At some point, a business owner has to think about their office's location. If you are a new CEO, you should understand that this is something you should not underestimate. The impact of an office location can strongly influence the entire business, from the employees, the work output, to the client. To avoid worst-case scenarios, these are the things you should be looking at when deciding on an office space location.
Factors When Choosing an Office Space Location
1. Access to Customers
At some point upon starting your business, you'll be meeting clients. To have a successful meeting, first, they should be able to find you. Ideally, if you're meeting them at your office, it should be somewhere easily accessible.
Think about it - which is the better option between coming to an office building in the city or on the edge of a small city with no transportation links?
A suburban location would have lower monthly rent but think twice if it hinders your potential business opportunities. Look into office locations close to the city center or even downtown if your budget permits. You might trading some luxe amenities for a more expensive location. Still, an accessible location for clients might be better for your revenue stream in the long-run.
2. Business Visibility
It's 2020. This means you'll definitely be using the internet to market your business. But, beyond your brand's online image, its physical image also needs to deliver. Potential clients and employees will eventually have to visit your office, so it's best not to let them down after you've attracted them with amazing digital marketing.
Even if your office is in a downtown location, if it's impossible to find among towering buildings or is a literal hole that looks like it's falling apart from the outside, it won't do anything for your brand. Worse is if your office is next to a competitor's and their office has a better appearance or visibility. So, choose a location wisely.
3. Zoning Restrictions
As you think about the location, consider the regulations around it as well. Zoning restrictions play a huge role in whether having an office in that location is even viable. If you have a retail or consulting business, look into whether parking is limited or restricted in some locations. Also check whether certain neighborhoods don't allow visitors after a given time. This might be the case in residential neighborhoods for example.
4. Proximity To Related Businesses
There might be businesses and services that you'll frequently rely on to keep your operations running. They could be vendors, suppliers, partners, or agencies. If you plan your location correctly, you'll be able to keep in close enough proximity to them, saving you a lot of time and money on delivery and transportation.
You may also have to rely on public services for your business. A great office space locations in Hong Kong will be in a neighborhood where those services are easily accessible. Think about the proximity of establishments like banks, post offices, courier services, stock exchanges, and government offices that you might have to visit regularly. etc. The availability of those services will affect how your business' efficiency.
You should also choose an office location that is close to places where you can easily grab a coffee or drink with clients if a dedicated meeting room in your office isn't available. Having spots near the office for socializing during and after will also improve the quality of life for employees.
(In addition to helping you choose an office in the best locations, you can book a cafe table in your chosen location on the BOOQED app for meetings too.)
5. Attracting and Retaining Talent
It goes without saying that employees will form the backbone of your business. An office location is a major factor for attracting talent. It won't do well for your reputation as an employer if employees don't have a good impression of your office because of a location that's difficult to find or access.
Investing in a good office location will also keep your employee retention up. Your employees will enjoy their job more if they don't have to spend a lot of time commuting every day. You can even pair a great office location with a great working arrangement, like flexible hours. That way they don't have to come in to work when they have pressing personal matters to attend to, or if commuting will be significantly difficult on some days. In Singapore, arranging for flexible work is also required to maintain employee wellness and safe distancing.
All in all, you have to consider many things before deciding your desired office location. It might be costly, but the right office location will help you get more long-term savings and revenue if you choose correctly. Hopefully, the factors we've mentioned above can aid you in making your decision.