He has decided to go his own way and set up a business consultancy. You will most likely want to consider getting your own office space. In addition to making sure your rent payment doesn’t create serious cash flow problems in the medium term, you should consider these other factors:
The anchor holding:
Every office building will have some anchor tenants. It is important to find out from the building management when your lease will end. The reason is that these anchor tenants collectively create the image of the office building for the public and will generate the initial customer traffic for your company. Your presence will also be taken into account in the rental payment quote.
Office supplies:
You should ask if there are tenants that can provide you with the resources for the daily operations of your consultancy. This can include printer cartridges, paper, and general office supplies. This way, your staff won’t waste valuable company time making phone calls or traveling when you need to replenish your resources. This is also a golden opportunity for “cross advertising”. You can drop off your ID card and flyers with these vendors and vice versa.
Networks:
You may discover that a similar consultancy is a tenant in the same office building. Take advantage of this opportunity to create economies of scale by having your office on the same floor as them. Not only will you benefit from increased traffic, but you’ll also have to collaborate with them on big projects.
Office renovation:
Some building managers will not allow new tenants to make major changes to office decor. This policy is in line with trying to maintain the uniformity and identity of the entire building. You have to decide if the identity of the building is consistent with what your company wants to project. However, office renovation should not be prioritized to be close to your target market.
Your clients:
If your clients have to frequent your consultancy, it is essential that there is enough parking space or that the office building is close to an MRT station. With current employment trends and the globalization of operations, your staff may have to work irregular hours. Having an office with 24-hour security patrol and air conditioning will make the work experience more palatable!
Bank:
Make sure there is a bank in or near the office building so you can do your daily banking. Having easy access to TT’s cash flow and facilities will also improve accounting procedures and encourage your clients to settle their debts faster.
Proactive management committee:
It will also be helpful as a new tenant to be on the building management committee. This will open the door to more contacts and improve networking. You may also request permission to advertise your business in the building newsletter or place a banner outside the building premises.