What to Look Out For When Renting Office Spaces
Renting an office space can be scary, especially when it’s one’s first time. This can never be compared to previous rental experiences—cars, apartments, houses—this one takes the largest portion of the pie in terms of complexity. The most intimidating consideration is the ignorance about the cash flow. Maintaining flexibility is important.
When startups get locked into the wrong lease, they risk unnecessarily tying up capital that could have been better used to drive business growth. In this case, some businesses crumble even within a blink but others taste deep waters and survive what could have been the death of a vision.
Small businesses must be very careful with each and every step they take which would make them vulnerable and suffer a huge financial loss in the long term. This is common with start-ups, especially when you’re just growing and even the small mistake counts when making decisions at every turn in the business.
The choice of an office affects your daily operations and staff morale. It also has an influence on brand image. These are the factors crucial to renting an office space and once these are overlooked, you are on a short run to disappointment and regrets.
The site of an office is probably the most important factor to consider when renting an office space. Customers, guests and workers should be put into consideration as distance without hassle to the location is key.
Cost is another important factor to most businesses when they’re choosing an office space. Although, it depends on the age of the business. Startups should choose cheaper spaces while old companies can afford any size of space because insurance policies will likely cover losses rather than cover new companies. Some spaces may not be worth it while others may just be too flamboyant for businesses. Neither of those scenarios are ideal.
Both of the factors mentioned previously—location and price—will have an effect the size of the premises one chooses, but it’s an important factor to consider.
The general recommendation is to have 70 square feet per person. However, the knowledge of one’s business will help to know the size required. If the employees need bigger desks or more storage for example, then a boss will have to add up spaces as observed.
The size will also be useful for knowing meeting and rest spaces. An area is also needed to meet with clients, and colleagues and staff will also need a space for lunch and recreation, if available in the workplace policy.
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Nowadays, there are not many businesses that can function efficiently without a reliable internet connection. Some offices, especially managed or serviced offices, generally include internet access as part of their rent. Renting a private space means you consider the cost of getting a line connected and the monthly payments for access.
The quality and reliability of the service matters too. There’s no point paying for a service that is being interrupted constantly or cracks under the strain of a particularly busy day.
Facilities do not just mean internet, either. What about postal services or telephone connections? With mobile phones so prevalent these days the latter might not be that important to you, but postal services are still crucial for signed documents or other physical items.
Nature of work and activities
The type of office to rent is dependent on the activities carried out at the space. Of course, administrative and manufacturing offices differ and hence the need for this aspect to be considered.
Staff and workers need to be considered as regards the safety and convenience of moving their cars and motorcycles. When there are parking spaces close to the office, workers will be free of worry from theft and car hijackers.