Having a designated space where you and your employees can perform your daily tasks is important. When you don’t have an organized space to perform your daily duties, productivity can lower. So, purchasing a new office space can be a great business decision. In this blog post, we are going to cover why and when to purchase a new office space.
Why to Buy New Office Space
An office can be defined as a building or a section of a building where a company performs its day to day operations. The office can either be big or small depending on the business. It is a place where employees of a company can come together to conduct meetings and work together. A company can have one main office and also, that same company can have other branch offices that are located in other places.
There are several benefits of having your own office space:
How you present your company says a lot to customers. In particular, it can impact the individuals’ perception with respect to the professionalism of your business. This standard can likewise be applied to when potential customers come into the office for gatherings. Without a physical office space, most customer interactions would be email or phone calls. Whereas with your own business office space, you have a spot that you can feel confident welcoming customers to. This can be important to big customers as well as to make more sales for you.
Training of Employees
Training employees can be done in different ways. Offices give employees an open setting to gain new skills, build themselves and represent the company. It also gives open access to help from team members and superiors. Training virtually is possible, but it can take much longer than it would in an office setting.
The Best Time to Purchase a New Office Space
Now that you know the benefits of purchasing an office space, let’s discuss the best time to purchase one. The first few months after launching your business are stressful. At the start, getting an office may not be a priority because your major focus will be securing your first clients for your business. Hopefully, you will move quickly for a few months, and while it’s stressful and tiring, it’s also beneficial for profits. You can work out of a coffee shop or even at home because your only focus would be on how to make your business grow.
With time, things start changing and your business starts to grow. You are going to find you require a new office space eventually. When you start hiring new employees and have no space to meet with them, there is certainly going to be a need to expand. Below are the following ways to know you are ready to purchase a new office space.
During a Dip in the Commercial Market
Typically, most new business owners are worried about finances when it comes to buying an office space. They need a less expensive space that will meet their needs. This is why a dip in the commercial market is a great time to purchase an office. When there is a dip in the market, an office space will be far less expensive to buy. So, you can get a large, big office for your team at a lower cost. When you hear there is a dip in the commercial real estate market, consider seeking out an office space to save money.
When You Have a Downpayment Ready
You should only consider buying an office when you can afford it. With that being said, it’s best to have a downpayment ready for an office space. Business can sometimes be unpredictable, so you need to make sure you can afford the space, even during slow months. This is why it is often the best choice to put down a large downpayment, so your monthly mortgage is lower. Having a smaller downpayment can lead to larger monthly expenses, which is usually undesirable.
When Your Team Outgrows Your Current Space
Many times, teams outgrow their current office space as they add new members. In this case, it’s best to buy a new office space quickly. A lack of space can hinder productivity and can cause frustrations amongst employees. So, when your team outgrows your current space, it’s time to look for a new one. For example, if you have an office that suits one dozen people, but you need a much larger team now, you will need a new space. While this can be a pain for business owners, it’s a sign of a booming and successful business.
Buying a New Office Space
If you would like the benefits of an office space or your situation matches the best times to buy, it’s time to start looking! However, deciding to get an office should not be done in a rush. You will hopefully be in this new space for a long time. So, pay close attention to the properties and diligently look for the perfect choice. We always recommend using a commercial real estate broker for help with your search.
If you are in the Salt Lake City, Utah area, our team can help you! Contact us today so we can find the perfect office for your business.