The task to find the perfect office space for a startup company may seem daunting. There are many factors to consider: budget, size, location, vibe, and so on. Poor planning can lead to major headaches down the road, so consider these five factors when planning for growth with an office space:
One of the biggest obstacles that startup companies face is gauging immediate needs versus the potential need based on future growth of the business. Having a cramped office may necessitate the need to move into a larger space sooner rather than later. There are a variety of thoughts on the space needed per employee. An online office space search will typically find options ranging from 70 to 250 square feet per person, also parking restrictions at some buidlings can play a role here. Not having enough space can have a significant impact on how the business functions, whereas leasing too much space that you may not need can put a pinch on resources for any start up or small business.
Affordability is a critical component, if not the most important component, when searching for an office space. For most businesses, outside of their employees their office space is one of their largest monthly expenses. Forecasting future income can be tricky and requires flexibilty built into calculations . One must consider current expenses, future expenses and the potential impace the space may have on the business income when factoring for your office budget.
Having a clear vision for the office space both now and in the future can be the difference between having a space that works for the long-term versus realizing that space doesn’t meet all of the business needs. Consider amenities such as a break room/kitchen, conference room, and bathrooms. Additionally, parking and ease of access are also important factors to consider.
4. Type of Business
The office space can send a message to both employees and customers alike. If it is a client based business, then convenience of your location may be a priority. If you do not see customers in the space then your focus may be more internal to your own employees. At the end of hte day, having an office space that matches the personality and goals of the company critical to having the right work environment.
Having access to the necessary tools to run the daily operations of the start-up is crucial. From postal service, to phone and internet, are all integral parts of running a business. Internet connectivity with reliable wi-fi as well as the ability to have a landline phone are must-haves for most any type of office space. Electrical is also a component to factor in as it will be needed to run equipment. For companies that require copy machines, computers, and printers make sure that there are enough electrical outlets and dedicated circuits to run the machines.
The right office space can make or break a business, as it is an extension of the start-up business. What may work for a company now could change in a very short time frame when the business experiences growth. While it can be difficult to project what the future holds for any business, it’s also an inconvenience to have to move when a space gets outgrown. TenantBase works with start-up companies day in and day out and always has an eye on the future to aid our clients in considering upcoming growth plans.