Choosing a commercial office space for your startup is a cherry-picking experience. And it is one of the most expensive and important decisions you will make for your business. The solution to this choice will depend on the nature of your business. Over and over again, we read and hear about people’s failure in the business. One prime reason for this is the wrong location, which leads to loss of employees or clients (both pillars of your business).
Selecting an office space is a process with many steps involved, following which will take you to your growth-achieving commercial property. To think through this process, I have summarized quick and easy to evaluate nine factors that an investor must consider before investing his money in property purchase-
1) Nature or type of business – Let’s make it simple, for a retail business – it is smart to select a location in the center of the town with high footfall. However, if your business type does not require such high street presence, then it is good chance to save money by opting for an office space in least popular areas of the town. If your business type involves movement of goods in huge volumes, then having an access to easy, quick and cheap loading facilities should be on priority. Just evaluate your business type and its needs and then start the process of searching an apt property.
2) Proximity – Take into account your property’s proximity to your customers and what impact this will bring to your business. Consider the same for your suppliers and rivals.
3) Competitors – It is important to check for other business types in the neighborhood. Are the other businesses in the area in direct competition with your business? In what manner will this influence your business? In most cases, it is not considered wise to locate your business office too close to your competitors. Before closing a commercial office space deal, establish how much competition is waiting for you.
4) Ambience –
Physical appearance of the property has great effect on your business. It affects the perception and is important for not only customers but for suppliers as well. For a thorough professional environ, having a retail outlet or a ramshackle office is like digging your own grave. If your business is not customer-centric, this issue could be ignored but still you can’t expect from your team to work in untidy, old-fashioned and boring premises. It will eventually lead to loss of interestand low efficiency of your staff, again not good for your business’s health. An amiable and contemporary environment will lead you to better business outcomes.
5) Access – Accessibility means better sales, consider how easy it is for your customers and suppliers to reach your premises. Connectivity to almost every type of transport is imperative, and it is best to look for local public transport links first. The place must support good access for delivery facilities, for pedestrians and also for people with disabilities. All these things should be evaluated as per your business type.
6) Parking – Again for customer-centric business it is important to buy an office space with easy access to good and safe parking space. Customers won’t visit your place if they have to go around and around for finding a spot in the parking lot.
7) Cost – Be alert on the cost of the property, look carefully what is included in the cost specified. What are the extra costs that you need to pay on per month basis – like maintenance charges, etc., with every item the cost will increase significantly to your overheads.
8) Amenities –What amenities should come with the property purchase? Think about – fittings/partitions, burglar alarms, lighting, air conditioning, internet connection, security checks, lifts, parking, etc.
9) Legal requirements – It is important to seek legal advice from a professional and allow him to vet the legal contracts before purchasing the property. Ensure all the documents related to premises is complete in all respects and the place conform to the local building regulations. And the government authorities have no complaints registered against the property.