This article was written by Gemma Reeves as part of Dublin Tech Week‘s #TheTakeover series
Now that you have developed your product/service and formed a talented team, it is time to give your startup company a good image and the legitimacy it needs by settling into the perfect office space.
If you think that your company is not yet ready to move into an office space, then that’s okay. Establishing a startup company needs some work, and it is best to ensure that your finances can shoulder the expenses of an office space on a long-term basis.
However, if you think your company is ready to finally move into an official business residence, then you might realize that looking for the perfect space is not as easy as you think – but The Internet can make your search more convenient. So to help you determine which office space is best for you, you can consider the following factors below:
Location is the first and foremost consideration to take in when it comes to choosing an office space. Your location will ultimately dictate other factors as well such as rental rates and convenience. Naturally, if you look for an office space in a key commercial area such as in Dublin, Cork or Limerick, then prices would not really come cheap. If your startup is not yet ready, you can always explore your options in other urban areas. You might also want to consider you and your team’s current location or residence – is the office space situated in an area which is accessible for you and everyone else? Is the commute convenient and hassle-free, or is the area prone to traffic congestion that can rob you from precious work time?
Bottomline, don’t be afraid to explore other office space options in smaller cities. You might even be surprised to find a good one with a significantly lower rate than their counterparts in bigger and major cities.
Most startup entrepreneurs get a bit overwhelmed at the thought of getting an office space – to a point that they tend to overlook the price. Sure, €60 per square foot does not seem too bad for an office space in Dublin , but you also have to factor in possible increases – especially now that experts predict that this can rise to €67 in 2018.
Also, remember that leasing an office space is quite a commitment – you have to religiously pay rent for as long as you are staying in the area. It is not a one-time purchase, so you have to make sure that your revenue (whether current or projected) is high and possibly stable enough to sustain your leasing expenses and overall business operations.
Surely, you don’t intend for your startup business to remain a startup forever. One way or another, you might have already thought about expanding your business to greater heights and that would also mean that you need a new office space sooner or later to accommodate your growing business needs. If you have such plans, make sure you inquire about the leasing options of a potential office space first. Do they require a minimum 2-year contract or are they open to more flexible terms? Just make sure that the terms can keep your options and opportunities for expansion open.
Amenities and Convenience
A comfortable and spacious office space is great for any startup team. However, you should also think about the actual environment of the area. Does the building have enough security to keep you and the employees safe? Are there enough parking spaces? Are there nearby banks, restaurants and retail shops around in case you need to transact and unwind after a workday?
The accessibility and amenities surrounding your chosen office space can benefit you and your employees too.
Consider a Coworking Space Option
Being a startup company, it is most likely that you only have at least 10 to 15 employees under your wing. An office space would be an impractical choice if you don’t need a large area and if some of your employees still prefer to work from home.
In this case, the most economical option for you is to find a coworking space. It may not give you an exclusive business residence, but it is a good place to start if you’re still on the verge of establishing your team and perfecting your product or services.
You can consider an office space as an additional investment for your company – because it gives your business a sense of legitimacy and it can help you gain clients and forge partnerships faster. However, you must also avoid crippling your business just to keep up with the expenses of an office space – tread carefully and choose wisely before committing to a lease contract.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business. You can find out more about Gemma and her business at: FindMyWorkSpace.