So, it appears that your startup has begun to pick up the pace and bring in profits. Therefore, there seems to be a need to upgrade your office space. Identifying the ideal office space rental that fits your budget can be an exciting task; however, it can be stressful as well. Fortunately, you need not lose your sleep worrying about finding the best office space as we have you covered in that department. Here are 5 tips on finding the best office space to rent for your business.
Tip 1: Identify the amount of space your business requires
The general rule of thumb implies that you should look for a space of at least 1,000 square feet for every five to seven employees. Following this general rule should ensure the comfortability and convenience of your employees. However, when looking for spaces, it is also necessary to keep a keen eye on the layout of the rental.
Tip 2: Know if the landlord pays for ADA accommodations
The Americans with Disabilities Act states that an office space that accommodates more than 15 people must be accessible for disabled people. Hence, before you agree to rent a particular commercial space, it is important for you to know if the landlord is willing to pay for the modifications and upgrades required to comply with the regulations. The regulations may require you to widen the hall or install an elevator that the disabled can use. Such modifications can be heavy on your wallet.
Tip 3: Lease office equipment and furniture to cut down costs
You should understand that there are more expenses to office rentals that just making monthly rent payments. For instance, you will need to spend on numerous utilities, equipment, and furniture too. If you are working with a limited budget, it is a great idea to lease office equipment and furniture to cut down costs.
Tip 4: Look after your employees
If you run a small business and employ only a handful of people, you should be considerate of your employees and rent an office space that isn´t far from where they live. Hence, it is important to seek for an office space that is located centrally to where all of your employees reside. If the office is easy to reach, it will be a lot easier for you to retain the talent.
Tip 5: Run away from multi-year lease contracts
You should run away from multi-year lease contracts. Why should you do that? Well, it is because your business may not succeed and meet expected targets in the future, which can result in heavy losses. In fact, there may be a need for you to downsize or completely shut up shop. On such occasions, you will be forced to pay for commercial space that you will not be able to afford. Or, your business could simply increase tenfold and require additional space. Hence, it is of paramount importance for the lease contract to be flexible.