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?
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.
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.
Before signing on a lease, it’s always important to know what you’re getting yourself into. By carefully reading the lease entirely can help straighten out any probable problems before they happen. For first-time renters, signing on the dotted line is often thought of as just part of the rental process. The excitement that comes with a new office space sometimes surpasses the responsibilities that go with renting an office. Before signing that lease, it is important to read the fine print and be aware of what your landlord expects of you, as well as what you can expect of your landlord. Make sure you review the lease carefully for requirements relating to often overlooked polices such as guests, parking, pets, and painting. Here are some other things you might want to be aware of before moving in:
– As soon as you sign, you’re stuck…….at least until the term of the lease ends. Many people think that just because you’re not buying the space, you can bail out if things don’t go right for the business. But that’s wrong, a lease is a contract, a legal commitment. So take a second look and inspect the place, know what you getting yourself into before you move in and realize you actually need more space or that the building is not so safe at night.
– Second thing to consider is know exactly what is the tenants responsibilities. Before signing the lease, make sure you have actually inspected the unit you will be moving into. Make sure there are no damaged areas or safety hazards. Inspect all window and door locks to make sure they are in working order. If anything needs to be fixed, make sure it is taken care of before you move in, or have it added to the lease (in writing). Make sure any pre-existing damage the landlord isn’t going to fix, for example, stained carpets, broken blinds, or stained walls, are written into your lease agreement as “pre-existing”. If these damages go undocumented you can end up losing your security deposit or even charged for those damages when you move out.
– Security Deposits is another major thing to educate yourself on. Many landlords and rental agencies will charge what is called a security deposit. This deposit is usually equal to one or two month’s rent and is refundable if certain conditions are met upon moving out of the rented space. The purpose of the deposit is to ensure that rent is paid on time, and to cover unusual repairs that may be needed when a renter moves out due to damage caused by the renter. So be careful and document any and all repairs requested from the landlord as well as any repairs done by you.
– More importantly, what are the terms of the lease? If you expand rapidly, is there a provision for breaking the lease at minimal expense? If you later downsize, will the lease allow you to sublet the extra space you don’t need? Before signing any agreements, check out the landlord, too. Discuss the terms before requesting a lease and make sure the landlord spells out each party’s obligation prior to signing the lease agreement. Leases are written by the developer and/or their lawyers so most are tilted slightly in their favor. If some things seem unfair do not hesitate to have a lawyer review or ask for clarification from the landlord.
– The last and most important fact is that there’s too much space around for the number of active businesses. For the first time in many years, tenants are in demand. For every business that closes, another space comes onto the market. So now as a tenant its your chance to negotiate better terms for your lease. Ask for a shorter term. Don’t get tied up in a long term lease, that down the line if your business doesn’t pick up you will still be responsible for the remaining months. You’ll also want to factor in and negotiate rent increases over the term and renewal options so that you are not unexpectedly hit with a rent increase without warning from your landlord – something that can quickly compromise you cash flow and margins.
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.
Due to the bad economy and not a lot of jobs out there, people are now taking the opportunity to build a business and develop a clientele. A lot of individuals take the plunge and take advantage of the many opportunities and resources available when starting your own business.
Starting your own business gives you the opportunity to follow a dream or interest. Pursing a passion as a career by starting a business can increase your motivation to work and overall job satisfaction.
Many people like the idea of not being restricted by the rules and regulations of a job. When you have your own business, you set your own hours and come and go as you please. Initially, many owners may need to work more hours per day than a standard job. But when the business is established, they may be able to take time off and hire help to run the business.
To better understand why people start their own business, we asked many new business owners what motivated them to start it.
69% Of them answered “Be my own boss”
20% Of them answered “Follow a dream”
11% Of them answered “For Financial Stability”
It’s interesting that the desire not to have a boss is the primary motivator of entrepreneurs because “being one’s own boss” appears to be the prime source of entrepreneurs’ job satisfaction.
While there are many answers to the question why start a business, the best answer is the one that motivates you to take action. If you encounter any obstacles along the way, reminding yourself why you became a business owner in the first place can help you regain your focus and enthusiasm. The rewards of starting and operating a successful business are unparalleled in the world of work so start brainstorming and come up with your own answers.
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.