8 Tips for Renting Your Very First Office Space

At a certain point, most home-based entrepreneurs and small businesses begin to think about getting an office space. While there are advantages of working from home, there are disadvantages as well.

For individuals who work day after day from their home office with little social interaction, feelings of isolation can become a real challenge. Studies show that professionals who experience ongoing isolation have higher rates of depression and health issues. In the case of small businesses, while remote workers are frequently more productive and viewed as better collaborators than full-time office workers, there is a flipside. Teams sometimes require face-to-face interaction to tackle complex projects and to solve difficult problems.

Entrepreneurs and small businesses considering a move to their first office should determine their needs before making a final decision. Following are some tips they may find useful:

1. Determine if Permanent Office Space Is Necessary.

   The gut reaction of many entrepreneurs and small businesses may be to look for permanent office space. But permanent office space is expensive and leases lock them into long-term contracts. Permanent office space is not scalable as well. As requirements evolve, whether contract or grow, organizations may discover that they do not need all the office space they acquired, or they may suddenly find themselves bursting at the seams. As an alternative, entrepreneurs and small businesses need to consider virtual office spaces.

2. Look for a Convenient Location.

   For entrepreneurs, they should look for an office location that is convenient from a commute standpoint and in proximity to clients and partners. For small businesses, objectives are similar; they should look for a location that provides employees with a convenient commute, while also giving them easy and quick access to clients and partners.

3. Seek an Address that Impresses.

   First impressions count and virtual office space and addresses in less than compelling areas can be a draft on a business. Instead, entrepreneurs and business should look for a virtual office space that demands professional respect. With most permanent office space with addresses that garner positive attention outside the budget of entrepreneurs and small businesses, virtual office space should be a serious option to explore.

4. Explore the Need for Lobby Greeters/Receptionists.

   Hiring a lobby greeter or receptionist is an expensive undertaking, and beyond the financial wherewithal of an entrepreneur or small business. But there is a long list of benefits that come with having a lobby greeter or receptionist. So, how can an entrepreneur or small business gain the benefits of a lobby greeter or receptionist? The answer: virtual office spaces that often come with a lobby greeter or receptionist at the fraction of the cost of a full-time or even part-time equivalent.

5. Determine Required Office Services.

   The actual physical office space is just one expense of a permanent office—utilities, internet/network services, conference rooms, security, and video and audio presentation tools. The costs associated with these can add up quickly. What may have seemed like a viable business cost for a permanent office space may no longer be affordable.

6. Size Up Conference Rooms.

   Conference rooms do not come in one size, and not every meeting demands the same type of conference room. In this case, entrepreneurs and small businesses may find virtual office spaces and the on-demand conference rooms that come with them more much better option than a conference room that comes with a permanent office space.

7. Collaborate with Other Entrepreneurs and Businesses.

   In many instances, a permanent office space is constraining when it comes to opportunities to interact and collaborate with other entrepreneurs and businesses. Coworking spaces that typically come with virtual office spaces are rapidly growing in popularity and put different businesses together in one location. This affords them a chance to collaborate with each other and network with potential partners and clients.

8. Understand Future Scale/Growth.

   Most entrepreneurs and businesses have their sights set on expansion. As mentioned above, long-term leases on permanent office locations create cost and an expenditure that is reoccurring. Permanent offices can also inhibit growth, as office space is finite. (I once worked for a company that was locked into a lease that ended up putting workers in closets because we ran out of space.) Further, when expanding into new locations, permanent office space is expensive. Virtual office spaces can provide that scale—not only in terms of addresses but day offices, coworking space, and rented meeting space as well.

By considering each of these recommendations, entrepreneurs and small businesses will help ensure they select the best option when it comes to their very first office space. In some cases, a permanent office space may be the best choice. But in other instances, a virtual office space like Davinci Meeting Rooms may be a much better option.

About Patrick Spencer

Patrick Spencer (Ph.D.) is the President and Founder of TIRO Communications that helps companies develop, build, and manage content, customer, advocacy, and demand-gen programs. Included in its offerings is TIRO Cognition Insights, a data analytics tool that enables B2C and B2B businesses to pinpoint what their customers and competitors’ customers are saying and to identify corresponding actionable product, services, competitive, sales, and marketing intelligence. LinkedIn Profile: LinkedIn Website: www.tirocommunications.com