You’ve got the best business idea in the world. You’ve spent months honing your pitch, crafting an amazing logo, and perfecting your elevator pitch. You’re ready to show off to investors, but they want to see a place where they can meet when they come into town. So what do you do? Rent company offices! But before you sign on the dotted line and rent that dreamy new room with its own kitchenette, take some time to think through these aspects:
Consider whether you should actually rent an office space.
Before you jump into the world of commercial real estate, it is important to consider whether you should actually rent an office space. If you are just starting out or don’t need a lot of space, renting may be a good option for you. It’s also a great way to test out an area before deciding if it would be worth buying property there. If everything checks out and your business continues to grow at the same rate, then maybe someday soon (or later), buying will make more sense than renting!
If you’re still unsure whether renting or buying is right for your situation, talk to other small business owners who’ve made both choices before making any decisions on your own behalf.
Examine the location of the office space.
When looking for office space, it is important to consider the property’s location. It’s important to ensure the location is close to public transport and amenities such as restaurants. The location should also be close to where your staff lives so they can easily get home after work. Finally, you should look for an area that has easy access to clients or customers who may want to visit your office regularly.
Get down to the details of the office lease agreement.
Once you’ve found the right office space, it’s time to get down to the details of your lease agreement.
When negotiating a lease agreement, it is important to know all of the terms before signing on the dotted line. What are the terms of your lease? How long will it last? What is your monthly rent, and when do payments need to be made? And what other costs will you incur as part of renting an office space?
Pay attention to the costs associated with renting an office.
When you’re considering renting office space for your company, there are several costs to be aware of. These include:
- Rent and utilities
- Maintenance and cleaning fees
- Lease term (length of time)
- Termination costs (if applicable)
In addition to these base expenses, other fees may apply specifically to your business. For example, many businesses rent furniture, equipment, or other services from the landlord. Depending on your need to operate effectively in your new office space, this can cost hundreds or thousands of dollars per month. The same goes for taxes and insurance—your lease may require that you pay property taxes or renter’s insurance out-of-pocket each month as part of your rent payment.
Get a feel for what your current and future employees would think of the office space.
While you’re looking for office space in your area, it’s also important to consider your employees’ needs. Here are some things to keep in mind:
- Public transportation availability
- Restaurants and amenities nearby (think grocery stores, coffee shops, dry cleaners, etc.)
- Internet speed
Find out what features are included in the rent.
While you’re looking for a space, it’s important to consider what features the rent includes. The following are some common features you’ll find in office spaces:
- Internet and phone access
- Parking space(s)
- Conference room usage
- Kitchen facilities (if applicable)
- Printer/copier access (including photocopying, faxing, and scanning)
Your business is unique, and so are your needs. Finding the right office space will help you make the most of your investment, whether that’s time or money. Take some time to consider the options and weigh them against each other before making a final decision.