Picking out the right office space is detrimental for your business success. Wrong location could cost your business, top talent and cliental. Office location significantly impacts your ability and possibility to grow. When choosing an office space it is fundamentally important to base your decision on company’s future prospective and the business model. When choosing an office, follow the 5Ps to make a choice with ease.
Consider your business model. The best way to do so is by going through the activity blueprint. Does the office space have all the necessary requirement? If you have a restaurant business then you will need to have a back door to the kitchen, accessible parking, main floor and entrance. Go through the daily activity and motions, think of all requirements that your business needs and consider the fit. If you are missing electrical plugs or bright lighting these elements can be fixed but are they allowed to be fixed? You must consider the rules and regulation of the office space before committing to it.
The location of an office should be your base for decision making. Consider whether the location of the office is convenient for key talent to commute to. A long drive or an inconvenient location may push key talent to choose employment elsewhere. Location is also important for your potential clients and partners. If the transportation is long or costly the clients and partners may opt from travelling to your business place. It’s important to consider the cost benefit analysis of price versus location. Some business owners choose to locate their business in the outskirts of Dubai or in the construction zones that makes it difficult to commute too and find for both customers and clients.
Parking is one of the main issues in UAE, especially Dubai. For your business to run smoothly and for your clients and partners to have a pleasant experience it is important to consider the parking availability at the proposed location. Many tend to ignore or forget this key point; as a result they tend to suffer loss. If parking is tight, is there a parking lot close by that can host employees and customers?
4. Future Prospective
Analyze the office space and consider if it offers you the ability for expansion. When entering a lease you binding your business to that space. Businesses evolve and factors may change the space requirements.
Consider the daily expenses your business and your ability to take the hit to profits for a new office space. The expenses include office furniture, utilities and equipment. Can you pull the new office space? After careful consideration you may find yourself under a tight budget, in that case you have couple of options to consider.
- Subletting: This is where you rent out part of the office space from another company. This option is cheap and requires minimum investment. The downside to this option is lack of control of the environment and in case of business growth you will need to find another office.
- Co-op: This is where two or more businesses rent out a large office space and share common facilities such as the pantry and reception area. Renting a large office with extended facilities can be of benefit. If you do not use the lunch room, you can turn in into another open office space for employees. Renting out an office with complementary businesses will also benefit you. Consider partnering with an advertising firm or IT firm in order to increase business efficiency and get the most out of the situation.
The office space is the face of your business. It must reflect and fit your business model in order to bring business and success. Consider the 5P’s in a matrix format in order to make an optimal choice.