Bravo. Your freelance or startup business has hit a growth spurt and it’s time to seek out your first office space. Before getting swept up in the excitement (and stress) that tends to come with starting a process like this, there are critical factors you should consider to ensure that you are making the best decision for your business, yourself and your potential employees. The following tips will help you find an office space that makes the most sense for your needs.
Determine Your Budget
The first step in making a practical decision about your future office space is determining your budget. This can be tricky for growing startups, but it is important to estimate your current and future expenses to determine your cash flow. When in doubt, it’s best to aim high with your expenses and estimate low on your income. You should list your expenses as accurately as possible, including but not limited to the cost of supplies, technology, equipment, WiFi, employee compensation, transportation, marketing, advertising, taxes, etc. (PS: Don’t forget to consider decreases in revenue due to holidays and slow industry months.)
Evaluate How Much Space You’ll Need
If you only have a few employees at the moment, they may not require a lot of space to work together comfortably – yet. As your business grows, so will your ideal space requirements. You should consider the rate of your business growth and ask yourself: How soon will I need another employee? Do I need a separate space to meet with clients? Do I want my first office space to be temporary or long-term? Will I have enough space to accommodate a growing team? Will we need office space every day, or just occasionally?
Consider Your Co-working Space Options
Shared co-working spaces are an excellent option for startup professionals who are working with a tight budget. Why not work together with other startups or small businesses? When you team up and share a co-working space, you will benefit from flexibility and a lower cost in rent. In addition, this kind of environment can be an invigorating and inspirational change of pace for business owners and employees who don’t get the opportunity to engage often. Network with your neighbors and see if you can mutually benefit from a collaboration.
Be Strategic and Considerate When Choosing a Location
Whether you plan to set up shop in a co-working, temporary rental, leased, or brand new office space (all options) – location and business environment is key. Conduct market research to see how similar businesses in the area are performing. Talk to landlords and surrounding businesses about their experiences. When choosing a space, ask yourself two questions: Could my business thrive in this location? Could my employees thrive in this location? The latter is especially important if you want your employees to stick around; frequent turnover is costly. It is best to choose a centralized location that you and your employees can conveniently reach with minimal disruptions. The less time your employees have to spend in rush hour traffic, the happier and more focused they will be upon arrival.
So You Found Your First Office Space – Now What?
You’re busy! Finding your first office space is an exciting step on the road to success, but it can leave many professionals without ample time to implement a digital marketing strategy. That’s where we come in. We can write your blogs, create your newsletters, run your social accounts and even get your business on the map by building your simple website!