Start-up business is a very interesting business as they are entrepreneur or even solopreneur have the liberty to choose where they to work or start they business. For examples, they could work in a shared office space (such as Common Ground), cafes, basements and garages even they can just work from home.
Or, some even take risks, buying or renting private office space to give credibility to their business. But what are the wise steps for new startup business? If you are considering buying or renting a private office space, you need to consider these questions:
How much is the whole cost?
First of all, the most important point for you to weigh is the cost per square foot per month. That is the minimum monthly responsibility that you need to pay for the official rooms. But there are other fees to consider too:
- Insurance to protect your business assets
- Liability insurance
- Provision monthly
- Furniture and decoration
- Utilities (internet, electricity, water, maintenance services, etc.)
- Operating arrangements that may be imposed by the owner or company management
It is very much related to summing up the overhead with the price of buying or leasing office space, to perpetuate healthy margins on your products or services. This is important especially if you expect to increase capital in the nearest future.
What is your estimation of growth?
The period of purchase of office space may change dramatically from the short term (3-6 months) to the long term (3-5 years). The landlord may not want his business to enter and exit quickly, because it can create a negative perception of the space itself.
So, think about how your business is expected to develop when considering private office space. In the growth ranking, when business has begun to be appropriate and rather stable, you definitely want to add workers. If you are sure that official space is needed, think carefully about how much space you need, based on your estimation.
Is the private office space contributes in generating of income?
We encourage business owner to carefully consider on what to spend in order to improve income provisioning. Will it increase the efficiency of work flow on your trade, productive forces or client experience?
The office space can certainly give trust and power to the beginning in the eyes of busy people, investors and customers; but ask yourself that there is really a need for this period during your ‘startup’ phase. Do you need it for your business or is it just your wish?
Is privacy important for your business?
Every business requires a certain level of privacy because it operates. You deal with customer records, telephone calls and personal workers’ declarations. Office spaces facilitates personal meetings with customers who can improve their level of convenience, compared to meetings in public places.
The office space may also ensure that all records that you store, both hard copy and soft copy, are guaranteed rather than interference, theft or loss outside. But if the security is not so serious, ask yourself if your business may operate in an environment that is less privacy but still commercial, such as joint environment or cooperation.
All in all
In a summary, moving into a private office space will change how your troop experts work together. He will also give changes to how individuals can do work, make their reports, make deliveries and communicate with each other. That shouldn’t be something bad. There are many benefits to bringing your troops together under one roof. You need to consider how the transition to the office will affect your workflow with reasonable design.
In this way, change takes effect by taking sides with you, reducing the number of distresses and errors during your initial phase because everyone learns to work in a closer environment. Hence, if you know the office space is a necessity, you need to think about how the search for office space will give an impression of your work flow and progress. Ask yourself what you need, the functions and development of your business and then you can make choices wisely.