2018-05-03 22:08:15Starting a BusinessEnglishDiscover the most important factors when it comes to searching for office space. You want to take the size of your team into consideration...https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/05/Small-business-employees-review-a-physical-office-location.jpghttps://quickbooks.intuit.com/in/resources/starting-your-business/small-business-physical-office-location/3 Important Factors When Choosing Your Office Location

3 Important Factors When Choosing Your Office Location

2 min read

When you’re ready to start looking at office spaces, it’s a good idea to make a list of what you absolutely must have and what you can do without. Knowing exactly what kind of space your business needs saves time when you’re visiting potential office spaces — it lets you focus only on spaces that are right for your business. Consider these important factors when choosing an office space for your business.

Central Business District vs. the Suburbs

Being in the city has many benefits for startups. First, much of India’s population lives in its large cities, so being in an area of the city like the central business district, where it’s easy to get to by public transportation, can make attracting talent easier. Having office space in the CBD means your employees can get to work quickly and easily.

As a new business, you need lots of customers and clients to accelerate your growth, so you want your business to be easy to find and accessible. This is especially important if your business relies on foot traffic. A location in the centre city alongside established businesses provides the air of prestige you might need to attract customers during a critical launch phase.

But you don’t always need a centre city location. If your business is primarily online, and you don’t rely on in-person transactions to grow your business, you might consider looking for office space in the suburbs.

Room to Grow

You want to consider the number of employees you have now and plan to have in the near future when it comes to choosing your office size. If you have a static team of say, 10 employees and don’t plan to do any hiring for a while, you might look for smaller office space. The last thing you want is to pay for lots of empty space, which can happen if you choose a space that looks great but is much bigger than what you actually need.

But if your immediate plan is to onboard additional employees, focus your search on spaces that can accommodate a large team comfortably. Regardless of the space, ensure it has the necessities and amenities you need. If your needs are moderate in the beginning, you may want to start in a co-working space, where you share facilities with other freelancers and entrepreneurs. Then, you may want to expand into your own space as your needs change and your budget expands.

Inspiration and Networking

When you first launch a business, being around other business people in the same situation as you can be exciting and inspiring. Being where business is buzzing is also a great way to connect with entrepreneurs in your industry to share ideas and network. If you’re in the tech industry, you might consider looking for office space tech hubs like New Delhi, Mumbai, Hyderabad, or Bangalore, India’s answer to Silicon Valley. Choosing a city where potential customers come from all over the world specifically looking to engage Indian businesses means you’ll have easy access to networking opportunities, trade shows, and conferences where business deals are made.

Think of the present and the future when it comes to looking for office space. Armed with a checklist, aim to focus on spaces that can ensure your team’s happiness and productivity.

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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