When you plan to start a new business, it brings huge enthusiasm. You aim to achieve big goals and grow your business. But before executing your plan, you need a workspace. You can rent office space on a monthly or yearly basis. It allows you to invest in your startup first before making a property purchase. A proper working space indicates that your startup is evolving into a professional business.
New entrepreneurs must invest wisely in office space for their business. It is important to understand that renting a working space will cost you a lot. So, select an ideal location that fits your business and protects you from making costly errors. This guide offers a step-by-step guide to secure office space at cheaper rates.
Do You Need to Rent Office Space?
Before signing anything, question yourself why you need an office. Do you currently work from home? Do you require a space to do business meetings with clients? Are you building a team or expanding it?
Many new business owners experience strong pressure to get an office. If you don’t need it yet, it’s okay to wait. But if you really need one, consider the type of office that will suit your work style. What kind of work environment do you require? Do you need a quiet, private place, or are you comfortable sharing your workspace with other people? You can easily select your office space when you understand your business needs and requirements.
Step-by-Step Guide to Rent Office Space
Here is the complete guide to help you rent an office space. Follow these instructions to find the right workspace for your startup.
1. Set a Realistic Budget
When you plan to launch a startup, it can be difficult to afford everything. Therefore, you should plan your budget carefully. Don’t spend too much on rent. You still need to pay for marketing, equipment, staff, and software. Your office rent should not exceed 10–15% of your monthly income.
Always ask about all additional expenses, as they might not be included in the rent. Internet, electricity, cleaning, and parking can cost you a lot in addition to rent at some office spaces. So, make sure to discuss everything beforehand to avoid any surprises.
2. Choose the Right Location
Selecting the right business location can make or break your sales. So, your office space should be easy to access. It is usually best to choose a working space near stations or central hubs to attract a larger audience.
However, offices in crowded places tend to be expensive to rent as compared to others. But if it doesn’t align with your budget, you can select an area outside the city to cut down the cost. While renting, look around to see what’s nearby. A nearby cafe, bank, or post office will be beneficial for your business growth.
3. Explore Shared or Coworking Spaces
If your business is small, then you don’t need to rent a larger space yet. Shared offices or coworking spaces are perfect for small startups and businesses. You can rent a small office, desk, or private room on a short-term basis without signing contracts. In addition, coworking spaces provide you access to meeting rooms, high-speed internet, and kitchens.
Most coworking facilities provide opportunities to interact with fellow business owners. If you’re planning to save money, rent these coworking spaces with additional amenities. As your business grows, you can move to a bigger space without hassle.
4. Check the Office Before Renting
Always visit a place first before renting it. You must confirm whether the space meets your work requirements. Is it clean and safe? Is it noisy or quiet? Does it have enough light and space?
Additionally, if possible, test that internet speed. A slow internet speed will affect the quality of your productivity. Visit the office during different hours of the day before making a decision. Some workplaces change from quiet to loud in the afternoon. So, you should know these details before moving in.
5. Understand the Lease Agreement
A lease is a legal contract. It provides information about how much you will pay, how long you’ll be staying, and the rules you need to abide by. Lease agreements can be confusing, especially if you’re a complete beginner in business. Read everything thoroughly. Seek support from the landlord or consult experts if you feel stuck.
Make sure the lease includes:
- Rent price and what’s included (utilities, services, etc.)
- Lease length and exit policy
- Rules regarding changing the office layout.
- Who will pay for repairs?
Try to get a short-term lease because if you plan to change your office space later, you can move.
6. Be Patient and Stay Flexible
Finding appropriate office space needs dedication and time. Don’t be impatient, take your time to find the ideal location. Ask for temporary leases and learn what works best for you. However, as you grow your business, you can relocate to a larger work environment. Don’t stress, your first office doesn’t need to be a perfect place. It just has to align with your requirements and business needs.
Final Thoughts
Selecting an appropriate office space is a difficult task when you have just started. It can affect your productivity, your costs, and how others see your business. That’s why you should invest your time and energy in opting for the right space. It’s not enough to just have a place to work. It should be a place where your business grows and succeeds.
At 25 Van Zant St, we provide commercial workspaces for rent to business owners and entrepreneurs. Whether you are expanding to expand your office space or renting a coworking place, we are ready to serve you. Contact 25 Van Zant St to get a free quote.