Selecting the ideal facility for your company can be thrilling and intimidating, depending on whether you're moving locations or seeking a property for the first time. Business owners have a lot to think about before deciding and committing because there are so many factors to take into account that will effect personnel, clients, and future development.
Of course, your business type or industry may influence some decision-making criteria, but there are a number of universal factors that every organisation should take into account. We've put up a list of things to think about when choosing your next commercial property for those companies in need of extra information before the big shift.
A workspace where you spend the most of the day with your coworkers and employees. Going to work should be enjoyable for you; doing your finest work shouldn't need any effort on your part. Choosing an office space that satisfies each of those requirements is the only way to do all of that. That location indeed exist, and you can locate it at the intersection of numerous significant factors.
Factors to account when selecting a office premises
1. Choosing the Proper Location
Making a list of everything your business space will need to function well is the first step.
Shopping centres: These are the obvious starting point if you own a retail firm. Airports, temporary event kiosks, and free-standing commercial buildings are further possibilities.
Office buildings : These areas are best suited for companies that don't depend on direct clientele.All small firms should look for locations with adequate storage space and easy access to important transportation corridors. Additionally, confirm that your property has sufficient parking to fulfil the needs of both your consumers and your employees.
Additionally, it is your duty to make the area a pleasant and safe space. For the safety and well-being of your employees and clients, this is crucial.
2. Buy or Lease: Which Is Better for You?
Based on your company estimates and the available cash, choose whether you wish to buy or lease the property. It would be smart to seek advice from a lawyer or accountant. It's important to understand that buying or renting a commercial space is very different than doing the same with a residential home.
3. Size and layout matter in space
The Australian Building Code stipulates that each person in a commercial setting needs 10 square metres of space. However, according to Covid-19, it has now been found that 15 sqm of space per employee, as opposed to 10, is more appropriate.
In order for some pieces of furniture and equipment that come with a business to function properly, they may need to be arranged in your commercial space in a particular specific way. For instance, a conference room at an office is ideal for large gatherings or presentations, whereas a reception space is necessary in a medical facility.
4. What Kind of Amenities Are Offered?
Another crucial aspect to take into account is the building's infrastructure and amenities. In addition to the amenities provided inside the building, you can also look for amenities in your nearby area, such as excellent restaurants, parks, supermarkets, post offices, banks, ATMs, and so forth. Look for locations with lots of windows that can be opened, a lot of natural light, and sufficient ventilation.
5. Researching and Identifying Your Top Options
Now is the time to narrow down your options and make your final choice. Waiting until you discover the ideal location is preferable to committing to a building that isn't the best fit for your company.
Take into account all of the positives and negatives associated with the options you have chosen.
Make sure to get advice from reliable advisors or your company partners.
6. Attention to Detail in Paperwork Handling
Once you've decided on a location, it's time to sign all of the necessary paperwork! A lease agreement must be signed if you're renting, and a purchase contract must be signed if you're buying. A few additional legal paperwork can be necessary, depending on the state the property is in.
In order to understand what the agreement covers and, if any, what restrictions you'll be dealing with, you need carefully review each clause with the help of a building dispute lawyer in Sydney, or wherever you live.
In order to understand what the agreement covers and, if any, what restrictions you'll be dealing with, you need carefully review each clause with the help of a building dispute lawyer in Sydney, or wherever you live. To prevent unpleasant surprises later on, you should be especially clear about conditions relating to building upkeep, obligations, the extent of prospective subleasing, and cancelling the agreement before the designated time period.
7. Potential for Growth
When selecting an appropriate commercial space for your business, it's crucial to take future event probabilities into account. Therefore, consider your future expansion goals as well when choosing a place. Think about the following inquiries:
What is the small business I own currently growing at?
In five years, would my staff and clients/customers be able to feel comfortable here?
How might rent rise over time if I decide to rent? Can I afford this place in the long run?
8. Regulations and construction specifications
A business property can appear to be the real deal at first, but upon closer inspection, it might become clear that the building doesn't adhere to certain building codes, which could take some time to resolve. This is the last thing you want to learn after paying a deposit.
Do a thorough inspection of the property first, of course. Any potentially hazardous materials or building flaws that could put people at danger must be found and fixed before renovations or opening it to workers. Likewise, whether you are buying or leasing, you must take into account legal factors such as planning permissions, health, safety, and fire standards, insurances, accessibility, and licencing.
9. Close proximity to rivals
Depending on the sector of the economy your company operates in, grouping with your rivals may be the best or worst thing you've ever done. Given that they serve the same clientele, it is obvious that banks and retail establishments like to cluster together in a compact space. In this scenario, grouping facilitates cross-marketing while simultaneously lowering supplier costs and facilitating better access to clients for all.
On the other hand, rushing into the fray with your rivals without conducting thorough market research could jeopardise your efforts. Not to mention wasting the money that was spent.
As long as you are not required to share it with other businesses operating in the same industry, picking a desirable business location close to the labour pool and all the amenities is a solid choice.
10. Legal and safety requirements
Finally, while selecting an office space, be sure that all health and safety requirements are followed, especially when it comes to protocols for dealing with ongoing pandemics. Check the types and rates of crime in the area just in case, and think about purchasing an insurance plan that covers both your office and your staff. Before you commit, have your attorney review all the paperwork related to the purchase or lease. Don't allow anything dim the excitement you have for starting work in your new office.
11. Optimal arrangement and space
Business owners that relocate have a great chance to start over and get past any obstacles they faced in their former office. This may be the lone element that promotes creativity in decision-making. However, be sure to consider the following:
How many staff you have and how much space each one needs
The design that guarantees maximum productivity and job happiness
Among other things, health and safety considerations to prevent the sick building syndrome
Be sure to account for the space needed for a cafeteria or a mess room, as well as for meetings, storage, and even a recreation area. Although it is not required by law for businesses to offer comprehensive catering services, it is clear that any facility designed to increase employee satisfaction has a high ROI.