Renting your first office space can be a challenging, but exciting milestone for your business. The space you choose will represent your brand and influence your team’s productivity. In fact, being able to rent an office space is a major goal for many new entrepreneurs.
Investing in an office or coworking space can help you focus and grow your professional network. “I joined Novel Coworking to have an actual office to go to a few days a week when I feel like I need extra focus (with unlimited free coffee, count me in!) and I’ve loved having the option to work alongside other entrepreneurs a few days a week,” said Nina Baez, owner of Nina Fitness Training. “Entrepreneurship is rewarding and sometimes lonely if your business is entirely virtual, so if you’re feeling that you need a change of focus or motivation, try something new.”
As thrilling as renting a new office space can be, it’s important to do your research and find a space that will help your business grow. In this week’s blog post we share seven tips for renting your first office space, so that you can make an informed decision and take the next step for your business.
Benefits of an office space
The first step is deciding if you actually need an office space. How will an office impact your workflow and team collaboration? The benefits of investing in a physical office space may include:
Local Brand Awareness – Grow your brand’s local presence by renting an office space in an area with heavy foot traffic.
Meeting Space – Coffee shops may be an adequate meeting space when you’re just getting started, but might not help you get to the next level. In-person meetings and conference calls will benefit from a quiet space with reliable internet.
Increased Productivity – Working from home can make it difficult to stay on task. Working in a high-energy, professional space can improve productivity and collaboration.
“Before we landed at Novel Coworking we talked constantly about the importance of a good environment for creative output. So we invested in our businesses and ourselves and rented a private office. We’ve already had so many good conversations and collaborations in the space. Here’s to many more!” – Koriko Creative
Mail Delivery – Providing clients with a reputable business address is much more professional than a home address or P.O. Box. It will also allow you to keep your private and work life separate.
Search Engine Optimization – Brands that have a physical address can verify their listing on Google and show up on Google Maps and local search results.
1. How much space do you need?
Space requirements can vary widely by company, industry, and geographic location. While enterprise companies may be interested in suites that can accommodate up to 500 people, startups and first-time entrepreneurs might benefit more from a coworking space or smaller private office.
First, consider how many people are on your team and what your growth projection looks like. How is your business expected to grow during the course of your lease? Sheri Williams, Head of Customer Success at Solv Health, said, “We moved into the Novel Denver building last year and one of the main reasons we chose Novel is the variety of space available that would allow us to stay in the same location as we grow the team. We are now in our third space with Novel due to growth! The Novel team is truly wonderful to work with and has been an essential part of our growth plan in Denver!”
2. What amenities are included?
Renting a modern office space means assessing what amenities are included in the cost. Providing your team with a fully functional space and modern amenities can make a world of difference.
For example, Novel Coworking provides the following amenities to members:
- – Fiber internet
– Beer on tap
– Fully furnished
– On-site management
– Conference rooms
– Mail service
– Espresso machine
3. What type of office should you rent?
Modern workspaces come in many different forms. From open coworking spaces to traditional private offices, entrepreneurs can choose from a variety of office layouts.
Shared Office – A great option for solopreneurs who want a space to focus on work, but don’t mind sharing their office with another freelancer or business owner.
Private Office – Fit for teams between 1 and 20 people. A private office is best for entrepreneurs who plan on growing their team and need an exclusive space for collaboration.
Coworking – Through coworking, entrepreneurs can work in a modern and professional environment for an affordable rate. Coworking spaces have the added benefit of allowing business owners to connect with dynamic leaders and innovators.
Dedicated Desk – Similar to a coworking membership, dedicated desks offer flexibility and affordability, as well as the security of a locking file cabinet and a reserved desk.
4. How to choose a location
It’s vital that you choose an office location that is easily accessible to your team and clients. Is there public transportation nearby? Does the office have a bike rack? Your team may also appreciate a location that has nearby coffee shops and restaurants to choose from.
Because Novel Coworking owns their historic buildings, members can rent an office space in prime urban locations for half the cost of similar office providers. For example, our new North First building in San Jose offers proximity to Apple, PayPal, and eBay, as well as easy access to the airport. Novel Coworking River North in Chicago, on the other hand, is steps from popular restaurants and nightlife, as well as the Chicago River and train stations.
5. Legal pitfalls you should avoid
When renting a commercial office space, remember to carefully consider the terms of your lease. Pay extra attention to the length of the lease, when it begins, and whether there are renewal options.
Additionally, does your rent include insurance, property taxes, and maintenance costs? What is the security deposit and what conditions need to be met to have it returned? What common areas are included with your rent?
6. Consider your budget
Don’t choose an office space that will put your business in debt. Deciding on an appropriate budget will help you maintain your peace of mind. That being said, investing in your company and in your dream is a necessary part of growing a business.
Consider the plans and pricing at Novel Coworking:
- – Private or shared office space starts at $299 per month
– Coworking membership starts at $129 per month
– Dedicated desk space starts at $249 per month
Remember that amenities, maintenance, taxes, mail service, furniture and other factors should be weighed when deciding on your office space budget.
When you’re ready to rent your first office space, Novel Coworking can provide you with competitive rates and amenity-rich options to help you grow your business. Each location provides on-site staff and amenities such as hi-speed internet, conference rooms, and a fully-stocked kitchen with beer on tap and an espresso machine.
Find a Novel Coworking location in your area and take a tour today!