For a startup that intends to expand from a home-based business to a formal office space in Nigeria, getting funds and investment can be very risky. This is because choosing the right office space has a lot of impact on the business itself.
Many businesses are paying dearly for their simple neglect of the following factors which are important when finding the best office space for a business. By putting these factors into consideration, you’d prevent noncomplying attitudes from employees in form of lateness to work, fatigue at work and, in turn, help your business grow.
- Building/Floor of the building
- Rent or Buy
- Road Network/Traffic
Economists teach us that a firm is able to take advantage of the economics of scale when it is located within a relevant industry. For instance, a manufacturing company saves on transport cost when it is situated not far from its suppliers and its target market also.
Neighbourhood also has to do with other factors such as electricity, availability of banks and other relevant facilities useful to the successful running of a business.
We’re talking about finding the best office space and it is expedient to lay emphasis on the type of building you want to rent or buy. One important factor to consider is the number of floors the building has. If it has multiple floors, then, you should ensure it has an elevator to save people the stress of climbing multiple stairs. This is important to consider in order to avoid unexpected fatigue of employees during working hours.
Rent or Buy
The choice of renting or buying an office space is subject to the sufficiency of funds. Buying an office space is more expensive but is a worthy investment since gross revenue would not be subject to rental costs. Also, if you have to rent, ensure you find affordable office spaces for rent or you may consider converting a residential apartment into an office space.
In Lagos, most of the top organisations are located around the Island with staffs living on the mainland. This makes room for lateness to work and, of course, very high traffic as people commute back home from work. For online companies, especially, which adopt online customer care, priority should be given to employees to avoid traffic complaints and ensure a favourable road network to and from work.
I guess you were wondering if I overlooked the space factor; it’s the last but not the least. Upcoming businesses should not undermine their potentials in terms of future staff strength, hence, they should consider a spacious apartment when looking to buy an office space.
It’s understandable that every business needs to cut cost to enjoy more profit. However, when finding a suitable office space, you are likely to save more when you choose an office space that accommodates your potential staff strength so as to avoid the cost of renting additional office space.
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