your office is one of the first things by which clients, potential clients, future employees etc. will judge your company. So, you want to be sure that your office location represents the brand image you have created or are trying to create.
When looking at this factor, there are certain things you want to keep in mind:
- Brand image
- Road network
- Proximity to restaurants, supply stores etc.
Getting a location that does not work for your current and potential clients or your key employees is detrimental to the success of your business.
Infrastructures are an important factor to note when seeking out office spaces, whether it’s already existent or trying to factor in the possibility of adding them to the property
You do not want a space that has a history of the infrastructural defect, as this could cripple your business or at worst dig you into a financial pitfall.
Not having adequate parking, poor internet and phone network etc. can prove very frustrating for any business.
6. Legal bindings
We don’t need to tell you how messy court cases can be for any business. The last thing you want as a business owner is for that brand you have spent so many resources building to be dragged through the courtroom, leaving you with a PR nightmare.
Whether it’s a rental, lease or you are buying, you want a flexible contract and, look out for those fine prints to avoid any unwanted surprises in your company’s future.
Need an office space? Contact 3invest at firstname.lastname@example.org or call us on +2348099001100, +234 1 293 4374/5