Startups: Finding the First Office Space
As a startup grows, so does the requirement for a physical office. Finding the right area is critical to the further success of the startup. Of course, the priorities lie in location, price, and size, but it doesn’t end there. So, what else should an entrepreneur in the making consider?
The Needs
Before the search for an office even begins, it’s essential to gauge the needs of the business, its employees, and clients. This process focuses on several fields.
The Budget
The budget determines the options, and owning a space puts extra pressure on the budget. For this reason, it’s vital that the owner calculates all the expenses and determines cashflow. That way, they will know which price range of properties they can afford.
The Clients
If the business owner is opening the space to have their clients visit it, their needs should be taken into consideration, too. How far are the clients willing to travel? Will they visit often?
Alternatively, a new brick-and-mortar business may be there to attract clients. In that case, group with other small businesses or enter a corporate environment, depending on the target.
The Future
A startup tends to get office space at the very beginning of its growth curve. However, owners tend to forget future growth plans. So, consider the ideas for at least the next few years, and ensure space can accommodate it all.
The Location
Having determined the type of space best suited for the company, next comes its location. The demographic makeup of the area and foot traffic are the most important considerations.
Another thing to contemplate is the business climate – is it friendly or highly competitive? Besides this, amenities that make the location attractive to potential employees are never negative.
The Options
There are several viable options for choosing the first business area. Here are the most common ones.
Home Business
For most startups, a home office is the most affordable option. As the business grows, a room dedicated to the company stops being enough. However, new business owners may consider purchasing a living space located in a high-traffic, city-center area, such as one of these Lincoln Tower apartments.
So, they may take advantage of the tax benefits of working from home. Especially if the startup is still quite small, this decision makes the most sense.
Temporary Rental Space
Temporary rental space is an excellent option for those businesses that can’t operate from home, but don’t need office space so frequently to justify paying rent.
Booking conference rooms, offices, and studio spaces is as simple as visiting any of the websites that work like Airbnb. It’s possible to rent for a few hours, or even days.
Shared Office Space
Shared spaces can be lifesavers for those startups that require leasing an office building but operating on a tight budget. This option becomes extra beneficial if two businesses that share it compliment each other’s products or services.
The Bottom Line
Beginning entrepreneurs will find the search for the office space exciting and stressful. After all, it’s challenging to find the right one that meets the needs, the budget, and the idea about the company’s future.
As long as the owners equip themselves with the right information, it doesn’t have to be a challenge. Instead, it can be the start of something new and thrilling.
