When setting up your base of operations for a start-up, you have to think not only about location but also about your future needs. Here’s what to consider.
Choosing office space can be very challenging because your decision will have so many repercussions for your business. The wrong location, for example, could cost you employees or clients. What’s more, you have to base your choice on your company’s future needs, not just your current situation.
Given that landlords prefer lease terms of three to five years, entrepreneurs should consider these questions carefully before signing on the dotted line:
Is there room for my company to grow?
Any company must consider not only its immediate needs, but also growth and other factors that could change space requirements over the course of the lease. If you can’t afford to take extra space to give you room to grow, try to negotiate a shorter lease term or add language to the lease that gives you the first right of negotiation on any adjacent space that becomes vacant, says Julie Clark, a broker with Commercial Space Advisors in Seattle and founder of SharedBusinessSpace.com, a national online directory.
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