Choosing your first office space is an important decision and often a turning point in the development of your business. The office space you choose can often reflect the journey your business is on, so ensuring the office is right for you and your team is essential.
Here are our 5 top tips for choosing your first office space:
1. Location, location, location
Choosing where to locate your first office is difficult, with countless factors to consider. You may wish to stay local to where you are now, making it easier for you and your team (if you have one) to commute, or you may want a more central, city location.
If you envisage your business needing to hire, you may want to choose a desirable location for potential new employees and consider the talent pool in the area. You may also wish to consider the location of your customers and clients – will your location affect business in that sense? How do your premises look to outsiders?
2. Be sensible with your budget
When choosing your first office space, you must be realistic in terms of budget you set and the price you are willing to pay. Although office space will be one of the biggest costs you encounter, office costs should not have a negative impact on your finances as a start-up.
Think about all the potential costs you will incur by choosing to rent your first office space, crunch some numbers and choose an affordable monthly amount - stick to the budget you have decided upon.
3. Choose appropriate spaces
Often, new businesses choose their office space because of cost or location. However, start-up businesses must consider the size of the office space they are moving in to – there must be space for each member of the team to have ample space, space for growth, but not be too big that it feels half empty. This will leave you paying for office space that you will never or hardly ever use.
You must also consider the surrounding of the office itself, and how this is compatible with the team you already have in place. An office is the first indicator of the type of business you are running – and the setting must be appropriate.
4. Choose an office type for you
There are many different types of office you can choose as your first set up. You may want an empty office space which you can put your stamp on or perhaps a serviced office, ensuring that the hassle of everyday maintenance is taken care of in one monthly fee. Serviced offices can sometimes offer luxuries you could not afford if you were setting up alone.
Another option would be to choose a coworking space or virtual office, which is a middle ground between renting an office space and working alone – if you are a very new business, this may suit you better.
5. Those little Extras
When choosing your first office space, you may have to sacrifice some of those little extras that aren’t really essential. You may want a comfy sitting area, a kitchen and a cool creative space – but consider what you can practically afford given your budget. However, if collaborative work and socialising is a huge part of your business ethos – don’t be afraid to spend money on the little extras, it may be those extras which end up making you money in the long term.
With all the different options available to you, it isn’t a decision which should be made on a whim. Take time, view as many offices as you can to get a feel of what type would be right for your business.