Tips for Renting Your First Office Space
Renting your first office like Hot Desk Coworking Spaces in River North, Chicago for example is exciting and scary at the same time. If your business is from your own home, where most small businesses start, the added expense for a new space can be daunting. However, leaving the distractions and demands of home and family behind can make a big difference to your productivity and give you the space and freedom to hire more employees.
Figure Office Expenses
Budgeting for your office can be tricky. In addition to the cost of rent, you may have to make deposits for utilities and services, buy furniture, office supplies, and decorations. Will you need office machines such as a business printer or fax machine? You will also need to factor in the cost of purchasing or renting them for them. Signage and printed materials are other considerations. At the very least, you’ll need a company name and logo on the door and business cards for employees. You may also want indoor signage announcing your services or special offers, brochures, and other informational pieces.
Make a spreadsheet of anticipated expenses and look for areas where you can cut costs. You can save money by asking the right questions like what the rent includes and where deals can be negotiated. Some rentals include utilities, security, common areas, and parking. You may also need to budget for repairs. If a moving company makes a hole in the wall when moving a table, do you pay for it, or does the rent include building maintenance? Before deciding on a space, make sure you understand the fine print of the lease agreements for the buildings you are considering.
What’s included and what’s not can make or break accessibility.
Customize Your Office Space
It’s your space, and you want to feel comfortable in it. Paint, paper, and hanging decorations are typically acceptable under most tenancy terms, but before ripping out walls and putting up wreath moldings, check the lease and double-check with the landlord.
Duration of the Lease
You can save money by signing a longer lease as the landlord may charge you a lower rate per month, but will the space be adequate in a year? Five years? If you’re sure there’s enough space (or if the exit terms are reasonable), a long-term contract can be a good long-term strategy. If the rent goes up, you’re stuck, avoid the expense and inconvenience of moving, and who wants to move anyway?
Strategic Exit
If your company increases your space before the lease ends, you will need to understand how you can legally terminate the lease. Leases often contain clauses for departure; just make sure you understand how much notice you are required to give and how much it will cost. If there are no clauses in the lease, ask about them before signing.
Choose Wisely
If you decide to purchase office space, do so wisely. Consider your employees, who they are, or who you are likely to hire. Younger people may feel more comfortable in a modern open office concept where they can collaborate; seniors may prefer the privacy of separate offices. Your company culture is highly dependent on the environment’s configuration and environment. The more comfortable and at home your employees are, the happier they will be. Your happiness will be reflected in the quality of your work and your overall health.
