Finding an office space for rent could be more difficult than you realize. It requires a lot of time and effort that could have been spent on profit-fetching work. You can’t just sit on your laptop to find and inspect a proper office space. You need to inspect it physically too.
Office spaces are also expensive. Some startups dedicate a larger percentage of their expenses to office rent than any other thing. You might even need to get a loan to fund the office space. A business loan calculator will help you calculate the entire cost of your loan. Get a good business loan calculator before embarking on your office search.
Here are some tips that will help you find the best office for rent.
Determine how much Space you’ll be Needing
The first thing you need to do is to calculate how much space you will need in your new office. Experts suggest about 1000 square feet of space for six employees.
Consider where you and your Employees live
A suitable office space should be quite close to where you and your employees live. A centralized location is best for you. This will save transport fare, time and stress. It will also make you more productive. It will also help you to retain top talent and reduce employee turnover.
Check your Finances and Calculate how much you can Afford to spare for Office Rent
Go through your finances. Do a valuation and calculate how much you can spare conveniently for rent. If you plan to get a small business loan or if you are repaying one currently, calculate appropriately. Use a business loan calculator to sort this out.
Ensure that you have enough to cover the rent and other office expenses. Have a meeting with your co-founder or accountant if you have any. This will ensure that your finances are in a good state and you won’t default on the rent due to lack of funds.
Work with a Trustworthy Estate Agent
Check online for referrals and ask your peers for trusted, affordable estate agents who can help you to get affordable office space for rent. You do not want to overstretch your budget by hiring a pricey estate agent. You also do not want an agent who will charge a large percentage of the rent as commission fees. And you do not want someone that will charge you money for showing you around.
Hire an agent that you can trust and work with. If your agent is too expensive, you might find yourself scrambling for small loans just to cover the agent costs. And you’ll be looking for a business loan calculator to determine if you can afford the expensive agent fees along with the huge rent that you’ll be paying.
Obtain a Loan after Concluding with the Real Estate Agent
After concluding with the real estate agent on the rent to pay and other arrangements, the next step will be to conclude your loan arrangements. To get the best deal, ensure that you calculate the cost of the entire loan. A business loan calculator will make this easy to do for you.
All you need to do is to input the loan amount, payment term, and monthly interest rate. The calculator will bring out the entire cost of the loan.
Conclusion
Renting an office space isn’t a small endeavor that should be taken lightly. The right office location could make or mar your business. Take your time to find the right spot. If you’ll be taking a loan to facilitate the rent, use a business loan calculator.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.