Research reveals that office space designs influence professionals’ productivity and work satisfaction levels.
So, with the right working setup, startup founders can foster a positive work environment, productivity, and innovation, thereby helping their startup thrive. Besides, the office space can help reduce employee attrition rates, a key pain point for startups.
However, if you are a startup founder, there are several aspects you should consider, such as the lease, location, perks, and more, before making the final decision.
In this post, we will share five steps to help you find the best office space for your startup.
Best Tips to Find the Right Office Space for Your Workspace
Here are the best tips to ease your decision-making process.
#1: Determine Your Needs
Begin your office search by evaluating your business needs.
Here are a few crucial aspects that will help you decide on the essentials.
- Office Layout
You can opt for a traditional office or a coworking setup, which is a popular choice for startups nowadays.
To identify what would suit your business, ask yourself:
- What is my team’s strength?
- Does the team need an individual desk, or is sharing would work?
- Can networking help my team perform better?
- Do I aim to expand the team in a couple of years?
If the answer to these questions is yes, consider a vibrant coworking space.
Here’s why –
A coworking setup requires businesses to share the space with other companies.
The best perks of coworking spaces include shared rental, work flexibility, high-speed internet, networking opportunities, cost-efficient and top-notch infrastructure, amenities, and more.
A recent report states that 83% of professionals with flexible work options are more loyal to their organization.
Statistics reveal that around 35% of millennials desire a workspace with state-of-the-art facilities. However, the benefits of coworking spaces extend beyond amenities.
Coworking allows your team to talk to experienced mentors and peers, thereby enhancing their skills and knowledge. No wonder, companies like Microsoft, IBM, and HSBC have switched to coworking.
A coworking space can thus be a win-win for your business.
- Essential Amenities
Here is a list of amenities to consider –
- Meeting and Conference Rooms
- 24*7 Access to Office
- Functional Kitchen and Cafeterias
- High-Speed Internet (Wire and Wireless)
- Phone Booths, Printers, Fax Machines, Scanners, and Fax Machines
- Recreational Zones (Gymnasium, Meditation Rooms, and More)
- Parking spaces
With coworking, you can avail of these amenities at cost-efficient rates.
A high-profile area with a prestigious neighborhood can help improve your brand’s reputation and visibility.
For instance, if your startup is located in a prime location, it will create a positive impression on the visitors and clients. Besides, it can help attract potential clients.
Analyze your customer demographics and choose the best fit in the area. This can help your business flourish in no time.
#2: Pay Heed to Your Budget Constraints
How much money should you spend on the office?
This is a pivotal question to ask yourself. Whether you opt for a traditional or coworking setup, your choice should not break your bank.
So, analyze the space to understand whether it’s worth the investment.
Here are a few tips to consider –
- Figure Out Property Rates: Shortlist a few locations where you desire to move. Search the internet to gauge the approximate cost of the lease.
- Outline Your Operational Needs: This will help you understand the funds you require to function hassle-free once you move.
- Create a List of Amenities: What amenities you’d like to have? Prepare a detailed list along with its costings.
- Consider Additional Expenses: Pay attention to additional expenses. For instance, you may need to pay for lease agreements, broker charges, parking charges, internet access charges, and more.
- Filter Out the Unnecessary Expenses: Notice the entire list and cut down the unnecessary things. For instance, you can eliminate air conditioners from the meditation center or reduce the number of fax machines.
In short, focus on what’s needed and invest your money wisely.
#3: Consider Culture and Brand Identity
Uber. Instagram. Indiegogo.
All these companies started operating from coworking spaces and are at the top of their game today.
And the reason is not only coworking!
The key aspect that helped these companies thrive are their values, culture, and brand identity. Despite the fewer resources and small team size in the initial phase, maintaining a good work culture was their priority. If you see the pictures of their offices, you can observe they look vibrant and reflect a positive work environment.
Follow the footsteps of these industry leaders.
Be it a traditional office or coworking setup, focus on the design and ambiance of the workspace.
Observe the office’s vibe and explore more about the coworking firms in the space.
Decide whether networking with other companies can add value to your business. Coworking with the right set of like-minded people can help foster creativity, innovation, and professional fulfillment.
#4: Count on Reliable Resources
Your office space should strike the perfect balance between your team’s requirements and budget. However, finding the best commercial real estate property in your budget can be draining.
Here are a few reliable resources to help you pick the perfect office space for your startup.
- Internet Listing Services: Use listings like CommercialCafe or Rent Manager. These websites list office spaces by location, rent, size, and more. This approach can help you save valuable time.
- Commercial Leasing Agents: Count on experienced commercial leasing agents to get the best market deals. They understand real estate jargon and know property rates. Besides, they have contacts with influential building owners in prime locations and thus can help you make a smooth transition.
- Online Customer Reviews: Check the customer reviews on websites like Google and Facebook. Shortlist a few properties that exhibit the potential to meet your requirements.
#5: Visit the Property Before Signing the Commercial Lease
Shortlisting and finalizing the property based on the agent’s suggestion can prove to be a wrong move.
Take some time and visit all the shortlisted properties before making a decision.
Online pictures and reviews are not 100% reliable. The images can be old, whereas the reviews can be fake. Visiting the place and meeting the owner can help you gauge the real-time situation.
Here are a few things you should inquire on with the building owner:
- Commercial Lease: The rent of the space, including additional expenses, such as the cost of parking, lobby, restrooms, taxes, and more.
- Effective Date: The date when the property will be available.
- Contract Period: The duration of the contract.
- Ambiance and Environment: Find out the neighboring companies and their details.
- Accessibility: Ask about nearby hospitals, malls, modes of transport, and more.
Consult your team and peers and select a property that meets your requirements.
The workspace you choose can make or break your team’s value proposition.
So, careful consideration is vital to achieving high ROI and fostering a productive work environment.
Follow the shared steps to choose a well-equipped workspace that will meet your business needs. These tactics can keep your team happy, productive, and engaged, thereby ensuring long-term growth.
Aanya Rachel is the Content Manager at The Address, a coworking space in Ahmedabad, Gujarat. She is passionate about sharing her knowledge, experience, and extensive research in this field. She writes on a wide range of topics related to coworking, the growth of remote workers, startups, and real estate.