Congratulations are in order! Your business has grown to that point where using your temporary rental space, home study or (let’s be honest) local cafe is no longer ideal. Be sure to take the time to savour the accomplishment and celebrate your expansion – you’ve worked hard for this milestone. As you’re assessing options for your new business home, keep in mind these five practical tips to choose the right new office space for your company:

1. Verify Your Research With A Commercial Property Expert

Unless your business is in real estate, chances are you don’t have much prior experience in “shopping” for commercial spaces. This is why you should employ a professional to help you make the best decisions – as you would with any other business operation outside of your area of expertise. There are many benefits to owning a commercial property and with the right property manager, you’ll have professional insights on your areas of interest and sound advice on which to fall throughout the whole process.

2. Market Research Your Areas of Interest

Never rush the research stage. When narrowing down locations in which you are interested, consider the existing market and demographics of each area to assess whether or not is suitable for your type of target businesses. This may involve researching the area’s community profile, looking into existing companies in the locality, competition, local council regulations and any other factors that may affect your work in the long-term.

3. Know Your Budget To The Dollar

Setting up a budget and consulting with your business accountant or financial advisor is absolutely vital to finding the best office location for your business. There’s nothing more disheartening than realising you’ve settled on a space you can’t afford long-term because you forgot to crunch some numbers early on!

Ensure your property manager is well-acquainted with your budget when discussing your options. Overall, your calculations should take into account your business operating costs and income as well as any moving fees, permits and due diligence costs associated with the move.

4. Be Open To Suggestion But Firm On Your Requirements

You know your business and your staff best, don’t doubt yourself or your instincts when faced with an offer or idea that seems too good to be true. Cover all your bases and thoroughly research the following.

  • Locations and areas in which you are interested and surrounding areas
  • The industry and competition in your areas of interest
  • The type of environment your team require
  • Accessibility and OH&S requirements
  • Your budget, cash flow and financial position

Don’t fall into the trap of taking too much advice from non-experts, glossy media articles or being swayed by the opinions of others. Trust your research and the professionals you hire to ensure you choose the most appropriate office location that meets your requirements.

5. Think Of Your Business In The Long-Term

When looking to relocate to a new office location, you should always consider the long-term consequence of your choice. Will the location suit the growth and changes you anticipate in the near future for your business? And vice versa, will the business suit the prospective changes in the area. You wouldn’t relocate a small fashion retail store to the same strip to which a multinational fashion retail giant announces they will be expanding, nor would you settle your child care centre to an area that’s been approved for multiple retirement village developments.

It’s not a decision you can make quickly but by taking into account all of the above, hiring knowledgable experts to verify your own research and following your gut over unsolicited opinions, it will at least result in settling into your ideal new office space.