Looking for your office space? The folks over at www.findmyworkspace.com share this helpful guide!
Unless you are in the real estate industry, looking for a physical office location is probably unfamiliar ground for you. Your office space is one of the most important but complex decisions you will make for your business.
Your location is something that you cannot just instantly change every time you feel like it. Once you start your operations in your chosen space, a big bulk of your budget will be tied up there- long term.
So allot time to look around and carefully study your options.
Before you start going into full-viewing mode, answer these questions first:
1. What size do we need?
Your workspace must not only accommodate your current operations but also your projected scope of business in the future.
If you will be needing bulky furnitures and equipment, make sure to include them in your calculation. Space must also be allocated for your physical inventory. To save time and effort, you must have this information ready before you officially begin your search so you can keep your list more focused and accurate.
2. Where is the best location?
If you are going to open a retail store or a dining establishment, your location must be very convenient and accessible to your target market. If you are offering a service to a particular industry, you have to choose a location that is as close as possible to where businesses in that sector are located.
Conduct a thorough study on the community around your prospective location/s.
You must also know the specific policies and regulations applicable to the city or state where you wish to operate.
3. What is our budget?
You may have your heart set on the ideal office setup in the busiest district in the city, but chances are, your financial resources will be your limiting factor.
Plot in the budget you want to set aside for your office space. Ask yourself if you will work with current available funds or will you be taking a loan to afford a better space?
In looking at the monetary aspect, it is wise to not just look at outflow of funds, but also the projected inflow. For example, if a certain spot costs 30% more than the other option, but has the potential to increase your revenues by 50%, maybe the added cost will be worth it in the long run.
4. Who can help us?
A commercial broker has the right network in finding your space, based on your requirements. He can also provide inputs and is licensed to transact with property owners, on your behalf.
You can also go online and look for office space experts operating in your desired location.
Bringing experts onboard your decision-making process would be a great help as they usually have information that is not readily available to the public. They might also have first dibs on available spaces.
Apart from brokers and online service providers, you might also consider seeking the help of entrepreneurs in the same or related line of business. They can provide valuable insights on the ideal working space for you.
Having your own office space is a huge step for any organization. Keep in mind that you and your team will be spending 8-12 hours in your work area so exert the extra effort to make it feel like a warm second home for you and your employees. Apart from an aesthetically pleasing environment, you will also enjoy the positive vibe of a well-motivated and productive workplace!