Moving out of a home office - tips for a growing business
A home-based business can have a lot of advantages, such as low running costs, flexible working hours and no daily commute. But there comes a point where a business needs more room to grow so it can hire employees, or they simply need a more professional space in which to conduct business.
Moving out of a home office and into leased office space can have its challenges. Despite the fact that you may not have a lot of IT equipment or office furniture to move, you still need to ensure that the move is a seamless and cost-effective transition from a home-based business to a professional office space. We've identified some best practices to consider as you expand beyond your home-based business environment.
Understand your needs and budget
If you are considering taking on a leased office, you will need to ensure that you have the budget to commit to monthly rental costs. You should also expect an increase in general running costs such as utilities, telecom and other associated property costs such as insurance. Use this Moving Office Budget Template to identify all the likely costs you can expect from an office relocation.
You also need to have a good understanding of the type of office space you are looking for, and what size of space is best going to suit your growing business. Remember that your space requirements and needs are likely to change over time, so it is important to factor these in. Use the Office Space Calculator to get an idea of how many square feet you are going to need.
Decide on a location
Choosing the right location for your business is imperative. It takes some research to find the ideal location, so ask your Tenant Rep Broker for recommendations of locations that have businesses of similar size and industry to yours. You need to be in a location that has like-minded businesses who are similar stage to you in terms of growth. If you end up on a business park with larger businesses you might quickly start to feel like too much of a small fish.
Use the Office Space Checklist to help you prioritize all the things that are important to you and your business, and don't forget to be aware of zoning restrictions for your new location.
Negotiate a favorable lease
Once you have found the right premises for your growing business, the next stage is to negotiate a lease. Remember that as this is your first office space, your main aim is to keep costs and lease length as low as possible, or to include a suitable break clause and subletting provisions that provide the flexibility that your business will need to meet the rental costs accordingly. Your Tenant Rep Broker should take care of all lease negotiations on your behalf, but be wary not to settle for a lease that overstretches your financial limitations.
Moving from a home office into leased office space can be an exciting prospect, and by choosing the right space and lease terms, it will be a cost-effective and prosperous opportunity for your business.
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