Moving from humble beginnings, wherever they may be, to brand new offices for your emerging start-up can be a nerve-wracking step, but a necessary and exciting one. The logistics involved in finding the right startup office location, moving, and getting everything settled in your new office space can be a challenge.
Worst case scenarios like facing extortionate leases, or viewing offices that are neither equipped for your material requirements or for employee and business growth over time, mean that pessimism may stop a search before it even begins. Knowing the right questions to ask, and the best approach towards hunting for new offices, can make a huge difference, avoiding the worst case scenario, while allowing you to find the best office fit for you. This will allow your tech startup to grow without worrying about future turbulence in the market.
As a startup company, there are a multitude of factors that need to be taken into consideration. Understanding what to look for in your ideal startup office space can give you the edge in negotiations, while preventing a lot of unnecessary headaches.
Before searching for new premises, it's important to ask these questions:
Is the office space affordable for your business?
Startups, in particular, need to consider their short and medium-term aspirations regarding staff numbers and revenue over the years. Rod McInnes of MLS group suggests that short-term leases on office space make more sense financially. The reason for this is that any increases to your personnel can be managed without the expensive overheads of a 5-10 year lease. Knowing whether your startup office space costs will be affordable and conducive to your business growth is essential.
The same line of thinking can be applied to future affordability whether you enjoy sunny days of financial growth, or the downpour of sluggish periods. Accounting for this in the longer term is crucial for ensuring you choose offices that remain viable no matter what.
Is it the right workspace for your staff?
Having a poor environment for a workspace can leave many employees feeling stifled by it. Research has shown that a more positive, vibrant working space can improve the level of productivity, and increase morale.
When seeking out an office, keep in mind the environment, and whether it's a good workplace for your current and future employees. This will make a difference, both in providing functionality for the needs of any given working day, and also in improving the daily productivity of your team.
Is geography a factor for you and your workplace?
Of course, your tech startup doesn't have to be located in the heart of a city. But it's necessary to consider the accessibility of your new offices for your workforce. An attractive, well equipped and spacious office carries little value if it's inaccessible to existing and future employees.
Serviced offices offer a useful alternative for many companies, especially for smaller startups looking for a location with reasonable travelling time for employees. They can also allow for a higher level of affordability with flexible contracts, compared to leases which require a longer duration of stay.
Knowing how to get the best deal
Business transactions, like renting new office space, don't have to be a yes or no agreement based on whatever the property owner is asking for. Knowing how to haggle down the price using the right connections is essential for cutting unnecessary costs to your company.
Shopping around, not just for properties, but for agencies, can be a better strategy. This allows you not only to find a list of good offices for your startup, but also to have a way of haggling down the underlying price to cut down on costs wherever possible. If you would like get in touch, please contact us.