Location, location, location is popular in the real estate industry and it doesn’t just apply to figuring out the best neighborhood for purchasing one of the homes for sale in Chicago, but for your business. In fact, the location of your office may be just as important as your employees, products or services you provide.
Consider these factors in order to make the best decision for your office location.
The average cost of office space varies greatly depending on location, from $20.97 per square foot in Atlanta to $74 per square foot in New York City, as reported by Entrepreneur.com. Obviously one of the first considerations in choosing location is to know what you can afford. Before you begin searching for your office, have a clear idea of the rent that you can afford. Keep in mind that there are other factors than the amount of rent to consider, such as various tax implications. If you’re close to a state line, you may have the option to choose a city in a different state where you’ll pay lower taxes. Of course, cities can have different regulations that an impact your bottom line as well.
What’s the Competition Like?
You’ll also want to consider your competition. For example, if you plan on offering account services, do a search to find out how many other similar businesses are in the neighborhood. If there’s a lot of competition, it might mean a struggle attracting new clients. By choosing an office space where there’s less competition you may be able to tap into a previously underserved market.
Of course, size is important when choosing the right location for your office too. The general recommendation is 70 square feet per person, but if you need more space for storage or equipment, amp up that figure accordingly. Be sure to consider room for growth, meeting space, and a break area for rests and eating lunch.
Communication and Technology
The availability of information technology infrastructure is likely to be essential. When looking at possible locations, be sure to ask whether the space offers a high-bandwidth Internet connection or a fiber-optic network. Even if it isn’t necessary yet, as your business grows it will likely to critical.
The space you select must meet the power needs of your business, not only in terms of how many power outlets there are, but the capacity of circuits. That’s especially important if you plan to run machinery or other type of equipment that uses a lot of electricity. If you’ll have sensitive computer equipment, you’ll need to find out how many hours of air conditioning are included in lease terms.
You’ll probably be spending a lot of time at your office, so the commute to and from home should also factor in your decision. If you spend too much time traveling to and from work it can make an already busy life overwhelming, ultimately hurting the chances of your success.