Your office headquarters is more than just a place to work. This is the very foundation of your startup, where ideas are formulated and where the future of your startup is forged. It is a place for productivity, as well as a place for security. There are many other reasons why choosing your office space is incredibly important, and there are just as many possible mistakes you can make.
You need to avoid these mistakes as much as possible, not just because they are costly, but because they have lasting effects that are bound to stifle your startup’s growth in the long run. So, what exactly are these mistakes?
Your office headquarters is more than just a place to work. This is the very foundation of your startup, where ideas are formulated and where the future of your startup is forged. It is a place for productivity, as well as a place for security. There are many other reasons why choosing your office space is incredibly important, and there are just as many possible mistakes you can make.
You need to avoid these mistakes as much as possible, not just because they are costly, but because they have lasting effects that are bound to stifle your startup’s growth in the long run. So, what exactly are these mistakes?
Forgoing Professional Help
When buying property, it’s important to always get professional help, whether it’s in the form of commercial real estate agents or real estate firms like The Jeff Tabor Group. Real estate professionals are trained to handle these types of transactions and they have the knowledge, skills, and connections to ease negotiations in your favor.
Rushing to Get an Office Space
While this may not seem like a mistake inherently, rushing to get an office space robs you of the opportunity to find better deals on the market. Take time to explore and add to your shortlist accordingly. Instead of being placed in a position where the lessor has leverage since you’re set on a particular office space, make them aware that you’ve got your sights on other properties. This way, you have more leverage during negotiations.
Failing to Account for Company Growth
Failing to account for company growth not only stifles your progress in the long run as you won’t be able to transition into an expansion seamlessly, but you’d also incur an unnecessary expense. It’s important to get a good estimation of when and how much your company is going to grow. Otherwise, you’d end up wasting excess office space, or worse, you’d be cramping your employees in a small office space.
Note: The ideal workspace per employee is 100 sq. ft for open workstations.
Not Factoring In Operational Costs
One of the most common errors that lessees make is that they focus only on the rent. There are many more expenses associated with leasing a commercial space. You have to factor in costs like utilities, security, maintenance, moving, paperwork, and more.
A failure to account for these expenses in your budget will leave you with a discrepancy where you end up with a financial buffer that you can barely rely on. It’s also important to note that these expenses rack up much quicker with old buildings.
The matter of choosing where to set up your headquarters is one that requires a lot of thought and planning, and one that holds lasting effects on the future of your company. There are many mistakes that can be avoided by simply hiring a real estate professional to help guide you through this process.
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