There are so many options when it comes to renting office space for your business, and the whole process can feel a little overwhelming when you start to look into what is available. Renting office space in Lincolnshire is probably going to be one of your largest expenses on a monthly basis, so it is important not to rush the decision when expanding your business.
Write down a pro’s and con’s list, and when you are ready to make that big leap you will naturally feel like it is the right time. If you are panicking and rushing to secure a premises before it goes off the market you may end up regretting it. Let’s have a look at some of the things to consider when it comes to office rental space for small businesses in Lincolnshire.
To Share or Not To Share?!
Once you have identified the budget you are able to allocate to rent an office space in Lincolnshire each month, the next thing you need to consider is whether you want a shared office space or a private office. This also depends on the size of your business, and at what stage of growth you are at. For example, freelancers and start-up businesses are well-suited to coworking spaces due to their collaborative nature.
Despite coworking spaces generally being quite popular, they aren’t suitable for everyone. If you are someone who gets distracted easily, shared office spaces can significantly reduce your productivity. There are lots of excessive distractions all around, which are out of your control. Coworking spaces provide more opportunities for social chats, for example, but you could be interrupted whilst working on a big project.
Coworking spaces aren’t all negative though, there are lots of advantages to working alongside link-minded individuals. Lots of entrepreneurs and other business owners occupy shared office spaces and they are bound to be going through the same business difficulties as you. It is great to have other people to bounce ideas off – almost like your very own colleagues!
How Much Space?
Square footage is a common term you will see when you start your office rental search in Lincolnshire. Working out how much space you need all depends on the number of people you have in your team. It is also worth thinking about whether you need to include a meeting room within your office, or if there are external rooms where you can hold these.
If you end up with too much space, you are simply going to be spending money for the sake of it. As a new small business, you will want to keep outgoings as low as possible to begin with. On the other hand, an office that is too small will leave you working at low levels of productivity if you are stressed and in too much of a close proximity to your employees.
Here are a couple of questions you should start thinking about:
- How many employees do you have?
- How many do you plan on adding in the next 5 years?
- What kind of staff do you plan on adding?
- Does everyone need their own desk, or could this be shared?
As a general rule of thumb, you tend to need between 150 and 350 square feet per employee. Of course this varies depending on your individual business, and how much common space you want to add within your office too.
Renting office space is a huge step for any business owner, and unfortunately mistakes at this stage can be quite costly! List out exactly what you need from an office space, set yourself a budget, and consider your growth plans too. You don’t want to be in an office for a year or so and then have to uproot when you add more staff to your team.
At McCue House we provide a mixture of shared office space and individual private office spaces, as well as a coworking area too. For more information on office rental space for small businesses in Lincolnshire, or to register your interest please contact us on 01472 287766.