At their initial stages, most of the startup founders are often found in garages, dormitories, or even at Wifi enabled coffee shops. Now it may sound economical and cozy, but as the startup grows, it need more employees, and more employees need more space.
If we talk about a few years back for now, entrepreneurs, looking for their first office space, had no idea about how to proceed. Now, there is more flexibility and options available in market to help you secure an office space for your startup.
Another important thing to considers is, for a growing startup, you would obviously need more space than needed (now), so that in future when your team grows, you have enough space to accommodate them without disturbing your general work process.
1. Find out the average price it will take to rent a space
As a startup, you must forget about buying your own space. Look for spaces available for rent. For that, you must know of the average rent for an office space in your area. Here’s an infographic on how much does it cost to rent an office space in your city.
2. Decide how much space you want
On the basis of budget and the number of employees, think of how much space is required. In general, you must consider having 60-70 square feet per employee. Keep a room for 5-7 more employees for future expansion. This is a highly variable amount that depends on your startup.
3. Make some lists
Once you know how much space you want, here’s a checklist that will help you find an office space; a right office space.
- Is the location accessible by most of your employees?
- Would they be able to easily commute to the office?
- Are the basic amenities you need available there?
- Is it available in your budget?
- Is the landlord good?
- Is it big enough to accommodate more employees that you might have to hire in near future (1-2 years)?
- Is the location convenient for your clients?
- What’s the parking situation?
- What’s near your office? Restaurant? Gym? Coffee shop?
4. Postal services and internet
Can you survive without internet? With the rise of internet based startups, no one can imagine a place without internet. Ensure that the place you’re considering has good internet connectivity and even better postal services.
5. Negotiate like a pro
When you try to find an office space for your startup, never go with the listed price. Negotiate between 5 -10% of the listed price.
6. Don’t go for the “trendy”
As a startup, you must try to cut costs. Don’t make your decisions based on what “looks” good. You can do a bit of renovation when your budget allows but paying extra costs just because you wanted that special counter in the kitchen isn’t a good idea. Maybe even avoid spaces like kitchen. Think of it and cut costs!
Author: Biz Think Tank
BizThinkTank is a dedicated small business website, with a wealth of regularly updated tips and articles. Whether you’re looking to start a business or grow your business, you’ll find a wealth of handy advice and information.