Whether you’re investing in a single managed office space for yourself or an entire building for a large organization, it has to be the right place to support the daily needs of your business. The best way to ensure a new office is right for you is to be as careful as possible before signing any contract. There are lots of things to consider, but below, you will find five questions you must ask yourself before choosing a new office space:
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Can My Company Grow or Shrink Here?
It is okay to have an office space of any size as long as you are comfortable with how much it enables you to grow. If you know that you plan on hiring multiple new employees within the next year, your new office must accommodate that.
If you know that you could dramatically downsize in six months or expect a natural pullback of services, can the office lease allow for that reduction in income?
Whatever your circumstances are, make sure you have some wiggle room in the lease for at least the duration of the contract, especially if it’s a lengthy one.
Do I Need This?
There are so many options for office spaces that go beyond the traditional rented space. Virtual offices, hot desking, self-storage units – the world has rapidly come around to accommodate a more fluid way of working.
While having a secure long-term office contract is beneficial, over 80% of startups fail because of cash flow problems. So, a flexible working option might be best if you need to remain free and avoid lock-in contracts.
Can I Handle the Obligations?
It is so important to understand the obligations of the office you are taking on, even if you are only taking it on for a month. A legal contract is binding, regardless of its length. There is even some degree of legal obligation with a serviced office contract, even if it isn’t the standard type of rental.
Understand what you legally need to do regarding office maintenance and repairs, nuisance orders, environmental requirements, and other factors before you sign on the dotted line. That way, you have the chance to negotiate or pull out altogether, rather than facing nasty surprises down the line.
Is This the Best Deal I Can Get?
Don’t be afraid to shop around for deals, even when it comes to an office rental. In most areas of life, there is room to negotiate costs, extras, and contract terms. This is especially true with office rentals that may be linked to extras like gym access and other wellness areas.
In addition to shopping around, it’s also crucial to master the art of negotiation. By bringing other offers to the table and skillfully demonstrating your worth as a tenant, you may be able to secure yourself a far better deal than you thought possible.script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">
Am I Being Pushed Into This?
Even if the office deal seems terrific, it is crucial to take a step back and consider whether or not you’re being pushed into an agreement you don’t want.
Just as the art of negotiation can work for you when it comes to getting the best deal, agents will also use their skills of persuasion to get you to sign. Unfortunately, this doesn’t mean they have your best interests at heart.
With the tips above, you can ensure that the office you sign up for is the perfect option for your growing business, giving you the ideal surroundings to help your career genuinely thrive.