One of the factors that helps ensure your business’ success is by choosing the right office space. The impacts of being located in the wrong place are detrimental as they can cost your business, top talent as well as loss of cliental. The location of your office can fundamentally affect your capacity and plausibility to develop. You need to base your office space decisions on the future and business model of your company. The 5Ps mentioned below can help you choosing the right office space for your business.
You need to assess your business model and make sure that your office space resonates with what is required. For example if you have a restaurant than you will need to ensure that the space u buy has a backdoor to the kitchen, ample parking for the customers and an entrance. Make sure that the space that you buy is a fit for the business you want to run and keep in mind, if you want to conduct some renovations than make sure you are aware of the rules and regulations of the office space before you buy it.
Make sure that the location you pick is convenient for bringing in key talent. For example don’t locate somewhere that is far away from the city of Dubai or in construction zones as it can seem like a long commute for key talent. Make sure that it is within reach for clients and partners as they may not be willing to use long and costly transportation systems to come to your business. They may find an alternative. It’s important to consider the cost benefit analysis of price versus location.
This factor has become one of the main issues in the UAE. It is important to ensure that your clients and partners don’t struggle with parking availability in the location you choose so that your business can run smoothly. You need to consider parking lots close to your location to make sure that there is ample space for your employees and customers.
It is important to consider the opportunity for expansion that the office space allows. Make sure that when your business is ready to evolve, the office space won’t act as a barrier for this change.
Take into account all the day to day expenses that your business is expected to incur and how you buying a new office space will factor in on your profits. Some of the expenses that you need to consider are office furniture, utilities and equipment. Make sure financial you are able to purchase a new office space, if this is not the case then consider a few other options such as renting out an office space from a company (Subletting) or renting out a large office space with other businesses that you can share the same facilities with.
An office space is the foundation for your business and it needs to be a direct reflection of your business model in order to effectively run the business. Use the 5P’s model above to help you make the most informed decision for your business.