Leasing a Dedicated Space or Coworking?
If you have a small team or are working alone and just need to get out of the house, coworking spaces have a lot to offer. They are turnkey ready with desks and chairs, Wi-Fi, decor, and often offer amenities like coffee and snacks. It’s more affordable and convenient, and available in most cities. It also scales to fit, from space in an open coworking environment to private offices for hundreds of workers if you choose a well-established provider like Regus or WeWork.
Leasing an office takes a bit more effort. You’ll need to budget for furniture, electricity, phone lines, Wi-Fi, decor, and a coffee maker.
Choosing the Right Location
Finding space in rural areas can be challenging. In cities, it can be expensive. If you already have a staff, you want a central location that’s easy to get to. City centers tend to be prestigious, upscale, and have advantages of convenient transportation, neighborhood restaurants, shopping, gyms, and bars for unwinding and socializing after work. At the same time, traffic and parking can be a nightmare.
If a city address is absolutely necessary, make sure parking is accessible for your team and for potential clients. Potential clients are less likely to frequent your business if they have trouble finding a place to park.
Figure Office Expenses
Budgeting for your office can be tricky. In addition to the cost of the lease, you may have to put up deposits for utilities and services, purchase furniture, office supplies, and decor. Will you need office machines, such a commercial printer or fax? You’ll need to factor in the cost of purchase or lease for those as well.