Yet, this is a crucial decision that will have a huge effect on how successful you are in the future. So, how can you be sure that you choose wisely?
Think About the Location
As with residential properties, the location for your office is vital. Or at least it is in those cases where a physical presence is needed for staff to use. In this case, choosing the right location will increase your chances of success by giving you a wider selection of potential employees and then keeping them happier.
A relatively short commuting distance, good leisure activities nearby and a decent cost of living are some of the key factors that will help to attract workers. If you are close to a city or major town, there should be more people looking for work in the area.
However, if the business operates largely online or with remote workers, the location might not seem to be important. Bear in mind that it might still be needed to impress clients with, or to help increase your brand profile.
Sort Out the Financial Side
Will you rent or buy your new commercial property? Renting may let you access prime office space at a relatively low cost, but buying would give you the chance to invest in property. The final decision probably comes down to whether cashflow or equity is more important to you just now.
If it is a new business, you might prefer to keep hold of your cash reserves in case they are needed for some other reason such as marketing or hiring more staff. It may make sense for existing, stable businesses to buy as part of their overall strategy, just as the richest man in Europe, Amancio Ortega, made building up a huge property empire a vital part of his plans for Inditex.
In terms of how to buy, you can start by looking at reputable commercial estate agents in the area you are interested in. To borrow funds, you can use the same lenders that you would for a residential mortgage. These days, there are resources available online to help simplify this process. For instance, the Trussle mortgage adviser website lists UK lenders as including Nat West, HSBC and Barclays and also shows see the latest property market price news.
Look at the Space and Layout
Once you have decided where to look for an office and whether to buy or rent it, you can turn your thoughts to the size and type of space that you need. As well as your present needs, it is important to think about what changes the future could bring if your business grows as you hope it will.
This article from Ambient Concept looks at the reasons for considering different elements such as open spaces, cubicles and private rooms. In many companies, a mixture of different types of space will be needed for different situations.
By taking all of these factors into account, you will be able to make a smart, informed decision on your office location before carrying on with the task of making the business grow.
