Finding the Perfect Space for Your Startup
September 05, 18
When you have a startup, and you are beginning to build your company from the ground up, one of the most important decisions you will have to make has to do with the office or retail space you will need to acquire for your business to expand.
Finding the right space for your startup may seem like a challenging and even tedious task if you are unsure of where to start and where to look. This is when having a leasing agent on your side that can help you find the space you need is extremely beneficial.
When you start your search, you will want to ask yourself the following questions:
- How much space am I going to need, and will I need the room to grow?
- What is my overall budget and am I willing to be at all flexible?
- Do I have any competition in the area I am looking at?
- How is the space going to be set up and is it an office or retail space?
Once you figure out all the basic needs for the space, you can begin looking for properties that will fit those needs.
Consider the Location
Location is everything when first starting out. You will want to consider what your target market is and if you should be in an area that provides easy access for people through public transportation. Are you looking for space in the city or in a smaller area?
You will want to take into consideration the cost of living in these areas. Spaces in cities may be in higher demand than spaces in smaller areas.
When you are first starting out, you will want to analyze your competition very closely and get some cues on what you can do or what you can do better to improve your business. Where is your closest competition located?
When you are close to your competition, you will want to make sure that you take the time to establish your own business and space and then do a market analysis of the area to determine if it is the best place for your office or retail space to be located.
Finally, you will want to consider all the costs involved with leasing or owning an office or retail space as well as the maintenance and management costs. Property and asset management can be beneficial for a startup, so you can focus on the business at hand and not have to worry about the day to day operations that can be so easily overlooked.
Commercial real estate companies are experienced in these areas and can provide you with their vast knowledge and market insights to help you find the space you need for your startup. Contact us today to find your next space!