The location of your office is an essential piece of the jigsaw. It needs to be easily accessible for local commuters and your customers, but it also needs to be in a building or neighbourhood that offers desirable amenities for your employees.
1. Proximity to talent
Before you know where to target, start with the basics: your recruitment pool. This varies greatly from sector to sector, but if you're in software, it's best to target an area close to good universities and colleges. A stable pool of ambitious talent, constantly on the lookout for opportunities and eager to make a difference, can help you innovate without emptying your pockets.
2. Customer and team needs
Depending on your business and your journey, try to find a space that best meets the needs of your customers and your team, whether it's location, storage or convenience - a place where your team can really perform and best serve your customers. It's important to identify this space: it's always about meeting the needs of your customers and your team.
3. Who is the office for?
If you're renting an office, you need to understand who it's for. Are clients coming in for meetings? Or is it simply a place for staff to work? This is a factor to consider as it will affect the type of space you need, such as a receptionist versus swipe cards, the number of meeting rooms, how you need to arrange work areas, etc. You don't want customers entering areas where people are working.
4. Cost plus overall business fit
Most business owners prioritise cost as an important factor given the stage of development of the business and the state of their capital funding. I also think it's important to balance this focus on general and administrative costs with other key business factors, including the location of customers and referral partners and the cultural fit with the business.
5. Flexibility
Coworking spaces work best because you have the ability to add, subtract and move offices on a monthly basis to locations all over New York. Another benefit of coworking spaces is that you have access to common areas that you can use to host events.
6. Community networking opportunities
There are many considerations when looking for office space, including cost and a more central location. But the most important thing in my mind is the community of like-minded people to maximise opportunities to network, attend the right events, find the right talent and even promote my business to potential clients in the space.
7. Local amenities
Business owners have many things to consider when choosing an office, but ultimately you're looking to attract and retain top talent. From there, it's a balance between access to public transport or parking, proximity to food, and the aesthetics and functionality of the building's design. If you're strong in one category, it may make up for a lack in another, but beware of gaps.
8. Convenience and brand association
Make sure you need space. Property is an expensive fixed cost that can't be written off quickly. Think about where your staff commute from. Make sure it suits their personal lives. Do you visit clients at home? If so, is it convenient for them? Do you need a brand association? Consider the neighbourhood, nearby services, trend or if it matters.
9. Opportunities for team building
There are obvious factors such as demographics and proximity to potential clients and public transport. But one thing I like to do is explore nearby venues for potential team-building activities. For example, local gyms may offer business plans or walk-in access to their facilities. Start by finding out what your employees might be interested in, then find places that match their interests.
10. Your growth plans
Renting office space, no matter what type of business you have, is all about renting space that meets your needs in terms of amenities and, more importantly, is large enough to accommodate your growth. Consider spaces in areas of the city that are booming, but not so popular that the rent is astronomical. You'll find your happy medium!
11. If you really need an office now
Wasting money on expenses before the income justifies the cost could be detrimental to the short and long term success of your business. Here are some things to consider before renting office space: Do you really need the space? Will you be using it and all the benefits that come with it (community, free snacks, amenities)? Are these things really necessary?
