The right work space and location can bring positive impact to your business. To help you make the right decision, take a look at this list of 8 important factors when choosing an office address.
One of the first considerations when choosing the right office address is the type of business sector you’re engage in with because this will greatly influence the kind of work space that is suitable for your company.
Traditional work spaces with private cubicles work best for businesses in the financial sector, law industry, or any organisation dealing with confidential information.
An open space plan is favoured by start-ups, creative agencies, and tech companies because of its essence of functional and symbolic collaboration.
If regular shipment of goods is involved in the day-to-day operations, a first-floor space with a big storage room should be on top of your list. If you want to cater to a wide range of client base, consider having easy access openings, space plan, and amenities for clients with mobility impairments.
Demographics refers to the gender, age, education, and other pertinent characteristics of a certain group of target talents required for your company leadership and office personnel.
When choosing the right office address, you must also consider if the talents you are looking for to join your company is available within the vicinity if your office is located in that area.
Doing so will make it easy to attract the right talent– which will give you the edge to obtain the cream of the crop.
Whether you have a newly incorporated company or your booming SME is getting a location upgrade, it is best to take a look at where your competitors are.
More often than not, existing businesses that have been established for quite a while are located in heavily populated areas or places where there are also thriving companies from various sectors.
Though human traffic and prevalence of different establishments on a particular location can be good indicators for putting your office right in the middle of it, it should not be the key consideration.
As long as you have a solid business plan with unique product or stand-out service offerings at competitive prices, you can go toe-to-toe with your competition regardless of your office location.
Visibility and Proximity
Having an office address in the heart of all the hustle and bustle isn’t just what’s important – visibility and proximity is the power combo that would make it right.
But you should not be discouraged to set up an office where it isn’t easily seen by your prospective clients; in fact, they wouldn’t mind going out of their way just to visit you – if your product or service offering is relevant or beneficial for them – something that the competitor fails to do so.
The right office address can sometimes come with a heavy price tag. But it isn’t just the base rent you have to consider; utilities, security, building maintenance, among many other factors, will also come to play.
You can get help in finding out what similar businesses are paying within the area so you can determine if you’re making the right choice – or if it is still in the best interest of your business to pay beyond your allotted budget for it.
It refers to the base rent and service charge for a minimum period of time (6 months, for example) which you have to pay in advance.
Agreement for the fitting-out period, insurance, and security deposit among many other lease terms, is also something that you should pay attention to.
Make sure to discuss with the landlord the necessity to allot a specific time period for retrofitting and/or renovating the office to complement your business operation style and overall brand image.
Parking and Bike Storage
One of the most overlooked components in finding the right office address is the availability of parking space for cars as well as storage site for bicycles.
As this will be a common method of transportation for your employees, customers, investors, and other stakeholders, you should never downplay its role in influencing the ease of doing business with you.
The right office address provides the right ambience for employees, as this is the place where they will spend the major part of their day.
Its layout must reflect practicality – one that does not hamper the employee’s sense of creativity during work hours or productivity during busy periods.
Getting Help from Corporate Services Singapore
From running day-to-day operations with efficiency and maintaining high staff morale to crafting a strong brand image and even choosing the right office location, the to-do list for a business owner never ends.
Let Corporate Services Singapore provide expert advice and professional assistance – from company incorporation, secretarial services, outsourced accounting services, and much more – so you can focus your time and energy to things that matter the most.