Nov 22, 2013
First, always the best! "First impression is the best impression," goes the adage. It is apt in today's business world…
So you have finally taken the plunge to be an entrepreneur, and have gathered together enough funding and resources for your unique business idea to come into fruition. Or perhaps you are already the proud owner of a successful business, and now see the opportunity to expand into new markets. In the race to be on top of all the logistics involved—initial investments, long and short term profits, talented and committed staff, marketing, public relations, ad spend, and a thousand other nitty gritties—entrepreneurs all too often make the very common mistake of forgetting about an all-important aspect—the workspace.
The place one works in has a huge impact on the overall work environment, as has been proven beyond doubt in successive studies. A well-maintained office with all the basic needs of employees anticipated and provided for is crucial in ensuring employee motivation and loyalty. Most business owners, however, leave the process of finding the right workspace to the last minute, leading to unnecessary panic and mediocre office space options which do not have all the facilities they desire, or they end up paying through the nose for an office which suits their needs.
It is essential that you evaluate your needs and resources very carefully before embarking upon a search for a workspace, especially when you need commercial property for rent. Here are some questions you need to ask yourself:
Will you be starting up with a large staff, bulky machinery, and so on? Or will you start with lean staff, with basic equipment, and seek to grow gradually? Make sure you choose accordingly, and always leave room for expansion!
Perhaps your business would benefit from being located in the heart of the business district, or a specialized government-approved economic zone catering to your industry, like Bengaluru’s Electronic City or Hyderabad’s Cyberabad. If this is the case, you need to budget accordingly, as rents tend to be higher in such areas.
This is an all-important factor. Make sure you do your research before you decide upon your budget, familiarizing yourself with the average rents for commercial properties of your chosen size and location, as well for other utilities you may need.
Plan and budget for the maintenance-related utilities you will require. You will need staff for cleaning the property, basic furniture, electricity, water, internet, washrooms, etc. This may not always be included within your rent, the serviced properties have all-inclusive packages that bring down down your over-all cost.
The reception desk is the face of every business, as it is the first place all potential clients and vendors come to. Ensure the reception desk is located in a spacious lobby, and also managed efficiently and warmly.
Now that you have evaluated what exactly you need in your office, you will need to move on to the next step; namely finding the right commercial property to suit your needs. There are several options you could try. Here are a few suggestions:
This is a time-honoured source for those looking for commercial property for rent.
PROS: Real estate agents are knowledgeable about the area, and will help you find a variety of properties as per your wants and budget. They will also help you with the lease agreement and other legal technicalities.
CONS: Agents have acquired a negative reputation as untrustworthy. Your options may be intentionally limited by your agent depending on the commission he has been promised by owners of properties, and s/he may not help you get the best deal there is.
With the internet taking over all areas of our lives, can real estate be left behind? Several rental portals have emerged in recent times, and are a good source of scouring for rental properties.
PROS: The rental process works the same way as with an agent, but is more professional and there is a record of all transactions.
CONS: Since this is a recent phenomenon, not all owners in an area put their properties up online. Your options are, thus, limited. The portal will also not help you negotiate a deal, like an agent would, and the process may seem daunting and impersonal to some.
This is truly the ‘Google era’, with all information available at the click of a button. It would be a shame not to utilize the benefits search technology gives us.
PROS: Several smart serviced offices have a presence on Google maps. Estimating the exact location and distances between other important locations, like offices of clients or vendors, is a breeze with Google Maps.
CONS: This, again, being a recent phenomenon, may not list all available properties in the desired location. It also provides very little information about specifics of the property, like size, facilities, etc.
Several businesses now have business listings on Google+, and a dedicated account or page on Facebook and Twitter. These are a great screening tool for properties.
PROS: Finding commercial properties on rent in this manner is convenient and quick. You can also see photographs of the property and al major details like exact size, facilities on offer and expected rent, at a glance.
CONS: Options may be limited, owing to this being a recent technology.
Estimates from a recent real estate report by CRBE indicate that office rentals could rise by as much as a fifth in the coming year, as e-commerce companies add to the demand. Looking for cheap, efficient and smarter office spaces is, thus, a priority for everyone. This checklist is a useful set of guidelines for new businesses and entrepreneurs looking to expand. Experts, of course, recommend that you try multiple sources to optimize your search for the ideal commercial property on rent, for success.
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