Whether you’re running a startup or a small business, there’s one part of your operations that is indispensable: an office space. But due to the myriad of factors that need due consideration, it can be rather challenging to know how much space your office needs to have.
Since leasing space can be a significant commitment for some business owners, choosing an office for the business can never be taken lightly. To help you make the optimal choice, read on to know some cost-saving tips that could benefit you.
1. Know and address the business’ essential space needs
Not all businesses operate equally. Thus, some will only need small offices to rent
while others will require a bit more room for their business processes. However, there are a few set things to consider. For instance, in most offices, there's typically 12-16 square metres of space allotted for each person.
This allocation ensures that all employees are sufficiently comfortable with their environment while working. Take note on these details, such as the current number of people on your payroll and your expected headcount in the future, so you can adjust accordingly and come up with an informed decision.
2. Consider the factors of your business’ ideal office space
As mentioned previously, there are a few concrete factors to consider when it comes to choosing the right office space. Some of the most important ones are:
• The nature of the business
• The current number of essential and non-essential employees for daily operations
• The business’ expected employee growth in the future
• The length of the lease
These are only a few of the top factors that generally applies to all businesses regardless of the operations they run. This list should hopefully prove to be sufficient to start with, and you can tailor it based on your specific needs.
To help you out in your search for affordable office space, our property at 18 New Industrial Rd offers spaces suitable for ancillary office and warehouse usage. Located in the East district of Singapore, this 6-storey industrial building is accessible near the KPE and PIE as well as Tai Seng MRT station. It has a revamped layout with a professional corporate façade
that will offer a good impression for your business. The sizes of the units start from 430 to 678 sqft with 3.8m ceiling height and 15kN/m2 floor loading capacity – furnished with aircon and lights. Our subsidiary, Work+Store is also within the same premises to offer storage and processing spaces that provide a conducive working environment for startups, entrepreneurs and e-commerce. Other facilities include 20-footer access, 2 loading bays, 24-hour CCTV & access, and free parking for the 1st lot.
3. Cut down on unnecessary space requirements
Most startups and small businesses make it a priority not to waste precious financial resources on unnecessary expenditures. Thus, a small office space is the best option to begin with, especially during your first few years. If your business is not ready and sustainable yet to expand, here are a few suggestions you can consider to cut down on costs:
• Consider remote work for some employees
Not all businesses can afford sufficient space for all of their employees in the beginning. By temporarily having a few non-key personnel who can work remotely, you can reserve precious office space for the essential members of your team that need to be on-site.
Additionally, this also aids in allowing you to opt for a smaller office since you don’t have to accommodate all of your employees in one place for the time being.
• Outsource some of the business’ processes
Outsourcing means delegating a third party to handle some workload on your behalf. This service is especially handy when a business is just starting out since they typically do not have either the manpower, time, or infrastructure to handle it themselves. By engaging in professional outsourced services, you can save on the cash as compared to hiring a full-time staff, and directly saving space in the office.
The key to continued success in the long run is proper management of capital in the beginning. Thus, by carefully determining the space requirements of the business, business owners can avoid financial imbalance and mismanagement born from choosing an office that is either too big or too small.
Let your business take off with the right office space. Our property at 34 Boon Leat Terrace offers small business offices for rent
at the fringe of CBD, with convenient access to West Coast Highway and Pasir Panjang MRT station. This 6-storey warehouse is also suitable for e-commerce businesses looking to support their warehousing activities. Unit sizes range from 422 to 4,752 sqft with windows, aircon, lights and carpet furnishing. Other facilities include 24-hour access, 4 loading bays and season parking for cars & heavy vehicles.