There is no better indicator of success than seeing your small business grow. As you hire more employees and acquire better equipment and facilities, you will need to relocate to a larger office space that’s capable of supporting the expansion. Finding available office space remains a difficult challenge for small businesses. There are a number of factors you need to consider from the outset before you settle with a new location for your business. You will need to find one that fits your budget, the needs of your employees, and the services or products that you sell.
Fortunately, you can apply a few important tips for easing up the process of finding the best office space for your business:
1. Determine your objectives
Every crucial business decision has to back up certain targets. Are you planning to hire more employees? Are you looking to set up a professional office address? It helps to base your choice of office space on these targets so it will be easier to find a location that’s perfect for your needs.
Additionally, your long-term objectives should also factor in your decisions. For this, you should have a good idea of your growth prospects. After all, this won’t be the only time you shop around for office space. As there are opportunities for expansion, there will also be instances in which you need to downsize to a smaller facility to avoid heavy losses.
You won’t know for sure what happens in the future, but it’s always best to set your expectations early on. Otherwise, you can always start out small and see where it goes from there. Either way, playing it safe should help keep losses to a minimum.
2. Analyze your budget, the size you need and available amenities
When it comes to finding great office space, the size should be correlated with how much you are willing to spend. Ideally, you will need at least 120 square feet for every employee that you have. This should also include space for servers and IT utilities, restrooms, and recreational areas. Do you have enough funding for these facilities as well? You wouldn’t want to end up paying more for space you don’t need, so it’s best to be practical and realistic in your search for the best possible location for your business.
Aside from the size of the facility, it’s also important to determine the amenities that are available for your business. Does the building provide ample parking space and allow for high-speed internet connectivity? Does it have any more vacant spaces in case you’re planning to expand? Does it have outdoor spaces with lots of greenery that are perfect for team-building activities? It gets harder to find commercial space with a little bit of everything, but it’s important to remember that relocating your business involves finding the best features that can potentially raise productivity levels. You need to invest in convenience and comfort, especially when it comes to developing a productive workforce.
3. Keep your employees in mind
Moving to a new location can affect your employees as much as it does your business. Decision-making should involve employees who might face longer commute times and other inconveniences. For this, you will need to determine if the commercial property is near transit points and areas where there is always heavy traffic during rush hour. You also need to know if the community itself is suitable for walking or riding a bike to work. Reaching out to your employees can help you decide whether the location itself is feasible to their own needs.
Try to gather suggestions or comments from people who live out of town and see if you can find office space in strategic locations near the outskirts. You can also ask employees themselves if they can suggest locations that’s suitable for everyone.
The same goes for the amenities and features your employees might be looking forward to. Perhaps they want a location that’s peaceful with a good view of the surrounding landscape. Moreover, you may want to see if you can modify the indoor space in a way that enhances productivity. Is it large enough to accommodate hot desks? Does it provide enough space for creativity to thrive in?
Choosing the perfect office space for your employees takes some time, but the key here is to look through their perspective. One thing’s for sure, suggestions from your employees can help you attract and retain additional people in your team.
4. Work with experts
It’s one thing to find commercial real estate on your own, but you get better results if you hire a commercial real estate expert. There’s always a demand for commercial space, especially in major areas like Los Angeles, Miami and New York City. Finding the best deal is difficult to come by unless you work with a local realtor who can offer prime listings. Be sure to work with someone who has experience handling the real estate needs of other businesses in your industry.
Aside from helping you find prime listings in emerging markets, you also need help negotiating leasing terms that are advantageous to your business. Remember, your business is still growing and it needs to settle in a place that offers the best opportunities and coincides with your budget. Luckily, companies like the Jeff Tabor Group can seek out the best rental deals that fit your budget and the needs of your growing business.
Finding great office space does not end with a tour of the facility you wish to acquire. You also need to put your best foot forward at the negotiating table and strike the best possible deal for your business. A growing business is a good thing but it’s still something you need to prepare for. Shopping for great office space is integral to the process, so it’s best to use these simple tips when you’re on the market.