Having an appropriate office not only plays a crucial part in creating a professional image that a company wants to have in a competitive market, it may also guarantee employee retention. In many cases businesses that are spreading wings for the fist time look for office suite for rent until they are able to establish themselves to buy their own office space. Whatever the reason for renting an office in Toronto, there are many factors that have to be taken into consideration to ensure that the premises and office that you intend to rent will complement your operations and not jeopardize business or employee relationships. Some of the most popular factors that have to be taken into consideration when renting an office in Toronto are:
Expansion
Today your business may be in its initial stages, but with the demand that you hope to get and the scope of your operations chances are you may need a bigger office space within two to three years after renting an office in Toronto. Making plans to cater to the expansion that your company will experience will save you from the hassle of looking for a bigger office and going through a whole new adaptation process within a few years of being established.
Location
The location that you plan to rent an office in Toronto will determine the type of demand you will attract and the business relationships that you will establish. If you rent somewhere in the suburbs, you may not attract as many people to your business compared to renting an office downtown. You will also have to ensure that the office suite that is being offered for rent is located in a safe area and that is easily accessed from different entry points. As your company begins to grow, you will require overtime work to be done and the chances of convincing your workers to stay a few hours extra is a bad neighborhood is almost a futile attempt.
Operating Expenses
Operating a business involves more than just paying the rent each month. There will be utility bills that have to be taken care of, furniture to buy, insurance to pay and employee benefits to cover. Prepare a budget to outline the monthly expenses you will be expecting and how your business will prepare for them. Many new business make the mistake to assume that one they pay the rent then everything else is fine;however, they have the bitter discovery when they realize that they have to close down their operation because they are unable to cover their operating costs.
Premises and Office Layout Does Not Complement Business Operations
No matter how cheap the rent may be, never rent an office that will not complement the corporate image that you want to pass to your clients. Many businesses compromise image for cheap rent and discover that they are not getting the demand or profits that they projected in their business plan. When you rent an office, it should be spacious and comfortable to accommodate expansion and at the same time promote a professional working atmosphere.