As you conduct your business, it is critical to choose the right office space. Your office space is one sure reflection of the state of your company. Office space serves as a moment of truth for your customers, prospects, employees, shareholders and all other stakeholders. Your customers and prospects form their impressions when they see your office space and attractiveness of office space is a big determinant for prospective employees to join your business. Good office space also serves a morale booster for existing employees too. Hence, choosing the right office space is an important consideration while you run your business.
There are several considerations to take into account when choosing office space. Failure to make these considerations may lead to problems such as paying more than you should, failure to attract clients/customers, and failure to keep your workforce happy.
An individual or a firm face a lot of challenges and problems while setting up a new business, but one of the major problems is the difficulty in finding the right office space. When you are looking for a new office space, its important to draw up a check-list of exactly what you are looking for and the features any potential space should have.
This article is aimed at helping distinguish the most important factors that will need to be considered for companies looking for office space. This article is the first in a series of two and outlines five of the ten factors for deciding the office space.
1. Location of office space:
The most important factor when choosing your office space is location and there are several factors that go into selecting the ideal office location. All businesses want to be close to their customer this necessitates finding an office space that is business central. Unfortunately, there is not a one-size-fits-all solution to selecting a location so you will need to evaluate the needs that your business asks for. This will be the driving force in your decision.
For many companies their brand image is their key asset, so they may look for a lavish office in the thick of the business district, whereas someone just starting out may opt for a more modest location. Identifying exactly what your business needs are is critical to finding the perfect office space. Is it to expand your business space? Is it to accommodate more staff? Is it getting closer to the market and customers?
It is highly recommended to develop a detailed matrix that lists the various business needs in the “Y” axis and the location variables in the “X axis. The matrix should be able to solve the problem of choosing the location in a much easier manner.
2. Office space connectivity and accessibility:
While your customers and prospects are of paramount importance, the chosen location should also meet your business and employee needs. You want to make sure your place of business is easily accessible.
The following are the parameters you can consider while selecting the location of your office space.
- Proximity to customers- Being close to your customers is an imperative for any business. It is the customers who run your business. Having your office space closer to your customers is the most preferable option.
- Proximity to workforce- While customers provide you with business, your workforce ensures your business runs on a day to day basis. Your employees come to the office from various parts of the cities- some nearby and some far-off. Hence, a conveniently located workspace which is close to public transport is a must. An easy commute is not to be underestimated, particularly in regards to employee retention. You want a place which is centrally located so it is close to hotels, shops, banks and restaurants as well.
- Cost considerations- For most companies it is the economics of doing business that drives the choice of location. If the majority of your customers are located in the central business district then your choices are limited and you will have to find an office nearby. However, if the transportation facilities are good from central locations to suburbs, the suburbs might just emerge as your close second choice.
3. Office set-up cost:
Once you have decided on the location, it is time to evaluate the set-up cost of the office that will get you up and running fast. The range of set ups required depends upon the infrastructure you rent or lease. It may extend anywhere from laying carpet to buying furniture and wiring your office. Or else, if it is a serviced office space, all you need is to walk into the office and start your business.
The set up costs add significant time and cost to your overall budget and may impact your business. Hence, a detailed evaluation of your business needs and the corresponding set-up elements need to be done while selecting the office space.
4. Office Services –Cost and Quality:
Services such as reception services, postal services, client refreshments, business support and purchasing are extremely critical for the smooth running of the business. The quality of services will determine the delight your customers will experience. Once you determine the quality of services it is essential to decide whether you want to outsource the services or engage in full time resources for the services.
While the quality of services is of utmost importance the cost does have an impact on your bottom line. It is important for businesses not to make a trade-off between the quality and cost of services that are needed. Based on our experience we believe that renting the services often provides you with the best quality in the most cost effective way.
5. Hidden costs:
You certainly don’t want to pay more than you had estimated for. This calls for the detailed evaluation of the costs involved in hiring and setting up of the office space. It is important that you read the finer details and terms and conditions when you sign up for the agreement. A failure to do so might have severe impact of your bottom line and overall growth of your business. One should opt for transparent cost structures that provide a detailed visibility into the overall cost.
Getting started with Avanta’s serviced office
Avanta’s special “business support package” including best-in-class services such as telephony, internet connectivity, post handling and a multitude of other services delivered in a one single comprehensive package. With Avanta’s flexible and transparent pricing (ZERO upfront costs. ZERO hidden costs) you can avail the business support package on a pay-as-you-go basis only for your work stations and not for rest of the office area. You can start your business right away without having to worry about the maintenance and downtime.
So if you are looking for office space Avanta’s high quality services, premium locations, flexible and transparent pricing provide you with a compelling case.