Most business owners understand the importance of securing a good office space. It is more than just a workspace; it’s where the future of your startup is forged, and it allows you to work securely and productively. The matter of choosing an office space is one that should never be taken lightly, especially since the future of your startup will be affected by your choice.
There are many factors involved when choosing an office space, and mistakes could significantly hinder your growth. Here are a few critical mistakes that you should avoid:
Not Getting Professional Help
Real estate professionals, like the ones from the Jeff Tabor Group, can help you negotiate favorable rental terms. Without them, it’s likely that the property owner would get the best of you by imposing higher rental rates or hidden charges. Real estate professionals are skilled in handling negotiations, and they also have connections that allow you to find the best deals on the market. Never negotiate your rental rates without real estate professionals as they are your best chance at securing favorable lease terms.
Rushing to Rent
While getting an office space as soon as possible may seem like a good approach, rushing to find one can rob you of the opportunity to find better deals. It’s important to take time to review your options, especially when the market is dynamic. It’s also important to remember that this is a long-term decision for your business, and making the right choice is a matter of knowing what to look for in an office space.
Forgetting to Account for Growth
It’s important to get an office space that can accommodate the growth of your business. Remember that your small business won’t stay small forever, especially if you run your business properly. You need to be able to project the growth of your business so that you don’t end up paying for more space than you need if your business grows too slowly, and you don’t end up forcing your employees to work in cramped spaces if your business grows too quickly. This entails a thorough analysis of your growth and an accurate prognosis of your revenue.
A general estimate of a good work space is that each employee must have at least 100 square feet for their workstations.
Failing to Factor in Operational Costs
Finally, you need to factor in operational costs. These costs can easily pile on top of your rental rate to create an unsustainable expense. Some operational costs you need to account for include utility services like water and electricity, security, maintenance, moving costs, and red tape-related costs.
Choosing your office space is a serious decision that should be approached with care and foresight because committing these mistakes could leave a lasting adverse effect on your business growth. Those who recognize these mistakes are much better able to avoid them, but there are many other mistakes you can make. The best measure will always be to work with real estate professionals.