Are you planning on renting out a bigger and better office space for your business? Have you looked into all the necessary factors? Renting out a new space comes with many challenges. There are many tangible and intangible factors that you should first consider. As a wrong location or an unfavorable working space can cause serious damage to your business.
The most vital factor and the most affecting factor is the location. The success of your business depends more than 75% on the location. So make sure the prospective location is up to standards and is in close proximity to your employees and customers. If the customers or employees find it hard to get to your location, it wouldn’t be very long before they switch to a better location. Any business should be easily accessible to attain greater success.
The working space is another factor that you should consider. There should be ample free space when you are planning on locating to a new space. As the co working space should not be too over crowded. Employees will get a feeling of being packed into the office. You should get a place that has enough space for moving about. Also keep in mind that it is always best to rent an office building that has a lobby area or a cafeteria within the building itself, where employees can gather for a little chit chat, as a stress reliever.
The budget is another very vital factor when planning to rent out a space. You can opt for a serviced office, if you are renting out a space for the first time. As it would actually be cheaper, compared to having to buy all the furniture. It would also be much less time consuming, as all the furniture and renovations will be up to date and in very good condition in comparison to a normal office building. It all depends on your budget though. It is important that you draw up a budget of the future cash inflows and outflows, the spending ability and the expected profits increase from re-locating the office.
One of the most deciding factors for a business’s survival is its satisfied customers and employees. So will need to make sure that both parties are happy and satisfied with the new location. Get their ideas and suggestions before moving to a new location. You can conduct a market survey in regards to relocating by a form of questionnaires to these stakeholder parties. Then you will get a fair idea of what they think. It will be instrumental in deciding how successful your business will be in the prospective location.