When looking for an office space, it is crucial to consider the growth of your business and whether a smaller or bigger space would be the best fit for you at this point. In order to make this decision, it is important to consider the pros and cons of big versus small spaces. Here are a few factors to consider if you are thinking of going small, particularly if you are a new business, as suggested in the article “How to Think About Your Square Footage Needs”:
- Smaller office costs – The benefit of getting a smaller office is obvious—less cost. If a new business owner has to close their doors, they will not be hurt as bad financially as if they had pursued a larger, more expensive space.
- Space needs – If you are a newer, smaller business, you might just need less space to accommodate a smaller amount of equipment and a lighter staff.
- Lease length – While it is wise to start small, many small business owners also like to start with a short term lease, such as only one or two years, which allows for the possibility of moving or expanding if your business grows within the next few years.
- Pitfalls – There is always the possibility that your business grows quickly and becomes too large for your space. Often landlords also charge a slightly higher cost per square foot for shorter term leases in order to compensate for the cost to them of having to find a new tenant after a short period of time.
If you are thinking of renting a small space, make sure you know all of the pros and cons of that option!