Selecting an office space is a huge milestone for a startup business, and shows dedication and belief in your business. In all of the excitement, it can be easy to get carried away, going for that office that has more space than you need or in a higher-priced location.
When choosing your first office, it’s important to get it right. It can be a real challenge and with so many options, you may feel a bit overwhelmed. To help you make the best decision, we’ve come up a few things for you to consider.
For the majority of startups, cash flow tends to be limited. To avoid running into complications, it’s essential that you’re realistic about what you can afford. You may be tempted to stretch your budget to get a more luxurious space, but remember, having more available cash will help you to sustain and grow your startup.
Hand-in-hand with the budget, the terms of the lease will determine how your startup is able to progress. Tying into a long-term agreement means that should your business needs change, you’re unable to move on. The majority of startups choose short-term month-to-month leases, making it easy to relocate, or pull out should your business face financial problems.
Workplaces used to contain separate working spaces, divided up by walls or cubicles, but nowadays, there are so many office plans and layouts. You can choose from collaborative co-working spaces; a shared office design; individual offices and working spaces; or service facilities, which include additional services, such as receptionist and mail services, IT support and meeting rooms. The layout you’ll need depends on the type of startup you own. Do you want a space that fosters teamwork and productivity? Or do you need private areas to discuss confidential issues?
The location of an office is important for a whole variety of reasons, including transport links, surrounding amenities, surrounding competition, business image and the price tag. Each of these factors needs to be carefully assessed before signing a lease. For example, if you want to lease a serviced office in London, it may be a good idea to find out how close it is to tube links, as well as local amenities like cafes.
When it comes to choosing your first office, all of the options can make you feel overwhelmed. Try to relax, step back, take a deep breath and consider your budget, layout, and location to find the perfect office for your startup.