Choosing the right office space for your start-up
Workspace Vs Serviced Office Vs Co-Working Space
One of the biggest milestones for a start-up is to move out of a home office and into a workspace they can call their own. However, the cost of an office space can be daunting and with so many options out there it makes it even harder to choose.
What should start-up take note of when choosing the right office space?
Price: When doing the math for the rental cost the start-up is able to spend on, don’t forget to calculate the hidden costs (like utilities, per person billing, furniture, etc) which may add up in the long run. The location of the workspace is also a key determining factor which affects the rental price so it’s important to consider the need to be in the prime areas, e.g. the Central Business District (CBD). The price of the workspace can range from about $500/month (outside of CBD) to over $2,000/month (within CBD).
Duration of Lease: As a start-up, there is always potential for growth or even exponential growth. A two-man team may grow to four, to ten all within a span of six months. So it is important not to be locked down by long lease terms. Flexibility gives start-ups an opportunity to scale whenever their needs arise.
Layout: The overall layout of the space is crucial in space planning. For a start-up that values collaborative work or an e-commerce start-up, a regularly shaped layout would be more beneficial to accommodate a huge communal table for discussion or to make space for a storage area. As for a start-up providing services, they may value a meeting room to host clients visiting the office. An office space with an inclusive meeting room offers added privacy for your client meetings.