When Should I Move into a Real Office Space?
Good for you for considering the idea of expanding outside your home. Many new businesses never even make it to that point. There comes a time when working out of a home office becomes more of a hindrance to future growth than a cost savings measure.
When should I move into a real office? The simple answer is that you should begin to explore moving into an actual office when you have the money to do so. This may seem obvious, but many business owners miscalculate the expense and their ability to pay for office space.
There are several options available in today’s market. You can choose to lease out a traditional office space or you can become a member of a shared workspace such as OFFICE EVOLUTION COLUMBUS.
For a traditional office space, rent is just one of the expenses you need to factor into your budget. You’ll also need to consider office supplies, additional furniture, heating, electricity, transportation, phone, internet and more. The initial rental fee of $2,000 per month can quickly jump to $2,500–$3,000 when you consider all the add-on expenses.
In addition to understanding the cost, you’ll also need to determine exactly what you can afford, noting that a traditional office space comes with a 3 to 5-year lease that will require you guarantee. You’ll need to include this additional fixed cost in your financial model to make sure you can afford the office space now and into the future. While it varies by industry, you generally don’t want to be paying more than eight to 10 percent of your revenue on office space.
You’ll also need to interview several real-estate brokers who have experience in the area where you’d like to rent. Second, identify exactly how much space you’ll need now and in the near future. Factor in growth but be realistic in your estimate and don’t take on much more space than you need. Then you and the broker can begin looking for spaces that meet your space requirements, budget, location and office layout. Once you find a space you’d like to lease, then you should hire a real-estate attorney to review the agreement.
What if you cannot afford a traditional office space or are not ready for a long-term commitment? The next step is to look for a Shared Workspace, which generally offer many benefits, such as affordable monthly rent at $500 to $1,500 per office/desk and common-area amenities such as concierge, mail, phone and internet support, office supplies and conference rooms. With OFFICE EVOLUTION COLUMBUS, all these amenities are included in the rent. The main advantage is that if in the foreseeable future your company grows quickly, shared workspaces can support the added space when you will need to hire many employees.
Shared Workspaces are more than just a physical workspace. While entrepreneurs and business owners have access to a workspace, which can either be a full-time designated area or a floating space, the services provided in the space are what make it worthwhile. By partnering with one of these companies, business owners don’t have to worry about basic business services such as Wi-Fi, printers, conference room access, mail handling, coffee and refreshments, and kitchen access. It’s essentially an all-in-one office package for small businesses.
In addition to basic services, companies like OFFICE EVOLUTION COLUMBUS provide networking opportunities and resources for growing your business. Besides brushing shoulders with various business owners each day, the companies provide individual networking events for business owners to connect. Whether you’re an entrepreneur launching your first business or work for a Fortune 500 enterprise in one of our spaces, the opportunities for members to connect are boundless.
Depending on your business needs, the monthly cost could be significantly less than that of establishing your own office and providing these basic services for your employees. Another potential benefit is the reputation of companies like OFFICE EVOLUTION COLUMBUS that have a progressive attitude and comfortable spaces mean your business can potentially use a partnership to attract new talent.
We also offer the ideal combination of a Coworking Community and Private Offices. We serve the Columbus metropolitan area with 4 locations, so when you start looking at office space near me or a conference room near me or a meeting space near me, we are close to Powell, Dublin, Hilliard, Grove City, Worthington, New Albany, Westerville, Bexley, Blacklick, Clintonville, Upper Arlington, Reynoldsburg or Downtown Columbus, choosing Office Evolution Columbus in Dublin, Worthington, Easton Town Center or Downton will help your budget remain flexible, with more money to spend on the things that matter most to your business.
Contact us today to set up a tour at our Dublin, Worthington, Easton Town Center, Columbus Downtown, Ohio locations.
Dublin – Dublin.firstname.lastname@example.org (614) 495-9274
Easton – Easton.email@example.com (614) 944-5191
Worthington – Worthington.firstname.lastname@example.org (614) 985-3605
Downtown – Columbus.email@example.com (614) 427-1999