A business’ office location is crucial to its success.
It’s a decision that can impact sales, brand image, employee satisfaction and even the ease with which a business can grow.
This is obviously a big call that packs significant logistical considerations too. For example, in some US cities, the cost of renting an office can rack up to around $95 per square foot, per year. That’s a serious commitment if you’re a business that needs a lot of space!
Clearly, picking the perfect location for your office requires careful consideration. The wrong choice can have serious implications. How do you make the right decision?
Keep reading to discover 5 tips that’ll ensure you do.
5 Tips for Picking Your Business’ Office Location
Here are 5 tips to keep in mind when deciding where to set up shop with your offices.
1. Consider the Cost
Cost considerations are almost always a factor for businesses. The same goes when deciding your office location.
The prices will vary widely depending on where you want to set up shop. You need to think about your budget and see how far it can stretch to accommodate your other office location requirements.
This holds true whether you decide to lease or buy. However, it’s crucial to consider business rates tax too that’ll vary depending on your location.
Oh, and if you’re renting then absolutely ascertain the stability of your rent. Will it increase exponentially over time?
2. Don’t Think (Or Buy) Too Small
There’s no point in buying a small office location if you expect your business to grow quickly.
Obviously, it’s hard to tell the future. But plan ahead sensibly anyway.
You could choose to rent initially in order to get a feel for your potential growth. If things move rapidly and you find yourself expanding, then a purchase of a larger office space could be justified.
Remember, if you buy then you’ll steadily build equity in your property too.
3. Consider Ease of Access
It’s important to think about your office’s accessibility.
How straightforward is it for your potential customers and clients to find? And what about your employees?
Your company could work in fields as varied as student loan refinancing, public relations, marketing, or any other number of professions!
But in order to attract custom and make it easier for your employees, you want to ensure the office is easily accessible. For instance, it’s always good to be close to transport links and sees lots of people pass by every day during business hours.
It’ll depend a little on your business’s office operations though. If customers/clients will rarely (if ever) visit your office, then accessibility will only really be an issue for employees.
4. Make Sure It’s Not Overly Competitive
Choosing an office that’s surrounded by competitors can set your business back from the outset.
Some competition’s healthy and may even help your business expand. But you can be competed out of the market when it’s too extreme and the competition’s too well established.
5. Consider Your Brand Image
Finally, your office space speaks volumes about your business.
It’s like the clothes you wear on your back. Your company location sends signals to those in your environment, including your customers and competition.
A lush, wealthy-looking location can at once impress your customers or make them question if they’re paying you too much! A drab, outdated area can indicate your business is struggling.
Be sure to think about how your office space will be interpreted from the outside.
Time to Wrap Up
There you have it: 5 Tips for picking the perfect office location for your business.
This is a crucial call with a lot riding on it. You want to make the right decision.
Hopefully, these tips have helped. Remember, think about the cost (and your budget) and accessibility of the property, as well as the potential growth in the coming years. Next, make sure the location isn’t overly competitive and that it sends the right signal about your business.
With these things in mind, you’ll be on your way to renting an office in the perfect location in no time.
Now we’d like to hear from you! What’s your primary concern in choosing your renting an office? Let us know in the comments!
And be sure to contact us to learn how we can help you find the ideal office space.