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Rent Office Space
I've been operating my own business for a couple of years now. When I first started out, I basically ran everything from my basement. I didn't require much room or much equipment at that time. I had my computer, high-speed Internet connection, a telephone, and a fax machine, and that was really all I needed in order to get by. But as my business grew, so did my administrative needs. I wanted to hire an assistant to help me process paperwork and answer phones. I wanted a place where I could meet with prospective clients on my own terms. I wanted to work without being disturbed by my family or friends. In short, I decided that it was time to rent office space.
I had never had to rent office space before, so I didn't know what the whole process would entail. The first thing I did was call up a friend of mine who is a real estate agent. Although his firm doesn't handle clients that want to rent office space, I was sure that he could put me in touch with a couple of contacts. I also wanted to ask him to give me some tips as to what things I should be aware of prior to renting. Here's the advice he had for me.
Before signing a lease to rent office space, my friend told me that I should have a clear idea of my needs in three different areas. First of all, I should have a strict budget to adhere to. Most real estate agents will try to test their clients' limits by trying to get them to rent office space that is just a bit out of reach price-wise. But I had to keep in mind that monthly lease payments tend to go up with time, rather than down. Once I started at a certain price point, it would be difficult to go back.
Second, before I agreeing to rent office space, I should consider how fast my business is growing. Many prospective renters choose offices that are the perfect size for their businesses at the time they sign the lease. But six months later, that particular location could turn out to be too small due to unforeseen growth. I certainly didn't want to rent office space that wouldn't be useless to me in such a short time, so that was something I definitely had to watch out for.
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Finally, I think about the best location for my future offices. Did I want to rent office space in a prime area that would entail a much higher monthly rate (but potentially pay off in more foot traffic and exposure), or did I want to rent office space in an out-of-the-way area that was cheaper (but that no one would find unless they were looking for it)?
Using this advice as a guideline, I was able to rent office space with confidence. I've been in my new location for several months now, and can honestly say that I should have made the decision to rent office space a long time ago.
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