If you are considering leasing office space for your business, curb your enthusiasm and excitement long enough to ask yourself these five questions:
- What is the total cost? There is the monthly rent expense, but consider the total cost including insurance for your business assets, liability insurance, supplies, equipment, furniture and décor, utilities, maintenance fees and any other management company fees that may be applied.
- What does your growth projection look like? The length of a lease can vary dramatically from short term (three to six months) to long term (three to five years). Commercial property owners do not want businesses cycling in and out quickly, so know the terms of any lease. In the early phases of a startup, your growth could come in waves. Think carefully about how much space you will need over time. You don’t want to be locked into a commercial lease with zero room for growth and expansion when you need it.
- Will the office space bring value or contribute to revenue generation? I ask my clients to review their expenses carefully. If an expense doesn’t contribute to revenue generation, they probably don’t need it. Will your business model benefit from office space? Will it improve efficiency or the client experience? Office space can lend trust and authority to a business in the eye of the public and clients compared to always meeting at a public meeting space. Don’t however boost your own ego with flashy office space you can’t afford.
- Is privacy important to your business? Every business needs a certain level of privacy to operate. Client records, phone calls and personal information need to be kept private. Office space allows for private meetings with clients and may enhance their comfort level compared to a meeting in a public place.
- How will office space impact your workflow? Office space scan shift how you and other employees get your work done and communicate with each other. Will office space help you to concentrate? Provide a place to be more creative? Reduce distractions? Provide human interaction? Take these all into consideration in your decision on office space.
We have one space available at the Cumberland Business Incubator. The space is approximately 500 square feet (could be divided into two spaces) with a private entrance right off of the parking lot. If you are looking for office space, call for a tour. There are many benefits to selecting office space within a business incubator that we can talk about.