THINGS YOU SHOULD KEEP IN MIND BEFORE SELECTING AN OFFICE SPACE FOR YOUR STARTUP. Startups are known for having limited cash for any or every expenses that they need to incur. And why not, if you are starting up you should definitely watch where your money is going. When you come out of the solopreneur mode, and it is finally time to hire those first few employees, arises a need for an office space.
Now, infrastructure is something that you want quality but you do not want to pay the high prices of real estate in the market. Here are some tips and tricks to select your first office space:
Look for already furnished office spaces
Furnishing costs are going up till the sky these days and you definitely do not want to get into that. It not just takes a lot of money but also a lot of time and effort to get an office space furnished. Do try to go for a furnished space with all amenities already in place. A good option would be to talk to the local real estate consultants clearly about your requirements before started looking for spaces. You can also apply the “Fully furnished” filter on real estate sites like 99acres or magic bricks. One of my friends spent money on furnishing an office which they had to move out of within 6 months because they had to start cost cutting and couldn’t afford the rent anymore.
Take in account of the safety factor of that locality
Talk to the people who have offices nearby and ask about the theft records of that place. How frequently/at all have thefts taken place in the building or around it? Are there many women working in the building? What kind of people work in that area? This is one of the most overlooked things which makes people regret later. You could go about by asking neighbours who have been working there for a longer period of time. A good way is to see if there are any big corporation offices/startup offices in the vicinity because they have a complete corporate team to look after their location search thus you can trust what they found must be great.
Checkout the Coworking Spaces/Shared office spaces around you
Coworking culture is booming in the country and you shouldn’t overlook it at all. Coworking spaces are shared office spaces with other startups wherein you don’t have to pay any deposit/furnishing/setup cost. The spaces are usually huge with many startups sharing resources. A lot of coworking spaces provide very good infrastructure doubled with networking events and opportunities to meet investors. You can check out reviews for coworking spaces online before booking. These days many review websites and several coworking space booking sites have come up where you can read before locking in. Look at the kind of locality the space is located in, the wifi speed that they provide, if they provide a cafeteria or not and if the environment is peaceful or not?
Thoroughly understand the security deposit structure, agreement clauses and exit terms before committing to an office space
Most people overlook all these things as soon as they like an office space and pay an advance amount. After that, the owners start revealing their complicated terms and conditions which might be harmful for you and might cost you extra money and time. Clear out all the payment specifications, terms, agreement terms etc. If you have a lawyer friend, show the agreement to him/her once before signing on it and giving an advance payment.
In the initial days of our startup, once we took an office space at a very premium location, but failed to study the agreement clauses properly and ended up losing Rs. 55000/- that we had paid as deposit because the exit clauses were very complicated and that’s where we got trapped. So it is very important to read and study everything before locking in.
Now that you are scaling up your business, keep in mind the above points before zeroing down on any office space and stay tension free. All the best for the growth of your business, dear hustler!