2021-01-25 06:00:27Thought LeadershipEnglishhttps://quickbooks.intuit.com/blog/us_blog/uploads/2021/01/Office-Space.jpghttps://quickbooks.intuit.com/blog/thought-leadership/finding-the-ideal-office-space-for-your-small-business/Finding the ideal office space for your small business

Finding the ideal office space for your small business

3 min read

You have your innovative idea. You’ve taken care of the paperwork. Now, it’s time for the next step in establishing your small business – finding an office space.

Even though we’re still living in the COVID-19 environment and you may be working remotely, you still may need to move ahead with an office. Because the process of looking for an office can seem daunting, below are some tips to help you find the ideal office space for your small business or startup company.

Choose the location wisely

One decision that will define how your company develops is the place where you decide to start out in the first place. And, while you could consider simply setting up shop in your hometown, other locations could offer your business the conditions it needs to prosper. Different cities will also offer various opportunities and challenges.

First, analyze your industry and other adjacent industries. Then, look for office space in metro areas that have business-friendly environments that your company can easily fit into.

Meanwhile, weigh potential operating costs with the opportunities that your new place would offer. For example, Manhattan is the dream of any company operating in finance, but an office space for rent in Houston could offer tech startups excellent room to grow at a more affordable price. This is also the case for many other up-and-coming tech hubs across the U.S., such as Dallas-Fort Worth, San Diego, and Seattle, to name a few.

Additionally, consider that while offices in central business areas are as prestigious as they’ve ever been, suburban office spaces are an increasingly viable choice for startups and small businesses.

Know your needs

Once you’ve chosen a metro area, determine how much rentable office space, and which amenities, you’ll need.

As a small company, you’ll probably be looking for smaller spaces, although you could also go for a slightly larger footprint to give you room to grow. Likewise, think about your needs in terms of conference rooms – both for in-person meetings and videoconferencing – as well as the amenities and common areas that you want to be able to offer your employees.

Get familiar with leases

Before deciding on an office space, consider what type of lease suits you best. For example, a fixed lease – also known as a gross lease – ensures more predictable expenses because you pay the same amount each month. However, if you agree to pay a share of the building’s operating expenses, insurance, and property taxes through a triple net lease, you’ll have much more freedom in running your office.

Essentially, if you want a predictable cash flow and to focus on growing your business, a gross lease could work best. However, if you want more freedom in running your space, including the possibility of designing the office interior to match your company’s brand, consider a net lease.

Check all the options

No two office spaces are the same. With this in mind, make sure you’re well-informed and that you know the market before making a decision. Use every research tool at your disposal, such as advice from real estate brokers, internet listings, and word-of-mouth recommendations from other companies. Think of the pros and cons of every office space, and weigh your options carefully, before making a decision.

Be ready to adapt

If COVID-19 proved anything, it’s the fact that adaptability is an important company goal to have. At the moment, this means ensuring that health and safety precautions are followed closely to keep everyone safe and healthy.

You could also consider a hybrid model, where employees alternate between working in the office and telecommuting. In this case, there are many ways in which you could assist your workers in setting up the best home office. Moreover, you could liven up your office by having plants indoors. The benefits go beyond the aesthetics. Also, if natural light can’t reach your windows, there is an easy solution to it. You can make use of grow tents that allows you to grow plants indoors.

Moving forward with action and purpose

COVID-19 has made finding an office space challenging, let alone actually moving into one. However, the companies that are most likely to prosper are the ones that stand up to the challenge and take initiative, even in adverse situations. Follow these guidelines for finding the ideal office space for your small business, and you’ll be off to a good start!

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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