If you’ve spent a long time managing a team of remote employees, and now you’re ready to move your company into an actual office space, then you’re obviously going to be very excited! After all the challenges and doubt, you’re finally in a position to move your business operations into a commercial location. While congratulations are in order, there’s a lot to think about ahead of you. Here are some crucial considerations for your first office space. (Image by Flickr)
Who Needs to Be Involved?
Moving a business from a network of devices to a physical office is no easy task, and making sure it all goes smoothly is going to require the input of a whole team. Internally, the first thing you need to do is appoint a project leader or take that responsibility on yourself. In many cases, this task can be outsourced to an industrial construction company such as TPM Builders. Aside from that, you should also make sure that the higher-ups from HR, IT.
Finances are all part of the process from the very beginning. If you’re moving into a pre-built space rather than commissioning a new building. It’s also a good idea to source the advice of an experienced real estate attorney, who’ll be helpful in making sure you have some degree of flexibility with leases and mortgage agreements. It’s also a good idea to source the advice of an experienced real estate attorney, who’ll be helpful in making sure you have some degree of flexibility with leases and mortgage agreements.
What Kind of Financial Guarantees Are in Order?
Like any kind of investor, landlords will want to mitigate their risk as much as possible. This means getting the most financially secure tenants on the market.Make sure you have the widest range of choice in terms of property.You need to take steps to paint your business in the most positive light possible. Make sure you can come up with financial references, bank statements, tax returns, and any similar documentation. Just be sure to exercise caution when you’re providing a personal guarantee of lease. This will put your personal net worth at risk. You may have made it through your first few years.If your business happens to fail during the lease, the guarantor will be personally liable!
How Much Space Do I Need?
There are many more financial considerations you’ll need to chew over to get the best premises available for your business. I thought I’d round this off with a more practical one; the space you actually need. Since you’re moving into an office for the first time or setting up a virtual office, I’ll assume that your company is growing. Be sure to make projections in terms of the size of your workforce throughout the term of the lease. You don’t want to reach the occupancy limit and have nowhere to go!
If leasing, a quick solution to this issue is finding a space where you’ll be able to move easily into an adjacent space. This will not only be cheaper, but far less disruptive to the day-to-day running of your business.
If the issue of your first office space was overwhelming you. I hope these tips made things a little more simple.