Choosing the right workspace for your business will likely be one of the most difficult decisions you will make as a business owner or operator. The right workspace can influence your team’s productivity, help attract and retain employees, and provide a professional environment to meet with clients. Choosing the right space can be challenging, but not if you are well prepared. Here are 5 essential things to consider when selecting a workspace for your business.

1. Understand Your Budget

For most businesses renting or leasing a workspace is likely one of the largest operating costs. It’s important to understand how much you have available in your budget to spend on your new workspace, especially if your business is a startup with a tight bottom line.

Start by calculating how many workstations, private offices, and collaboration spaces you’ll need. This might vary depending on the number of people you employ and how many days you expect employees to be in the office. Businesses that offer a hybrid work schedule might be able to get away with fewer workstations by rotating the days employees come to the office.

Once you know how much space you need, you can start shopping around to find out the going rates in your local area. Don’t forget to factor in other operational costs such as employee technology, utilities, and maintenance costs.

2. Choose a Space Type

There are two main options when selecting a workspace for your business – long-term leases and shared workspaces. Long-term leases are the most expensive option since the tenant often has a long term commitment and obligations such as maintenance and upkeep.

Shared workspaces are typically cheaper and provide the flexibility businesses need to grow up or down. In addition, shared workspaces often come equipped with state-of-the-art technology and other great amenities. The type of workspace you select will depend on your budget, company culture, and the needs of the business.

3. Select the Right Location

Location is probably one of the most critical components of selecting the right workspace for your business. The location you choose must be both convenient and provide a professional appearance. Convenience is key as this will affect how easily your employees, clients, and suppliers can reach your office. For this reason, workspaces that are centrally located within a city center or near a major airport are often in high demand. Other convenience factors include whether there is sufficient parking, access to public transportation, or close proximity to schools.

From the perspective of professional appearance, you want an office space that creates the right atmosphere for your brand. Depending on the type of business, you might even want to create a bit of prestige by selecting a trendy or luxurious location such as a waterfront. The only downside here is that these types of locations often come at a premium cost.

4. Ask About Infrastructure and Amenities

Every workspace will be different. It’s important to understand what is included in your rent or lease payment. Since most businesses can’t operate without the internet, be sure to confirm that the building is equipped with fast and reliable internet service. You can also inquire about the number of meeting rooms and common areas that are available to the team such as kitchen facilities. Some workspaces offer additional services such as tech support, security, mail processing, and receptionist services.

5. Plan for the Future

One mistake that businesses often make when selecting a workspace is not thinking beyond the present. It’s critical to consider the future state of your business. If you are expecting rapid growth, will the workspace you’ve selected scale with the business? The last thing you want is to reach a point where you have to coordinate a costly and time consuming move to another building or property. To avoid this, find out how flexible the terms are in your rental agreement. It’s best to select one that allows you to scale your business up or down easily without significantly disrupting your business or budget.

Find the Right Workspace the First Time

For most businesses, a shared workspace is the perfect solution that offers modern office spaces and meeting rooms, flexible lease terms, operational services, amenities, and the latest technology. At Lakeside Workspaces, we’re here to help you find the perfect space to meet the needs of your business at lower cost than traditional office leases. Contact our team of workspace professionals today to learn more.