If your home cannot accommodate your business, or your home business has grown sufficiently that it now warrants its own space, then it’s time to consider leasing an office space. Here are the factors that you need to consider when leasing an office space for your business:
Location of Vendors
The location of vendors and various third parties can be important in selecting the location of office space. Companies which have a strategic alliance with vendors or routinely access parts from vendors must consider the location of their vendors when selecting a location. Attorneys who routinely make appearances in civil court or criminal court often select a location close to the courthouse. Property tax consultants often select a location near the appraisal district office. Consider whether you need to be close to either vendors or other third parties when selecting your office space.
Consider your budget, and what type of space it can afford to rent. Your monthly lease payment will depend on the quality of building you want to locate your business:
- Grade A office spaces are top-notch in quality with luxurious lobbies and amenities, and suitable for a business that needs to impress clients or attracts top-notch clientele.
- Grade B office spaces provide functional office spaces that cost less than Grade A office spaces.
- Grade C office spaces are buildings that typically are old or shows sign of wear
Additional Location Factors
Following are addition considerations that may be relevant for you when selecting the general location for office space:
- Is it near highways (to reduce travel time)?
- Is it near the airport?
- Is there abundant parking?
- Is parking free?
- Is the area safe?
- Will female employees feel comfortable walking to their cars and driving through the area after dark?
- Is traffic light or heavy?
Evaluate Location Factors
Determine which issues are most important for your firm. Consider using a weighted average ranking system to a value at which area works best for your firm. In this system, you assign each factor a relevance index from one to 10 (with 10 being most important). You then evaluate the quality ranking for each factor. For each factor, multiply the relevance factor times your quality rating for each of the general location sure considering. Then total the score for each location. The building with the highest score should be best suited for your business if the quality ranking and scorer were correct. Reflect upon the result and see if it is reasonable.
Category: Business Growth