When your business starts to grow, it’s an exciting indicator of success. However, it can also be an indicator that organizational changes need to take place. If your business has outgrown its current location, it’s time to start considering moving into a new office space. There’s a lot to think about before making such a significant change, though.
To help, a panel of Young Entrepreneur Council (YEC) members answered the following question:
“If your business has outgrown its current location, what’s one factor you should consider when looking for a new office space? Why?”
Here are a few of their top suggestions.
1. Flexible Workspace Elements
“Many employees prefer flexible working arrangements, including work-from-home options and being able to show up at the office a few times a week. When changing office spaces, consider adding flexible workspace elements, including open floor plans, breakout spaces, quiet work zones and shared resources. Flexible workspaces offer a happy alternative to the office spaces of yesteryear and remote work.” ~ Matthew Podolsky, Florida Law Advisers, P.A.
2. A Supportive Ecosystem
“When looking at a new location, you want to consider an ‘ecosystem’ that supports enterprises like yours. For example, there are tech ecosystems in specific areas where financial institutions, networking organizations and other startups are located. Being in such locations can create a positive vibe and you could even get support from local institutes.” ~ Blair Williams, MemberPress
3. Employee-Requested Elements
“If I was in this situation, I would take a company-wide survey and see what our employees would like out of their next office space. It shows that you are open to catering to employee needs and it helps kill two birds with one stone by choosing a work environment that will be conducive to what employees are looking for. The work world is changing — learn to adapt to it.” ~ Ismael Wrixen, FE International
4. Shorter Commute Times
“Try to look for opportunities where you could help everyone’s commute be a little shorter. Or, you could look for locations that are available for development, if you would rather go the development route instead of moving into a current office space. Try to find solutions that are cost-efficient but can also accommodate your team in the best way.” ~ John Rampton, Calendar
5. Organic Searches
“To stay on top of organic searches, Google considers how long your company has been at a certain address, and if you’re in a metropolitan city in a highrise building that also houses your competitors, a suite number or unit number will be the only differentiator on Google Maps. Our firm has a home base that has been our storefront address on Google since our existence.” ~ Givelle Lamano, Lamano Law Office
6. Room to Grow in the Future
“When looking for new offices, always check if it offers room to grow, especially if you’re a growing company. So think about your growth plan and consider important factors like the number of employees you plan to hire in the near future, whether you’ll need additional storage for your stock, etc., before renting a place.” ~ Josh Kohlbach, Wholesale Suite
7. A Contingency Plan in the Lease
“When looking for a new office space, consider having a contingency plan in your lease. No one wants to keep changing offices too often, but you should be able to do it in case an unforeseen situation comes up. So include a contingency plan in your lease that allows you to leave or exit the space in case of unavoidable circumstances like natural calamity, structural inadequacies, etc.” ~ Thomas Griffin, OptinMonster
8. Your Business Activities
“The factors that matter for your new business location differ from industry to industry. If you’re a manufacturer, then nearness to raw materials will matter most. If your business depends on meeting customers face to face, then you want a location where you can easily get to your customers. Think about your most important business activity and choose your new location on that basis.” ~ Syed Balkhi, WPBeginner
9. Where Your Customers Are
“If you expect to have local customers, it’s important to have your office in the same area where your customers are. You might have outgrown your current location because your customers aren’t there and it’s difficult to make enough sales. Through your data and surveys, you can determine what area is the best for your new office space for the best results.” ~ Stephanie Wells, Formidable Forms
10. Your Budget
“If you’re thinking about upgrading your office space, I suggest thinking about if you have the funds to support the new building. This investment will cost more than the price of the office space. You’ll need to pay for utilities, remodeling and moving your equipment into the new building. If you don’t take these factors into consideration, you could end up stretching your budget thin.” ~ John Brackett, Smash Balloon LLC
11. If You Really Need the Space
“For starters, ask yourself if you really need a physical location in the first place. If anything good came out of the pandemic, it was that it opened up the benefits of remote work. Not only will your business save money on real estate costs, but your employees will also appreciate increased flexibility and better work-life balance. Companies need to consider offering remote work to stay competitive.” ~ Benjamin Rojas, All in One SEO
Image: Depositphotos
This article, "11 Things to Consider When Looking for a New Office Space for Your Business" was first published on Small Business Trends
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The Young Entrepreneur Council, Khareem Sudlow
