Finding the right workspace is one of the most important decisions a small business owner or startup can make. Planning and research require you to assess your clients (and targeted clients), structural organization, competition, budgets, regulations and more. It is a good time to figure out if you need an apple or an orange.
The first step is to think about the workspace requirements itself. A few factors to consider are visibility, client interaction, and the staff that you will need to support your operation. Whether you need to rent office space or prefer flexible workspace options, here are some tips to help you choose the right location:
What type of image are you trying to maintain? Are you cool and trendy or more low-key and professional? Do you want to project the hip vibe or a warmer, more comforting environment? The answers to this will depend on your profession and client base.
Now is a good time to think about your competitors. How do you want to be positioned in the marketplace? You will want to be at least on par with your competitors to appeal to your prospective client and attract employees.
Convenience of location.
Are your clients and suppliers concentrated in a specific area? Will your clients visit frequently? Will you host conferences or need separate meeting space? Some buildings may have a conference rooms available for a fee or on a first-come, first-serve basis. If you need meeting space frequently, availability is going to be a decision factor.
Current Needs and Future growth.
At Crown Center Executive Suites, we hope that you grow to your heart’s content. A fast pace may be exciting to some but crushing to others. Either way, your solutions can be tailored to your needs. Think about whether you anticipate steady growth or experience seasonal spurts. Some businesses find they only need space offassionally. A five-year lease may be ideal, but a Executive Suites provider offers the ability to size up or down on workspace might be a better option.
Aside from knowing what you can afford, there are other financial considerations. In some cases, you may need to factor in build-outs (which include construction, and permitting expenses) or common area maintenance fees. Often, Executive Suite providers offer turnkey solutions and all common area fees are factored in to rent.
The bottom line is that you need to do your research. Talk to other business owners and get referrals. Be sure to visit the Small Business Administration, SCORE and your Chamber as an additional resource.