How to Identify the Right Office Space for Your Startup
We are living in the information age where social media, smart devices, and e-commerce continue to drive digital evolution. This has resulted in a rapid increase in the number of digital entrepreneurs pursuing success online. As with any businesses, as demand starts to grow, it may be necessary to take on extra staff and this requires having an office space.
As such, it is vital to take into consideration some key factors when choosing an office space for a startup. Here are the factors to consider when choosing your workspace.
It is very easy to assume that a location might not matter much when running a digital business. However, those that have explored different scenarios know that location can be of high importance when it comes to regulatory requirements in different countries and regions. Some countries have more favourable tax rules, which make it more appealing to exploratory startups looking for all the tax breaks they can get.
In addition, choosing a location with strong regulations can also be an advantage when it comes to gaining customer trust and loyalty. Consumers prefer to deal with businesses that make them feel secure from the dangers that come with transacting online.
You must also consider the location from an accessibility and infrastructure point of view.
Limited public transport routes, lack of parking, an unfavourable area or slow internet connectivity can all have an impact on the appeal and function ability of your business. Choose a location that employees would want to come to.
The size of the office is determined by the type of business you want to set up. Some digital businesses require inventory to run. Others can run completely online. For instance, an e-commerce store may require storage space for products before shipping.
Depending on the bulkiness of the products, the size of the storage space can vary accordingly. An e-commerce store selling jewellery requires less space than a store selling apparel and footwear. This can play a huge role in helping the owner of the business determine the optimal size of the office space, which can help to cut unnecessary costs.
Choosing a location that allows some fluidity in the first year can be advantageous, as you want to be able to grow the team with the needs of the business, without having the costs of moving office space.
Design and Culture
This is another important aspect that every business person should consider when choosing their ideal office space. A modern business centre that provides a variety of office space solutions is ideal. Some business centres will offer incubation space, with angel investors and mentors on site, perfect for budding entrepreneurs that need a little guidance. Some offer shared, collaborative solutions, suited to businesses that thrive on community and networking cultures, while others are created to suit businesses that require more privacy.
With the right mix of design and culture, an office space can play a crucial role in driving a company’s growth.
Accessibility and Amenities
When selecting an office space, it is good to make sure that it is easily accessible especially if you expect to conduct regular one-on-one transactions with your clients. Clients must find it easy to come to your offices and basic amenities such as clean bathrooms and a place to get refreshments is essential.
Some offices even come with added services like mailing and insurance, child care centres, fitness suites and cafés, that all improve client experience.
Pricing always comes to mind when budgeting for regular bills like rent. Since this is essentially a fixed cost, businesses ought to take enough time to select an office that does not put a strain on the budget. Always read the fine print carefully to ensure there will be no hidden or add on charges. If you are unfamiliar with industry jargon, it may be worth utilizing the services of an office space brokerage that can explain anything to you, leaving no room for nasty surprises. Office space can be the most expensive investment for a new start up business, you wouldn’t want it to be the reason your business fails.
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