Start-ups usually begin life in a shared office, the kitchen or even your parent’s garage. But as they grow into a sustainable small business, you’ll quickly start to run out of space.
Even if you’re feeling the squeeze, you should never be hasty when choosing your first office. View the infographic below to find out what you need to consider, as well as the costs involved.
It might come as a surprise that there are so many things to consider when moving your start-up to an office space. From choosing the right layout to deciding whether to rent or buy, it’s important to ensure that you make the most cost-effective decisions – particularly as businesses are at their most financially vulnerable during this period.
The above figures highlight that the length of time you intend to use a product for is the key to whether renting or buying is the most cost-effective option. For example, in the case of office partitions, computers and office furniture, it’s generally more cost-effective to buy, if you are intending to use them for several years.
However, if you are only planning to use the products in the short-term (or aren’t sure how long you will be using them for), renting may be the more cost-effective solution.
When it comes to the office space itself, however, it’s more common and cost-effective to rent.