Many businesses are turning to renting and leasing to provide a roof for their employees, and it’s not hard to see why. Renting doesn’t tie you into a massive contract just like a purchase would, and it’s easy to get up and move if the place isn’t right for you.
However, what isn’t easy is that initial decision. Choosing a property to lease requires careful consideration and thought. Yes, renting is more flexible than buying, but that doesn’t mean you should be frugal. Businesses will thrive on careful planning and spending, and yours is no different.
- Don’t take more space than you need
Paying for more than you need, in any walk of life, is just wasteful. Buying excess food only to throw it away, buying all those clothes we never wear. The same is true of leasing a business space. Having more than you need can result in higher monthly payments, and that money will be wasted. On the other hand, you may want to account for possible future growth.
So, look for a flexible leasing solution. Find somewhere that allows you to scale up – or indeed, down – as needed. Many leasing options, such as http://www.mac6.com/conscious-workspace/, allow you to add more room as needed. Need more desks? Done. Need an entire office? No problem.
- What does your business need the space for for?
If your company hires a lot of remote or offshore employees, you probably won’t need an area with a lot of desks. If your business revolves around an outdoor product, you’ll need room outdoors for testing and display purposes. Does the building have enough power outlets, and enough bathrooms? Can it properly house the staff you need it to?
When looking to rent an office space, you should be asking yourself these questions, and more. Ultimately, you must identify the core need of the business and factor this into your choice of property. There are dozens of sources available to help define a need, from www.batimes.com to government reports. So, conduct a thorough brainstorm before you take that property plunge.
- Does your budget cover all the costs?
New business owners may make the mistake of not budgeting properly, and it can prove fatal. While you may be focused solely on the lease or rent payments, think of the other costs too.
For starters, you’ll need to pay removal vans to take your belongings from one place to the other. Then, you may need to buy extra equipment and supplies, such as printers and paper. On top of this, some utilities like electric and gas often aren’t included in the monthly price, so you’ll have those too.
Other costs include broadband, insurance, cleaning costs and staffing. Ensure your budget covers all these things, with enough left over for a rainy day. You don’t want to move into a new space without the cash to fund it.
Does your company lease office space? How did you find the process? Share your thoughts in the comments below!