The property business can be tough and expensive if you don’t know what you’re doing. However, the tips below will help you greatly.
View your business from a customers perspective
If you run a retail company, it would be a good idea to have a storefront where potential customers are always walking past. You can test the potential of the premises by standing outside the property on days that you expect it to be busy and on days that you expect it to be quieter. If your company handles specialized goods, it is not always necessary to be closely located to your client base. It is also important to find information about any competitors in your area. Too many could mean that you will struggle to find business, while too few might mean there is not much of a demand for that type of business in your area.
Avoid relying on measurements from landlords or estate agents
Measure the premises or property yourself. If the premises is under what you were told, it could mean paying a rent that is lower. It is also important to include running costs when it comes to the overall price or any improvements or alterations that might be necessary.
Try to be flexible
If you are thinking about renting an office space, think about your current employees and if you have plans to hire more over the months to come. From here consider the space that every employee will need. Open-plan offices usually provide a higher level of flexibility, especially over the long term.
Make sure you justify each inch of space
Space translates into money, so ensure you are able to justify what you plan to use. If you end up paying for space that is unused, think about sharing or renting the space out to match the costs. If the premises you are renting requires service charges, make sure they provide detailed breakdowns. This will make sure you won’t be paying for charges that relate to building parts that you aren’t using.
Make sure you visit the premises several times
You should be visiting the property several times (preferably at different times and on different days). This will provide a more accurate view when it comes to noise insulation, lighting, heating, decoration, and any other business that is operating on the same premises.
Negotiate your rent
You should always try and negotiate with the landlord for a more reasonable rent, which is especially true if you have plans to extend the lease. If you notice vacant land around your location, you can even ask the property owner to lower the rent or offer a period of not paying the rent according to Affordable Property Management. At the same time, if the property you are interested in requires repairs, ask the landlord for a discount or a rent-free period until such stage that the repairs or renovations have been carried out. Ask your landlord to use a rental property spreadsheet template to keep track of transaction history and avoid any confusion in the future.
Make use of the best technology – Try hot-desking
This method involves workers setting up their office space, where there is a desk available. Once they complete their tasks, they open the space to the next worker. This not only provides your business flexibility but also allows you to use one space for multiple workers at various times. You can also use this space for workers that work mainly from their homes, but still, need to access your physical premises now and again.
It is not necessary to have a dedicated property
With the latest advancements in communication, you can now successfully operate your company without physical premises. Virtual companies remove major overheads such as employees and rent. It also turns into a budget-friendly way to test how your business can operate if you choose this option.
Serviced offices – Make sure you carefully check on the pricing structure
If you decide to use a serviced office option make sure you have defined what type of services you plan to use as well as how long. It is also important that you are aware of the notice periods. Make sure you go through your contract thoroughly and make sure you are aware of all the fees attached. Don’t be shy to request a trial week. If the landlord is interested in a new tenant, they won’t have any problems with this request.
Work from home: Make sure you are portraying a professional image
The first impression of your business counts. It is vital to consider how your business phone is answered. This call should include your name and company name. If you are expecting a high volume of calls, you should consider a line that you dedicate to business calls. If you plan to meet clients or set appointments, you can also rent out a ready-to-use meeting room. However, remember you’re a company and not a corporate so don’t necessarily need a full office.
All of these things will help you in deciding on what sort of office your business should have.