The idea of business expansion comes with a challenge of setting up a commercial real estate, which is no more virtual in the presence. But is it the right time to do so? The answer is simple, explore the feasibility of moving out in an actual corporate office and see if the balance in your company account is enough too. But the questions don’t stop here! What if your business demands an actual business space and your budget doesn’t allow to do so! Should you drop the idea of expansion and growth? No!
It is wise to move ahead, but it is also important to understand the pace respect to your ability to drive the growth. Renting an office space in Gurgaon or Delhi is not the only expense you need to consider, but office furniture, stationary supplies, electricity bills, transportation cost, phone and internet bills and others can spoil your budget too. The add-on expenses can go beyond the budget you can actually afford.
• Understand the cost determining what your company can actually afford
• Include additional fixed costs in your financial model to ensure the office space sustain in future as well
Calculating the budget can help you to manage the accounts, but that doesn’t mean it will also help you determining the correct office space in Gurgaon as per your requirements. In today’s market, there are multiple options available; starting from leasing out an office space to joining a shared space in business centres in Gurugram. But everything has its pros and cons and while negotiating it is required to make a wise call.
• Understand the business space requirement. If business is growing and you need to hire more people, then choose space accordingly
• Look for flexible office spaces, if budget and time permits as it will allow provide more control over the space
• Find the requirements of common-area, mail room, conference rooms, office supplies, phone and internet support
• Check the rule book and see if there are other additional fees for premium services are mentioned
• Foresee the future cost and plan, if you can afford the marginal changes in the cost in future as well
Talk to different real estate brokers, having detailed knowledge of the area where you’d like to take the office space. Realistic estimates will help you to select the space that you actually need as per the current and near future requirements.
• Interview different real estate brokers and understand their domain expertise
• Keep communication clear and keep the broker informed about budget, office layout and location requirements
• Discuss the pricing structure and membership benefits in advance
• After finalizing the space, hire a real-estate attorney to review the agreement
Finding a well-located commercial real estate is challenging task and getting something that fits the price range is even more difficult. Make sure you are visiting all possible options that are available in the market until you find the space that suits your budget and plans. Don’t hesitate, to ask questions about the space with your neighbor companies. The answers will also help you to decide on a more collaborative work space.
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