When you’re looking for office space, there can be so many implications for your business. Whether you’re an entrepreneur, running a small business or expanding to much larger operations, the risks of choosing the wrong office space are all the same.
There are financial implications, potential difficulties with growth, logistical issues and even your professional reputation is on the line. With that in mind, here’s a step-by-step guide to choosing the right office space for your needs.
1. Where do you need to be located?
There are so many things to consider when looking for office space, so it’s difficult to know which step comes first. In most instances, you probably have an idea of where you want to be located. Some businesses thrive by being away from busy city areas, while others benefit from being right in the CBD.
If you’re just starting your business and expect to meet with a lot of clients or stakeholders, a CBD address is much more convenient. In addition, having an office address in a sought-after part of town does nothing to harm your reputation.
With that being said, if your business is targeted towards a specific region or demographic, the closer you are to it, the better. Generally, though, a central location is best for most office-based operations.
2. How much space do you need?
Secondly, you need to think about how much space you need. Unless you have any specific manufacturing needs or something similar, you’re really just looking for office space at this point. So, the best method is to consider how many employees you have.
If it’s just you, then a co-working space in a central location is perfect, because you have the flexibility to scale up and down as required. Co-working spaces are also suitable if you have a couple of employees because you can pay for just the number of desks you need.
If you have more employees, you may need to consider your own space, such as serviced offices. These are still cost-effective and give you all of the amenities and services you need in an office space.
Alternatively, if you have a much larger operation, you may need to lease your own designated office space.
3. What amenities are required?
Considering the amenities and services you require is crucial to making the right decision when looking for office space. It may sound odd to place so much importance on things like printers, internet connections, kitchens and toilets but they are all expenses that add up if you need to purchase them for yourself.
In addition, think about your reception needs. If you employ reception staff, it won’t be a concern for you. But many smaller businesses benefit from joining a co-working space or serviced offices that come with reception and mail-handling services. After all, if you can avoid the expense of a dedicated administration team member while your business grows, it’s a good saving to make.
4. What can you afford per month?
Finally, and perhaps most importantly, it’s time to think about your budget. This is where it gets a little bit tricky and you need to weigh up the pros and cons of different circumstances. First, you need to understand your cash flow to determine what you can realistically afford each month. There’s no point in leasing an office that you can’t afford if you experience a slight downturn in income.
But you also need to consider value for money. Let’s think about co-working spaces or serviced offices that provide you with access to meeting rooms, reception and mail handling, and technology such as phones and printers. Taking this option means you don’t need to purchase or lease any office equipment. You also don’t need to pay wages, super and benefits to a permanent staff member to handle reception duties.
So, always consider your overall costs, including potential fit-out costs of a standalone office space before you make your decision.
5. Choose the right office type
Once you’ve gone through the steps above, you should have a good idea of what office space suits you best. Then, it’s simply a matter of finding an office at the right price, in your desired location with all of the perks that you’ve determined you need. Sometimes this can take time, depending on which type of office space you need, but it’s worth the wait to get it right.
Looking for office space in Wellington?
Urban Hub offers a range of office types to suit everybody’s needs. We have co-working spaces, serviced offices, virtual offices, separate office space and even meeting rooms. Choose the setup that’s right for you, all at a desirable location in the heart of Wellington’s CBD. Plus, you can scale up or down as your business requires. Contact us today to find out more.