Thinking about opening your own office? Whether you’re thinking about purchasing an entire property as a new workspace, leasing a room in a building among different businesses, or just hiring out a few desks in a communal space there are things to consider for each option.
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Here are five of the top things that you should consider before investing in a workspace:
Location, Location, Location
Location is key to opening your own office, which is why a lot of larger offices are in city centers. Having a central location usually means that there are reliable transport links, but also plenty of places to grab a coffee or some lunch.
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However, rent can often be high in the center, so it may be worth looking on the outskirts if you’re on a budget. Also, ensure that the location you choose to set up in is in a place where your shop/office will be of interest. Do your research – if someone has set up a similar business to yours in the area and they didn’t last long, that may not be the ideal location. Find out what people are interested in in your prospective area.
This one really should be the top of your priority list. You must ensure that all of your employees are safe in the office. These sorts of things include fire safety, electrical risks, manual handling and having an on-site first-aid kit.
As a business owner, you must ensure that the risks and hazards in and around the office are properly labeled. Invest in some workplace safety signage to display any cautions, hazards, risks, and warnings to your employees and visitors.
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Keep in mind that without keeping your staff safe and putting up the correct signage your business could face some hefty costs in both finance and labor. For example, a member of staff could be off for weeks if they were to slip on a spillage at work and break their leg. They may even sue if the sign wasn’t up to warn them about the wet floor.
Finance Opening Your Own Office
It is all well and good to choose a huge office in the city center that needs a minimal amount of work done to it, but can you really afford this? You must think carefully about your budget and assess what you can and cannot afford when you are opening your own office. This will help you find a suitable property that won’t have you taking out a hefty loan from the bank. Consider leasing a property rather than buying one outright.
One way to grab a property at a bargain is to visit an auction and see what is going up for sale there. However, the property may need quite a bit done to it. Often, these properties need many improvements and are sold at a lower price. Still, there may be some good opportunities for a workspace bargain.
If the financing isn’t fully sorted prior to the auction, do not worry! A bridging loan may be able to tie you over in the meantime.
READ MORE: WHAT CAN A BRIDGING LOAN BE USED FOR?
If your place of work is somewhere that customers, clients, and employees will need to get to, then you need to make sure that it is accessible. Opening your own office near good transport links is a must because not everyone drives. Think about the nearest bus stop, train stop, and even tram or metro stop.
Adequate parking spaces are also a must. Alternately, make sure that there is on-road parking nearby. This will ensure that those who visit you won’t have any trouble accessing your workspace.
Additionally, consider those who are slightly less-abled and may require some help getting in and out of the building. For example, you might choose to install a ramp that can help those in a wheelchair in and out of the building. You could also make toilets disabled-friendly.
More research and resources are available regarding sustainability than ever before. Companies should really think about how they can make a difference. So, when opening your own office, consider a space that has electric car charging ports for those who may need to charge their car during the day. Also, an office with lots of natural light will help you minimize the amount of electricity you need to use. This will also save you money in the long run.
For some other ways to consider the environment and sustainability in your office space, follow the lead of CBS. They have made some great changes to adapt to having a green office space.
Use these tips to open your own office space.