Without any doubt, the first step to launch your start-up, apart from arranging finances to meet initial expenses, is to look for an actual office space that will serve as your HQ. However, finding one that can meet both your budget and needs is indeed a cumbersome task. It requires a lot of your time, energy and resources. Regardless of the fact you are planning to buy one of the available commercial offices for sale in Mumbai or rent one, selecting the right space requires a lot of expertise.
Fret not as we’ve got you covered. Today we’re going to discuss some expert and handy tips that’ll make selecting the right office space easy for you. Read on to know more.
Table Of Contents
Consider How Much Space You Want
The first thing that you need to take into count is how much space you need. This aspect of selecting office space is generally determined by the number of employees you are planning to have. A general thumb rule for calculating space is that 1000 sq. ft space is suitable for 4 to 6 employees. So, look out for office space based on this basic formula.
Think About Your Employees
Considering the living places of your employees is crucial when you start looking for an office space. You’ve to be considerate for your employees so that their productivity isn’t affected. Therefore, before you start searching for any office space, it’s always a good idea to map out the places where your employees live then choose a centralised location where everyone can conveniently come. Remember the easier you make it for your employees, the better their productivity will be.
This rule, however, applies if you have already recruited employees.
Be Open to Options
When you start searching for office space, you have to be open to options. Don’t just restrict yourself to rental space, look for other options as well. If you’re open to options, you may even find a good place on a lease that will become yours in the long-run. Similarly, if you don’t have enough resources at the start to rent out a place for a long time, consider subleasing.
It is a good option for newly developed start-ups as the lease can be renewed on a monthly and sometimes even weekly basis. When you’ve fully established yourself and have better financial conditions, you can switch to yearly agreements.
Engage a Professional Broker
One of the easiest ways to find a good office space, and that too at a reasonable price, is through a professional realtor. This will cost you a bit extra but it’ll save your time and energy as well. You just have to tell your requirements to the professional. Finding the right place and making a good deal for you is their job.
Keep in View Co-Working Spaces
Co-working spaces are the best option for newly developed start-ups that have less staff. Even if you’re a well-established company but the number of staff that you’ve isn’t a lot, you should consider a co-working space.It will enable you to save-up extra expenses and provide you with all the arrangements that you need for the hassle-free working of your business.
Simply put, a co-working space is a perfect option for anyone who wants to rent-out an office space but has a tight-budget.
Meet the Landlord
You should never close any rental agreement without meeting the landlord because nothing can be worse than a bad landlord. If your landlord isn’t a good one, it’ll turn your renting experience into a nightmare and will make your life miserable. Therefore, meeting the landlord before finalising any rental space is crucial. Additionally, it’s always a good idea to meet other tenants to know about the maintenance policies of the place.
Learn to Negotiate a Fair Deal
Remember that there are no hard and fast rules when it comes to landing a rental deal. So, you must try to negotiate the rent down as much as possible, you’ll be surprised how much you can save. Whether you’re leasing, renting or purchasing an office space, the price listed for it is never final; there’s always a 5-10% margin in it. Even the top real estate developers in Mumbai keep the price negotiation in mind and when you’re making the deal, you can take leverage from it. Therefore, it’s very important that you must know how to negotiate a fair deal and if you’re shy to do so, hire an expert.