Guide To Choose The Best Office Rental For Your Business
A good office location can fetch good profits by increasing revenues because of high footfall of customers and reducing expenses because of nearness to raw materials and labour. Thus, it is an important factor to be considered for any business whether it is at the start up stage or is expanding. Office location and space has the potential of putting your business on the path of success or failure whether you are running a retail store, a restaurant, a service company or a hotel. Though place is one of the four P?s of the marketing mix (Place, Price, Promotion, Product), which is the basic guiding principle for any marketing activity, it is often ignored by many entrepreneurs.
Factors affecting the choice of office rental for your business
There are various factors affecting the choice of the office rental for your business. The following points throw light on a few of these factors:
? Budget for office location: Your budget is a major factor on which the choice of the office space depends. Both monthly budget for paying the rent and initial budget for security payment are important factors affecting the decision.
? Dependence on foot fall: Whether the profits of the business are dependent upon the footfall of the customers or not is another important consideration. If you are in the business of restaurants or retail shops, it is imperative to have an office at a location where people visit repeatedly. Similarly, if you have to set up a factory to manufacture something, the location will be important consideration as the nearness to raw material and cheap labour will be dependent upon that. However if you have a virtual office and you sell most of the products online over the internet, office location is not of much concern for you.
? Availability of the suitable location: The availability of a suitable office location is also an important area of contemplation. Even if your business is totally dependent upon the incoming customers and you have a good budget, the non availability of a suitable location for your office might put you in a difficult situation.
How to choose the best office rental for your business?
Choosing the best office location is one of the most important and complex decisions. The following points shall be taken care of while choosing the office rental for your business:
? Convenience: The office location shall be convenient to reach for you and your customers. Not only this, it shall be convenient in getting the right employees and raw materials.
? Do a cost benefit analysis: Do a cost benefit analysis wherein, the monthly rental and security deposit is a cost and the extra income generated because of the preferred location is the benefit. If benefits are more than the costs, it is a good option. However if the costs are more than the benefits, it is time to evaluate other options.
? Take professional help: It is not a bad idea to take help from a real estate agent or property dealer who specializes in office rentals. This might make you lose some extra money but if the results are good, this money will be recovered soon.
? Consider space offered: Not only is the location important but the total space offered on rent is also important.
? Consider competitor location: It might be useful for you to take an office on rent in close proximity to your competitor, as you will get benefits of their marketing efforts.
? Consider relative business locations: Not only the location of your competitors is important but the location of your supporting industries is also important. For example, if you are in the business of stationary, it will be good if take an office on rent near a school or college.
? Impact on the image: Your office location plays an important role in creating an image of your business. The best office rental will be one which is in accordance to the image that you would want to build for your business.
? Electricity and water supply: Though electricity and water supply in the given area might seem to be relatively minuscule factors affecting your decision to choose the best office rental for your business, they are equally important for this decision.
? Availability of public transportation and parking space: Availability of public transportation and parking space are other factors that might affect your decision to choose the office rental.
? Consider facility to accommodate growth of the business: If you see the business growing in the years to come, it will be beneficial if you consider the facility available to accommodate the growth of the business in the given location at an early stage.
? Consider hidden costs: It is important to consider hidden costs like common area maintenance, parking fees, rent escalations, etc. before making the final decision.
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