How To Choose The Best Office Space For Your Business
Are you the proud new owner of a business? Then the next step for you perhaps, would be to find the best possible venue to establish yourself. While most startups begin without a workspace, if you have the kind of operations that require one, you will need to carefully figure out what the criteria is for you to start your business. Here are some of the main things that you will need to look into when considering this.
How much can you pay up to at least a year?
The first question is your capital allocation. Buy office Hong Kong is costly when compared to homes because these fall into the category of commercial properties. You need to also pay taxes to government most probably depending upon the country and state that you live in if you are running a business. During the first year of starting a business, you cannot realistically expect to have huge profit margins therefore, the best thing to be done is to start small. The location has to be a business-appropriate and central one but that does not mean that it has to be luxurious. Try to go with something that you can comfortably pay up to about a year after starting the business.
How much space do you really need?
This will depend on the number of employees you have hired and the kind of business that you run. The office rent will also change according to the size and usually the bigger spaces demand bigger money. If you have a clothing business or a studio, you will need extra space to ensure that customers do not feel claustrophobic and that the overall appearance is not a messy one. However, if you do not have clients coming in and the workspace is taken merely for the fact that you and your staff can work in the same location, you can easily go for a cheaper and smaller place.
Do all of your employees live in areas nearby to the location?
You also need to consider the convenience of your employees and not just yours. If employees have to spend a lot of time travelling back and forth from work their productivity will decrease and that is the last thing a new business will need. The best way is to ensure that the location is central to all your employees. If you already have a space before you start hiring, make sure you clarify with them on how willing they are to commute back and forth.
How is the usual business flow in the area and competitors?
Think about it carefully and get a second opinion if you need to. Are there lot of competitors in the area? If yes, it could go two ways. The constant flow of customers to the area could increase business for you but the competition will also increase and you will really need to have a competitive edge over the more senior brands to come out to the clients.