Owning a startup business on the rise in 2018 is a great feeling, but there is also a lot of work to be put in to make sure your startup is a success. First on the agenda: find a physical location for your new business space. Real estate can be a tricky water to navigate, however, so there are a few things you need to consider beforehand.
Obviously, location, location, location is a key factor when it comes to finding a space for your startup. But there are also a few other things:
The most obvious factor when it comes to choosing a space for your startup business is location. Do you need to be at the heart of a busy city centre? Or is a more rural setting perfect for you? This will no doubt be your first consideration and inform the rest of your decision making when it comes to finding a business space.
Rent or Purchase
As a startup, deciding whether or not you should buy your space is one of the key decisions to make. Obviously, as a startup, you may not have the capital in place to buy, in which case the decision is made for you. And renting can be good for both monetary and expansion reasons, there is no point buying a space that your company will simply outgrow in a few months.
The goals and aspirations for your business play a big factor in whether you rent or purchase a space for your startup, so consider this factor carefully.
When choosing a location you must consider your staff, particularly those that will be commuting. Bus stops, train links and other public transport options are therefore essential when considering location. Alternatively, ensure there is close access to a car pack in the area if transport links are in short.
Also, be aware of the local shops and restaurants. Meeting spots for clients are important when considering where to base yourself, as is the potential for high footfall to bring clients straight through your door on a daily basis.
Being a startup means that there are a lot of areas for growth available to your business. After all, if you want to go from a one-man band to an operation of twenty-five strong then you will need the space to do so.
Moving from space to space to match your expansion can be quite disruptive. So, an alternative is to find a bigger location in the first place to match your projected growth. This could curb the potential for employee unhappiness or a drop in work during the moving process.
A final consideration to make is business necessities. Does your desired space have the facilities or potential for facilities to make your startup thrive? This is especially important when making you may need a factory, rather than an office or retail space for example.
If you need the space for acoustic enclosures, for example, then a small one-man office simply won’t do. No matter how attractive the rent price may be. Always consider these factors, especially if you may require planning permission. It would be disappointing, after all, to rent or buy a place only to realise you do not have the planning permission to run your business in the space.
And there you have it! A simple guide to help you find the perfect property to house your startup and facilitate its growth. There are many choices that have to be made in the lead-up to securing a roof for your startup, but all of that hard work will be more than worth it when you enjoy the expansion of your business as a result.