It is a big decision. Your office space can have a significant impact on your bottom line. Here are a few ideas on how to make the best choice.
To start, here are the basics that need to be considered:
There are many factors to consider when choosing the right location to set up your office, and much will depend on the type of business you own. Before you look for the right office space, here are some things to consider to help you decide on the right place for your office location.
It is important to thoroughly research the taxes and regulatory situations in your desired location. What are the sales and income taxes and how might they affect your business? What about regulatory requirements – are they excessive or is this area business-friendly? If you plan to locate your business in the US, you can find out how individual states ranked with the Small Business and Entrepreneurship Council on policy measures and the various costs that impact small businesses.
Your business location needs to be where your customers are and be conveniently located for them. Consider traffic, parking and whether the area invites foot traffic.
Even if your type of business doesn’t require customers to visit your location, you will have employees. Consider where your employees will be coming from, whether there will be a pool of qualified candidates for job openings and whether they will be able to easily commute to your location.
Other Businesses in the Area
Consider what other business including retail and service businesses are in the area. Get a feel for the business climate by visiting a few of the businesses in the area.
The Next Step
Now, you have determined your office location. Next step now is choosing the right office space, whether for rent or purchase, It will have a big impact on how well your business runs. The Better Business Bureau has made 5 specific recommendations to help business owners choose a space that is right for them.
Determine Your Needs
This may sound obvious, but any business owner needs to think about the entire operation, not just the front office. Look at the space in terms of how your customers will see it and how your employees will use it.
- Will you grow over the course of the lease?
- Will you need conference rooms, lunch rooms or break rooms?
- Do you need a reception area?
- What about storage?
- Will you have office machines such as large copiers that need space?
- Where will staff sit?
Assess The Building
It is important to look at the building and other factors. Many commercial buildings will advertise upgrades, but won’t talk about repairs.
- Ask about what changes may need to be made to the office space itself.
- Are you allowed to put up walls for new offices as needed?
- Have there been any recent problems with storm damage or vandalism?
- Are there any upgrades or renovations planned during the lease?
Noise from renovations can disturb employees and customers so it is important to understand what will happen and when.
Get Professional Help
Utilizing a real estate professional who specializes in office space, an office tenant representative, will reduce the amount of work substantially. A professional will be familiar with a variety of styles of office space around the area. When know what you are looking for and can communicate these needs clearly they will be able to show you properties that meet your needs and help negotiate the best prices for you. There is no charge to you for this service, so it should be a no brainer to acquire the service.
Review The Lease
The final step is to review the lease very carefully before signing anything. Make sure you understand what you are responsible for and what the landlord is responsible for. It is a good idea to have a lawyer review the document.
We can help you choose the right location and office space for your business to operate, contact us. Whether you are looking to lease or to buy, we can help you find the right office space for your business with our network of nearly 1,000 professionals throughout the US and Canada. Our service will not cost you anything. It is a no lose proposition.
For more information, check out OfficeFinder’s Office Space Checklist.