If you are a freelancer or run a small business, working from home or a co-working space is a great idea. You can still meet your client’s demands while keeping your overheads low. However, for those whose businesses are growing fast and quickly outgrowing the space, you should start thinking about renting an office.
So, how do you find the perfect office for your team?
Here are six steps that’ll get you on the right path.
Know the Amount of Space You Need
To have a good estimate of the amount of space you need, start by counting your team members. The rule of thumb is that you need about 1,000 sq. feet for every four to six people. But this is not a static figure. Think through what layout you’d like and take into consideration collaboration and discussion spaces.
You don’t have to rent expansive office space using the above formula, but you can get as many squeezed in while still comfortable.
Think About Your Team
Consider your team. What are their likes and dislikes?
Consider office spaces that allow plenty of natural light and have a free flow of fresh air. These will refresh and invigorate your team, making them more productive and ultimately benefit the business.
Also, think about how the office space and layout would complement the nature of work. Your choice of office space should work for your business.
Choose the Location Wisely
Pick a location that, clients can spot effortlessly, and is easy to get to and from.
Central locations where there’s easy access to public infrastructures such as MRT stations and bus stops are usually the best. However, they also demand high rent and that’s not good for upcoming businesses.
You can think outside the box and pick a location, perhaps on the outskirts of the CBD at a location where your business will stand out – for the right reasons.
Balance the Budget with What You Want
Whereas you can decide to go for the cheapest office space to lease in Singapore, this may not work out well for your business. You need to come up with a budget that takes care of your financial health, that is, you don’t stretch your cash flow too thin, and considers your business needs.
Make sure that you include all the “hidden and related costs” in the final rent calculation. Then weigh if you can afford it and whether you can get what you want at that budget.
Work With an Agent
Get referrals for agents from your friends and business colleagues. Check out their reviews online as well as ask for referees.
You need to admit that unless you are a commercial real estate agent, there’s someone out there who can get better information and get a more suitable office.
Work with agents who have a good track record and are well reputed. You’ll need to part with some cash on this, but, it will be worth every dollar.
Lastly, Be Positive and Negotiate Everything, Even the Rent
The new office doesn’t just bring in additional overhead; it opens up a new window of opportunities for your business. Although office space for lease in Singapore isn’t the cheapest, you can negotiate for lower rates or even a trial, rent-free, period.
These tips will help you land the perfect office space for your business.