TOP 10 TIPS TO CONSIDER WHEN LOOKING FOR AN OFFICE
- Start off small – be agile and keep costs to a minimum and don’t over spend on space until you need it. Grow in the office building, not into your initially empty office!
- Mix products – when getting started in business try a virtual office solution and either co-working desks, lounge passes or shared spaces
- Plan for serviced office renewals – always look around and get a renewal quote. A 12 month agreement can increase from 3-50% ‘on the invoice price’, if you've benefited from free monthly promotions
- Consider ‘Lease back’ - if going into conventional space, consider this option on your furniture and even fit-out. It's tax deductible, cost efficient and great for cash flow purposes in the early years
- Use a broker or agent to help source your property options – most brokerages are free! Conventional agents will charge around 7-10% for a conventional search
- Negotiate hard – make sure you 'shop around' and always ask for a discount or a lower rate for longer terms. Best time to negotiate is the last few working days of the month.
- Use flexible office solutions – a small business needs to be agile and adaptable. The less you have to manage the more you can focus on business.
- Location – consider all the variables from, recruiting the right people to being in the right place for your business
- Office density – consider small desks or even hot desking at the start. Most serviced offices have a range. in Leased spaces make sure you look at a number of density options through a space planner
- Timescales – allow 3-6 months if looking for a lease. You will have to consider; IT, Telecoms, Furniture, Fit Out and much more…
Always ask your property advisor to make you aware of any promotions in the market and how best to secure them on a longer term basis.