Things To Keep In Mind When Looking For Office Space For Your Startup
India has in the past few years emerged as a 'startup' nation, with many startups coming up in various industries, especially technology and e-commerce. According to the National Association of Software and Services Companies (Nasscom), the number of startups at the end of 2015 was 40 per cent higher than the total number at the end of the previous year. Startups have also received heavy investments which have helped them become more enterprising.
So, if you are planning to enter the startup arena or are already operating in it, an important thing to keep in mind is where and how to find the right office space. Your office lends credibility to your business and sends out the right impression to your clients. Leasing the right office space, therefore, is a crucial call, more so because it entails a huge investment of time and resources. MakaanIQ lists a few things to keep in mind while taking this important business decision:
Location & size
When looking for an office space, location is one of the key criteria for selection. It's a plus to have it in a prominent commercial area or the central business district (CBD) of a city. Though such areas call for higher expenses, it can be a great investment in the long run.
If you are a growing startup and aim to add a certain number of employees, opt for an office space that could accommodate the number.
Infrastructure & building design
An office space is worth investing in if it has a well-developed infrastructure, including roads, parking space, and uninterrupted water & electricity supply. Also, see that the building is designed on the basis of the norms defined by the development authorities of the city. A green building is a plus. Additionally, the building should be well-equipped to cope with situations like fire.
It is essential that your office space is equipped with standard amenities to make it work-friendly for employees. And, this serves your clients, too. So, before you look out for an office space, list out the amenities you want. Building amenities, including well-serviced lift (in case the office is in a high-rise), staircase, security, electricity backup, among other things, and office amenities like a conference room, a cafeteria to meet the needs of employees, besides clean and well-serviced bathrooms, are some of the basic requirements.
Examine the lease
Once you zero in on an office space, examine the lease. It is essential that you sign a lease that suits your expansion plans. A startup grows over a period of time, and necessary changes will have to be made with time. Avoid leasing the property that restricts you from making changes or is for a period longer than your basic requirement. Hiring a professional for the purpose might prove helpful in taking the right decision.
Do your research well and invest in a space that is worth the money.