Ok, so you have this brilliant idea that you want to turn into a business. Or you might be a dentist or ever a lawyer looking to open your very first office. You have all the paperwork settled and now it’s time for the next step of your small business plan. It’s time for you to figure out how to find the ideal space for your small business
Though the current COVID-19 situation seems to have everyone working remotely, you still need an office. Sooner or later, things will get back to normal, and finding a physical office can be a pretty complicated process. Here are a few tips to help you throughout this process when you’re ready to get an office for your small business:
Find the Suitable Location for You
One of the most important decisions when choosing an office for your small business is the location. You could think that merely going at the first convenient real estate down your block might be a good idea.
However, different areas offer various opportunities. The location you will choose depends on your target market, your business partners, and your competition. Then, things such as costs, taxes, restrictions, and benefits vary from area to area.
Other factors that determine which location is more convenient for you are things such as the rental price of the area, insurance rate, licenses and fees, and minimum wage laws. You need to do the research and try to find a location that would be perfect for the business and convenient for your pockets.
This is easier said than done, but don’t rush. Give it thought and value your options. COVID-19 restrictions might end soon, and face to face meetings are still a necessity. So act based on convenience and business strategy.
Value Your Needs
Once you have evaluated and picked the right location for you, you can start thinking about how much office space you need.
For starters, you might be looking for nothing too fancy or big. Depending on how many workers you plan to start with, you could go with a simple office and then grow from there as your business takes over. Similarly, your needs will be different if you’re starting a dental business as compared to a lawyer’s office.
You also need to be listing down your needs. These are necessary activities such as meetings, interviews, or conference meetings. Knowing this will give you a larger picture of what kind of spaces you’re looking for.
Before you go for that perfect office space you’ve found in that convenient location, you need to study the type of lease that works for you. If you like having things under control, then a fixed lease would be great for you. You can predict your expenses and everything.
Or you can go for a triple net lease, which allows you to pay a cut of the building’s insurance, property taxes, and operating expenses. This gives you more freedom to run your business. It all boils down to what kind of person you are, focus oriented, or a free and growing business owner.
Options, Options, and Options
Just like everything else in life, you just don’t go for the first option that you find. The market has a lot to offer. Your job is to know exactly what you are looking for and go after it steps by step.
Do your research. There are countless internet tools that you can use to make the process way smoother for you. From real estate brokers to internet listings and recommendations from other companies, you can use all of these and more to value your options. Think of the pros and cons of every space before jumping into a final decision.
Adapt and Overcome
Not everything will go as expected when you’re figuring out how to find the ideal space for your small business. Another virus outbreak in your area might bring lockdown restrictions back. However, during the crisis, you should be prepared to adapt. Health and safety are primary for you and your business and the people you work with, both clients and workers. Make sure to follow all the safety precautions.
You could also be looking at an alternate business model where some of your workers are in the office, and others work remotely. If this is an option for you, then some tools will allow you and your worker to set up ‘home offices.’
Technology has advanced enough for you to have software at your disposal, making working and communication easier. Choose an office with natural light and make sure to have as many plants indoors as possible. Quality air is essential for everyone to focus and do their job at their maximal performance.
Think About the Taxes
Talk to your accountant or bookkeeper about the state, country, and city taxes in the area where you are looking for an office. You need to have everything figured out from income tax to property tax, sales tax, and corporate taxes. All of these vary from area to area.
Also, look for tax credits offered by the government. Try to choose a state which provides a tax-friendly environment for your type of business.
Act With Purpose
COVID-19 restrictions seem to have made finding a good office an impossible mission. However, the businesses that tend to be successful are the ones that keep on trying to make this a reality no matter what. Don’t forget the purpose of your business and act upon it even while you are looking for an office.
Use the methods above to figure out how to find the ideal space for your small business easily. You might be just starting as a business, or perhaps you are looking to transfer from remote working back to the office. At the end of the day, this is about trying to return to normal life and work as if this pandemic never happened while maintaining safety precautions.