Tag Archives: startups

Moving into new office space? What startups need to know

There comes a time in every startup’s journey when it outgrows its first, small office space and needs another. Startups tend to begin their story in bedrooms, garages, attics and basements. But, eventually, they outgrow these make-do spaces and have to move on. Some of the factors you need to consider are so important, we’ve put together a list of the ones you need to pay attention to before making this big decision.

Budget

This is obviously the most important consideration you’ll have to make. The amount of money you’ll have to pay to rent your office space will likely be one of your biggest expenses. It’s important that you calculate exactly how much you can afford to spend each month. You’ll have to continue paying this expense even when times are lean, so it’s essential you’ll always have this money.

Location

This is important to keep in mind because if you have staff, they’ll likely have become used to working in a specific location. It might make sense to move to a cheaper area, but if it means every staff member will have to travel for many hours and have no access to public transport, i just doesn’t make sense. In the same way, if you rely on passing foot traffic, being accessible to the public is important.

Office setup

It’s important to think about the type of environment and company culture you envision for your company. Do you want everyone to work in one large, open space? Do you want individual cubicles? Do you want a mixture of the two? It’s important that you consider this before you make the move as it will have an impact on the atmosphere and productivity of the office.

Security

Every business has different security needs and it is important to think about these before you  make decisions about your next office space. Think about how many people will have access to the building and if it’s important for the public to have access. If the latter is true, you’ll need to have enhanced security in place. You’ll have to think carefully about the need for security officers, alarms, bollards and turnstiles.

Potential for growth

If your business has already grown enough to need more office space, it should be clear that you’re on a path for increased growth in the future. Therefore, you’ll need to choose new office space with the understanding that you’ll need more space. It doesn’t make sense to find something just big enough for your current needs. Rather, choose an office which has the space for your team to grow over the next year.

Starting a business while on a budget

The rise of megacorporations seem to happen like magic: one day there exist this number of business, then suddenly a new business emerges with billions in finances and offering services or products we didn’t know we needed. We imagine these spaces to come from some magical land, filled with fortune, where the owners were born into wealth or had wealthy clients and investors willing to support them. But the reality is far more complicated. Indeed there is no reason a powerful business, like powerful people, can’t begin from humble beginnings.

Success of business isn’t tied to any formula, but a number of different properties and factors.

“Success,” says Forbes’ Micha Kaufman, “ is mostly determined by liberal amounts of “sweat and hard” work. It’s why passion is so essential: It sustains us through the hard times, and rewards in ways money never can.”

Importantly, for Kaufman, being connected and engaged is essential – which is why, in this day of online connectivity there is no excuse. Indeed, so important is online presence that it’s almost unheard of to not have a website. But, also, how you respond to social media portrayals. People have lost entire careers after social media faux pas, resulting in businesses themselves suffering.

By being connected, you alert the world to your and your business’ existence. Great marketing like this can do wonders for your business and brand. Considering almost all the big social media brands and apps are free, you don’t need a budget at all for this – except to pay the hours for someone to manage it.

And here you can higher students: not only are younger people more tech-savvy than older, but also they can get the first steps into the world of adult careers. Interns don’t have to earn a salary, though it might be ethical practice to pay them. However, due to their inexperience, this means you never have to pay the same for someone who is an experienced social media manager.

Mark Kingsley-Williams, founder of Trade Mark Direct, told the Guardian there are important first steps that people should consider.

“Starting a business should be all about getting information quickly to prove whether the concept will work, not maximising margins from day one. It is better to start out renting or leasing premises, company vehicles, IT equipment, and so on, rather than buying, and taking on people as contractors rather than employees, which you could consider once the business is more established.”

So whether you take out asset finance or look for used cars for sale, it’s necessary and possible to keep your budget low for the beginning part.

The rest of it should then be a basis on obtaining more clients, improving your business strategy, increasing your workforce, expanding your business. This means more income and therefore a bigger business. And all of that, as we’ve seen can happen on a budget – but what that also means is it can happen because you’ve already demonstrated you can be smart.

Which is something any client or investor is looking for.