Startup Office Space: Finding an Affordable Home Base
Did you know that 33% of startups begin with less than $5,000?
Even if you have a little more capital on hand, your budget is still a major concern when looking for office space.
You don’t want to pay for more than what you need. But you also want to make sure your office building will become a thriving and successful workspace.
How can you find that perfect balance in a startup office space? Here are a few important factors to consider.
Location Is Key
In the beginning, you and your team will likely be putting in a lot of hours to get the business off the ground.
It may be tempting to take a cheaper office space farther from home. But how will a long commute affect everyone’s productivity and morale?
What if you’ll be meeting with clients or selling products in your office? Most people won’t travel more than 20 minutes to reach a business, so consider your proximity to your main client base.
It may be worth paying a little more to shorten the travel time for your workers and your customers.
Don’t Overcommit
A good rule of thumb is not to sign a lease longer than your company has been in business.
Although five-year leases are standard for office space, look for an option of two or three years. That way, if business is booming, you’ll be free to move into a larger office when the time comes.
On the other hand, if business isn’t going so great, you won’t be stuck paying for wasted office space.
Determine How Much Space You Need
Many startups make the mistake of leasing (and paying for) more office space than they need. Others start too small and fail to factor in future growth or employee comfort.
The average amount of office space per worker is around 150 square feet, but that doesn’t leave much elbow room. 160-200 square feet per person (if you can afford it) will be more comfortable for everyone.
You should also consider the office layout and which type of floor plan makes the most sense for your business.
It’s Not Just About the Money
No matter how tight your budget, rental price shouldn’t be your only deciding factor in choosing your office.
A well-designed office will improve your odds of recruiting (and retaining) talented employees. The happier and more comfortable your employees feel, the happier and more productive they’ll be.
You may not have the budget to provide lots of amenities, but your office space should still appear clean, safe, and professional.
Ready to Find the Perfect Startup Office Space?
The right startup office space is crucial to the future success of your business.
Location is key for both your employees and your clients. You should consider how quickly your company is growing and what your future needs might be.
And remember that office space isn’t limited to a traditional high-rise building or strip mall. Many startups are having success in customized modular buildings designed especially for their business.
Interested in learning more? Click here for your guide to buying modular office buildings.
