Are you planning to establish a business? What type of industry do you want to be a part of? Which market do you plan to target? Do you have the necessary government permits and licenses? How many employees do you plan to hire? Do you need a manufacturing plant? Do you have an office where you can all freely work? If your answer is no, then you need not to worry as there is a variety of options that you can consider in looking for an office space. Below are the options that you can choose from:

Rent

Since you will be employing workers for your business, it is important to consider the accessibility of the office space that you plan to rent. Is it near the bus terminals? Is there a nearby train station? These are just some questions that you should factor in when choosing the office space. Also, you might want to think about renting somewhere in a populated area. Aside from its accessibility to people, a populated area also gives you access to a bigger pool of possible employees. Apart from that, a populated area will most likely have its own restaurants, coffee shops, and banks that come in handy to you and to your employees. Then again, among all these things, the biggest issue will be the cost. Choose the office space that is within your budget. Be sensible and do not allocate a big budget portion for your office space. Remember, you are still in the early stage of business. Profit is not guaranteed in the initial years; hence, be mindful.

Share

If you think that renting your own office space can be costly, you should try sharing your office space. This is a common trend among millennials nowadays because of its affordability. Compared to the traditional ones, these types of spaces are unstructured, thereby eliminating the stiff office vibe. Due to its sharing component, coworking office space is ideal for freelancers or independent contractors. It allows you to rent small workspaces in the same environment as the others. Since such setups cater to other freelancers as well, this can be an opportunity for you to meet and discuss ideas with other business owners. Similar to a typical office, these office spaces have available printers, scanners, and other equipment that you can use.

Acquire

Depending on the type of business that you have, renting and sharing an office might not be the best option for you. Although regarded as the most expensive option among the three, acquiring land and subsequently establishing a building might be ideal for your business. There may be some instances when you need to ask the assistance of an acquisition agent who will look for the suitable office space for you. He can also negotiate the selling price on your behalf. Not only that, your acquisition agent will take care of all the necessary documentation in the acquisition. This way, you need not fret on working over acquisition papers. An agent’s assistance helps you accomplish things at a faster rate.

Although establishing a business can be costly, there are ways to reduce some expenses such as a budget for your office space. Determine what you need and consider the above mentioned options in accordance with your finances. Remember, an office space has the capacity to make or break your Profit and Loss Statement.

 

Tags: