Renting your first office is a thrilling moment for your business; however, finding the ideal office can be a daunting task. Nonetheless, choosing the wrong office can prove costly over time. That’s why you need to ensure the office you pick will support your staff and allow your business to grow and flourish.
With that said, here are factors to consider when renting your first office space.
Regardless of the kind of business you run or its size, office location is significant.
Look for the right place for both workers and potential customers without breaking the bank.
Obviously, offices located in rural areas are more affordable than those in city centers.
City central offices are more appealing to enterprises of all shapes and sizes due to their ease of access and closeness to other businesses and service providers.
Irrespective of the location you pick, ensure it can be easily accessed by car and public transport.
Then evaluate the nearby amenities. Is car packing a necessity? Will your team value neighboring restaurants and shops? Do you need swift access to the bank?
Once you have a specified location in mind, the other factor to consider is the amount of space you need.
Here striking a balance is inevitable because you must find adequate space to accommodate your team without necessarily paying for rooms that won’t be in use.
However, never rent a smaller office than you’ll require in a bid to minimize expenses, as this can negatively productivity, dashing hopes for your business to grow and thrive.
Also, contemplate the layout of any space you intend to rent. Will it be viable for your present and future needs? Or will you have to make adjustments for it to cope with your requirements?
The location or space you need for your enterprise is worthless if you have a cash deficit to secure an office. It’s imprudent to stretch your business finances in an attempt to secure a new office.
Hence, before making a move, ensure you have an adequate budget to actualize your plans without getting cash-strapped.
Unfortunately, the cost incurred in renting an office space is a proportion of the entire cost to your business.
Always take note of any additional costs like maintenance fees, service charges, insurance, and the everyday running expenses.
Also, it’s prudent to inquire what’s covered in the quoted rent in order to avoid any undisclosed expenses down the line.
Read and understand the lease terms so that you’re conversant with all the provisions before agreeing to the terms.
With a budget and location in mind, it’s now the ideal time to gauge your commitment towards the new venture.
You must take into account the duration of your lease against your enterprise plans for expansion.
If you’re renting an office for the first time, opt for a short-term commitment.
Perhaps your business future can be uncertain, and you may be compelled to terminate your lease before maturity.
Therefore, you should always comprehend your lease terms and have provisions set should you find it worthy of making a premature exit if your business collapses or outgrows the space.
Ensure you’re okay will penalties that may be imposed in the event of a breach of the lease agreement.
- LEGAL REQUIREMENTS
Before signing a lease, it’s imperative to talk to a lawyer prior to committing yourself. Upon signing a lease, you agree to abide by all the terms, whether favorable or unfavorable. Talk with your attorney before agreeing to the terms of the lease. This will help you make an informed decision, especially if the terms are swinging in favor of your landlord.
If you are leasing an office monthly, there is no need to consult broadly, but it costs nothing to speak with a lawyer.
Consider the office space’s closeness to your competitors. Striking a balance is very important for every business as far as competition is concerned. Being too close to competitors can mount pressure on companies and create an unnecessary rivalry. However, being distant from your competitors can prompt you to miss out on a particular group of customers. Therefore, striking a balance between the two is critical for your business success.
- CONTINGENCY PLAN
It has been proven that adequate planning and preparation don’t necessarily guarantee an office space will work out for your needs on several occasions. Unanticipated events may strike, with either space or your venture. Ensure you’re well prepared to vacate the office and make a premature exit if the situation demands. For emerging or small enterprises, office rentals are ideal over long-term office leases. Your method of picking an office space should always factor in a contingency plan.
If you’re looking to rent del mar office space for the first time, follow the discussed above tips, and you’ll be well placed to bag an office suitable for your business and its needs.