What To Do If You Outgrow Your Workspace
1. Check that there isn’t usable space you’re overlooking.
If your current space isn’t filling all of your team’s needs, consider the ways in which the space you have is being utilized, and whether there are better ways to organize it. In some cases, you might just need a rearrangement of office seating.
2. Consider the actual cost of a move.
The cost of moving can add up quicker than you think. Hiring a moving company, purchasing packing materials and employing a cleaning service are all expenses that must be accounted for. As well, once you’re in the new space there will be other expenses such as furnishings, decor, and utility start-up fees.
3. Make sure the purpose justifies the expense.
The cost of space should be justified by the activities space makes possible (directly or indirectly). For example, if a new state-of-the-art lab is proposed, its cost should be justified by the results expected from the research it makes possible. Or, you may want a new location to reduce workforce commute times—and that should be a conscious decision made in partnership with human resources as a strategic direction of funds.
4. Calculate your budget
Commercial space for rent is priced by dollar/sqft/year. For example, a 4,000 sqft space with an asking price of $45/sqft would be $90,000 a year, or $7,500 in rent every month. So, if you know how much space you need, which you can work out using a simple tool like a space calculator, you can start budgeting for what your business can afford.
5. Choose the best location for your business.
- Can my clients get there without a hassle?
- Can my employees get there easily?
- What is the parking situation?
- How is the internet infrastructure?
- Proximity to clients & events
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