There are plenty of great reasons to set up a home office. One of the perks of working from home is being able to take breaks when you want to, spend time with family, etc. However, this can quickly eat up your day without you realizing it. There’s nothing worse than picking up the phone with an important client and having a knock on your door or your child ask for something.
But as your business expands, you might begin to feel a little cramped in your home office. If, for instance, your “office” is little more than a desk packed into one corner of your living room, then it won’t be long before your freelance life—printers, paperwork, contracts, and file cabinets—begins to invade your personal space.
That’s when you know it’s time to go out and look for a small office space for lease. Establishing an office that runs efficiently requires accurate calculations of the space needed and what is affordable.
There is credibility that comes from an office with a business sounding address. For example, you nothing about two consulting firms. You only know that one consulting firm everybody worked out of their homes and the other firm had an office in the building next to the courthouse, you were a serious buyer of consulting services, from which consulting firm would you purchase consulting services?
Finding the perfect office, in the perfect location, can have a huge impact on your business. With the average length of a commercial property lease at 5-10 years, finding the perfect space is crucial; nobody wants to be stuck in the wrong office for any amount of time, let alone 10 years!
The right office space can make or break a business. It’s not easy to find the perfect premises, especially if your experience is limited. The key factor is to take the time and don’t settle for the first one you think is perfect. Because remember, your business will have to live with it for the life of a lease.
Give yourself some time don’t rush into a lease. Though the economy is in a state that there are plenty of office spaces around, you’ll still find that the perfect office space is hard to find. But, due to the recession, landlords now have cut their lease lengths to at least a year. Making things much easier for you.
The best thing to do when you think you have found the perfect place is to determine how much space you really need. Once you have calculated this , you want to evaluate how much space you will need to expand once your business becomes successful and can hold more people. Paying too much for an office space could affect profits; paying a small amount for inefficient space is also a waste of money.
There comes a time when that basement or spare bedroom you’ve converted into an office just doesn’t cut it anymore. You need a real office space — a place where you can meet clients without your small toddler crying in the background, a place where your filing cabinet doesn’t double as a table for the microwave.
And unless your business is picking up pretty good then you probably don’t have that extra money to rent an office space. However, there are a few things you can do to help you save money without feeling like you’re cutting too many corners. Here are some tips to help you get started:
I. DO THE LEGWORK YOURSELF
Hiring the help of an agent may seem like the correct thing to do. But hiring an agent means there’s going to be fees to pay. So in order to save some money you might want to go solo on your office search. You’ll find it easier to find the perfect space, after all you’re the one who knows more about your business.
2. HOW MUCH SPACE DO I NEED?
Before you go out looking for an office space, you need to stop and calculate how much space you will need. You don’t want to end up renting a 10,000 square feet office when you only really needed 7,000 square feet. Which would mean, you will be paying every month for and extra 3,000 square feet of office that you don’t really need and aren’t really using.
3.FURNISHING THE OFFICE
With the great list of used and refurbished office furniture available today, purchasing new is most often a waste of money. Don’t go buying new furniture when there is many thrift shops or classified ads that have office furniture that is in very good condition and for a very good price.
4.PREMISES TO MATCH YOUR TYPE OF BUSINESS
Don’t underestimate the value of appearances. How your office looks can have a huge impact on business & investor relations so it is crucial that the premises you choose match with the image you want for your business.
5. NOT CONSIDERING FUTURE NEEDS
Renting office space can be risky because it may be difficult to predict your future business needs. Renting the proper amount of space, in a location that suits the business, is sometimes a great risk you will be taking. The property owner does not share in your risk-taking, and it won’t be the landlord’s problem if the office turns out not to suit your needs. If you signed a contract, it’s your space until the lease terminates.
There is real opportunity to start a business today because many, many businesses that existed prior to the recent recession have closed their doors and left wide range of parts of market with little choice . Many long-standing client relationships have also disappeared. More than anything else right now, consumers and businesses want the lowest cost, period! This presents a great opportunity for entrepreneurs who want to position themselves in the marketplace as the lowest-cost provider.
But before your jump into this roller coaster ask yourself a few questions…
1. What kind of business will I begin?
Do what you love to do. Businesses don’t just happen. They are made. Most people do the mistake in opening a business they know nothing of. Your success relies on what you bring to the business. If you love what you do then chances are your business will be successful. Don’t be tempted to start a retail store just because you find a cute, affordable space.
2. Where will I get the money to start my business?
Start up business funding and start up business grants are hard to come by. Ensuring you have the funds necessary to stay viable past the first few months, when business will be at its toughest, is extremely important. If the only problem you have is a momentary lack of funds, and you have a decent credit rating, speak to your bank about a business loan.
3. Do you know how to run a business?
Running a business takes different skills than practicing what you know or love. If you don’t have an idea on how to run a business, then start today learning how to do it, or find a friend that has same knowledge on this and can give you some advice.
Yes in fact many businesses that go under is because they didn’t have a business plan before they started. Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think past rationalizations that we all tend to make and come up with something real and doable.
If you are on a tight budget and are unsure exactly how long it will take for profits to flow in at a strong level on a regular basis, consider starting a business with a home office. New businesses die every day and many suffer a premature death simply because the new owner ran out of money.
It can be complicated in determining when is the right time to move your home-based business to a separate office space in. Moving too soon can result in overhead that is outside of the current cash flow ability. Waiting too long may result in loss of customers or jobs. Operating out of the home can be a big plus for many small business owners. By significantly lowering your overhead expense, you can improve your profit margins in good times and reduce your risks if the business cycle heads down. The advantages of moving out of your home office boil down to increased professionalism, more space to work and unlimited growth potential. Of course, with any advantage come a few disadvantages, but nothing that can’t be overcome.
There are a few signs that let you know it’s time to go out and look for an office space. For example:
Dogs barking and family members needing your assistance will not only minimize your productivity but can be heard on calls and conferences. While most understand the demands of juggling business and home life, constant interruptions and background noise are not necessarily helpful when you’re trying to project a professional image.
Businesses that need a great deal of space or that need bulky equipment are obvious candidates for outside offices. But some businesses that don’t need to be operated from outside offices can benefit from them. You’re struggling to fit the new printer but you’re struggling because there just isn’t room between your file cabinet and the queen-sized bed that also sits in your office. Maybe you do need a larger space that can be devoted just to your business. Piles of equipment or papers that are interfering with either your work or your family life also send a signal that it’s time to consider an outside office.
Space for Clients:
When a big portion of your business involves meeting with clients, you may need more than just the local coffee shop. When you want to present to a larger group or need a truly professional meeting space, you’ll need to find something a little more appropriate than a café. One option is to rent office space – you’ll get a set amount of hours in an office, along with access to a conferenceroom.
Most businesses with outside locations tend to be easier to sell and to bring higher prices. For one thing, the new owner doesn’t have to scout out a new location and go to the expense of moving; for another, customers and clients are already accustomed to visiting a particular office and can continue to patronize it despite the new ownership.
Some businesses operate most efficiently when they are located close to customers, suppliers, or certain other facilities or businesses. For example, law offices are often located close to the county courthouse, in part to minimize the time spent running back and forth to court. Also, many customers or clients seem to feel that a business with a permanent address other than someone’s home is less likely to be a fly-by-night operation, and more likely to be able to deliver on guarantees.
Finding the perfect office, in the perfect location, and at the perfect price can be time consuming and can also have a huge impact on your business. It is an exciting time in the growth of any business whether it is a new start-up or an expanding company looking for improved premises. Fortunately, with the large quantity of offices available on the market, combined with the multitude of fantastic resources that allow for easy searching, ‘finding any office space’ can now be transformed into “finding the perfect office space”.
The office you choose will be one thing you will need to consider but what kind of businesses that surrounds that office is what really is important. However, location is important even if you are not looking to pick up passing clients because we all want to give off the right impression to our clients and visitors. Whether a business wants to enjoy a remote location or be in the heart of a vibrant city, location is of great importance.
First impressions are made in the first ten seconds of meeting someone. This is also true when it comes to walking into a building. Business premises need to always look professional, clean and organized otherwise clients might get the wrong idea if things appear to be disorderly and untidy.
Instead of jumping in feet first and taking the first available office space, businesses should to take their time as the right location can make or break a business. It is easy to feel overwhelmed and emotional when trying to figure out where you are going to spend all of your time and a lot of your money. When you know what you want, it’s too easy to jump over important steps in the search process and land yourself with a space that looked great at first, but fails to meet your needs.
After you have found the perfect office you will need the perfect price to go with it. Many tenants fall into the trap of believing that since they have signed a long term lease they are locked in. Let me tell you if you haven’t already heard, everything is negotiable, especially in this market we are experiencing now. Landlords are desperate for tenants and they’ll do anything to keep from losing an existing one.
The key to negotiating a better lease is to find other office space for lease. . You have to know what other options are available to you and what the rates, sizes, amenities, access and availability are for comparison before negotiating.
Look at the cost of the lease, and determine whether it is a total cost for the property or if it is on a per-square-foot basis. If the cost is per square foot, inspect the property to see if it has space you can’t use, and ask that the landlord removed it from the cost calculation. Check for any clause concerning rent escalation over the course of the lease. Ask that landlord add an escalation clause to prevent unexpected increases.
Short term office space is an excellent solution for companies that need a temporary place to conduct business. By renting a small office your company can save funds and use them towards other things. This could mean the difference between turning a profit and not turning a profit. . If a company’s staff is small, then it makes sense to rent small offices rather than whole floors or buildings. Size isn’t everything when it comes to business. A group only really needs a professional setting that has a enough space for desks and filing cabinets, among other company-specific items.
Renting an office is a smart thing to do when a business is still growing, but it is not obligatory. Renting an office helps out a lot in the first stages of growing your business. If your business would need to apply for a small business loan and having a commercial address would help out a lot. Many banks take small businesses with a commercial address more serious than those businesses that are running their business from home.
Privacy, client confidentiality, personality traits, etc. can all factor into one’s ability to benefit from a small office space. Small office suites provide small businesses with the space and professional image they need without breaking the business’s budget. You do not have to buy or rent out a whole building or entire floor to operate your business. Instead, lease a small office suites that has just the right space you need for your day to day operations. This is an affordable and effective to get your business idea going.