Tips for Selecting New Office Space


Tips For Choosing a New Work Space, Tips For Deciding on a New Office Location

Looking for a new work space?

As your small business grows, you may find that you’re outgrowing your current space. Finding an appealing space that not only suits your current needs, but also allows room for continued growth while remaining within your company’s budget, can seem overwhelming. But, if you come well prepared you might find the task is easier than you thought.

As a small business owner, you probably want a space where you can comfortably meet with your customers and run your business without conflict. Sometimes, however, this may be a larger investment than you’re financially ready for. Consider these options for moving into a new office without making a dent in your business account:

Joining a shared office space

Growing businesses that aren’t established enough to sign a lease find shared office space to be very appealing. This communal way of working, commonly found in larger cities, is typically fully furnished office buildings that offer desks or whole offices for rent on a monthly basis. The options as far as Internet connections, conference space, etc., vary depending on how much you’re willing and able to spend. But it is definitely something to check out if you are in need of some prime space to conduct business.

Lease your office furniture rather than buying it

Moving into a new space comes with many expenses, but one you don’t necessarily have to worry about is buying office furniture.

Look into your options. Many office equipment companies offer office furniture and other supplies for lease. Besides the smaller cost, leasing also affords you the option of trading in your office furniture when needed so your work space can always look just as snazzy and up to date as you would like.

Sublet from downsizing companies

Depending on where you live and how businesses are faring in your area, you may find that more office space is becoming available as larger companies are downsizing. These businesses may still owe on their lease even though the space is empty and this opens an opportunity for you to sublet for a decent price. Research your options and be sure to negotiate.

Research, research and more research

“[Choosing a business location] involves looking at demographics, assessing your supply chain, scoping the competition, staying on budget, understanding state laws and taxes and much more,” according to the U.S. Small Business Administration (www.sba.gov). The SBA suggests some pointers to help you determine your work space needs.

Factors that play into your ideal office space include (but are not limited to):

Brand image – Does the space/location reflect the image you’re aiming to convey for your company?
Competition – Are the businesses/companies in proximity to your competitors?
Potential employment opportunities – Does the local area offer potential employees? What will their commute be?
Space for future growth – If you expect your company to continue to grow, will the space you’re looking at allow for growth or will you be looking for a new space five to 10 years down the road?

Determine what you can afford. There are more financial decisions to consider besides just the monthly lease payment, such as:

Unexpected costs – Before your space is move-in ready, you may need to renovate, upgrade the Internet system, decorating, etc.
Taxes – Take into account the rates of the sales, income and property taxes for the area you’re looking at.
Minimum wage – Expanding your office space likely means adding to your employee base as well. Many states may have a different minimum wage than the federal amount, so being aware of your area’s requirements will reduce any surprises in the future.
Consider the help of a specialist. A small business specialist may be able to highlight programs and support that your state government and local community may offer. Tap into local resources such as online tools that provide additional information into your community.

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