If your business functions solely on completing timely projects, tasks, or services for your clients, it’s likely your business can benefit from a project-based office rental. Working out of a coffee shop, restaurant, or your home office might suffice to support your business in the beginning stages. Eventually, though, you’re going to need access to more resources, a larger workspace, and even interaction with other likeminded professionals who can help you grow your business.
That’s where renting an office space for your project-based business comes in. However, it’s important to know what you need, what to look for, and where you should begin before entering into a short or long-term rental agreement.
How Your Business Can Benefit from Project-Base Office Rentals
Project-based office rentals are cost-effective, extremely flexible, and they provide you with all of the amenities and resources you need to make your business a success. The best part is that you’re not under any obligation to enter into a long-term lease that could end up eating away at your budget. And you only pay for the services and amenities that you actually use.
Office space rental companies typically offer the following services and amenities:
- Comprehensive IT support whenever you need it
- A professional front-end administrative staff
- Mailbox services
- Fully furnished luxurious office suites
- Office equipment (i.e. phone lines, printers, fax machines, computers, whiteboards, etc.)
- Access to a state-of-the-art kitchenette or break room
- Small and large meeting, training, and boardrooms
- High speed Internet
Factors to Consider Before Renting Office Space for Your Project-Based Business
When starting a new business, the first step is to define the type of business you want to run and come up with realistic goals to help propel it to the next level. Whether you’re starting out with a partner, a small staff, or going it alone, creating a project-based business model can help ease some of the pressure.
Here are a few important factors you should carefully think about before renting an office space for your project-based business.
The Size and Scope of the Projects
What types of projects are you going to focus on and how long will they take to complete? In the beginning, it may be difficult to gauge exactly how much space, time, money, and resources you’ll need to finish a project. However, as you gain more experience, it should become easier to create a sustainable plan and budget for each project.
Estimated Duration of Each Project
Although office space rental companies base their entire business model on flexibility and offering convenient services whenever businesses need them, they still need a general timeline for each project to avoid gaps between rental periods. Plus, planning the duration of a project can help you create and achieve attainable goals, stay motivated, and keep your customers happy.
If you end up needing an extension, simply notify the office space rental company, and more often than not, they’ll be happy to accommodate you as long as they have sufficient availability.
Amenities and Resources Needed for Each Project
Running a successful project-based business entails bringing new and innovative products, services, and solutions to market according to the needs of your client-base. Each project is unique and has its own set of stipulations that need to be met. With that in mind, you’ll need to come up with new project proposals and a concrete business plan to make it happen. When renting an appropriate workspace for your next big project, create a detailed list of all of the things you need (equipment, amount of workspace, number of employees, etc.) to bring everything together.
Even if you’re current operations are small or you’re the solo manager of your business, you need to consider an office location that’s convenient and easily accessible. Most professional office rental suites are located in downtown areas, which are ripe with public transportation, ride share programs, cabs, and high walkability scores for that reason. This makes it easier for your business to gain more exposure and for prospective clients to find you. Once you start expanding your business and hiring more full-time, part-time, or contractual employees, a central location makes it easier for these people to get to your office.
Flexibility of the Rental Company
Aside from the size and location of the space, another important factor that should be at the forefront of your decision-making process is the flexibility of the office space rental company. How far are they willing to go to take care of your needs and help your business grow? Do they offer access to a comprehensive business support centre? Are they willing to extend your rental timeframe if needed? Can they provide you with additional resources? Once you’ve defined the specific stipulations of the project you’re currently working on, you need to make sure that you choose a rental company that’s willing to play ball.
Rental Rates and Other Applicable Fees
This is one of those situations in which failing or neglecting to read and comprehend the fine print can get you into a heap of trouble. Before you even begin looking for an office space rental service, devise a stringent budget and stick to it as much as possible. New businesses are always liable to suffer some losses in their first few years, but you should be on the fast track to breaking even somewhere along the two to three-year mark. Beware of outrageous rental and other applicable fees and make sure to shop around.
Services Included in the Rental Package
Some office space rental companies will try to up-sell or cross-sell you service packages you don’t need. Don’t fall victim to that. Stick with a flexible company that allows you to pick and choose the services that you feel will be most beneficial to your business.
Project-Based Office Space Rental in Ottawa
Innovative Professional Offices has one goal in mind and that’s to help business professionals such as you get the most out of your office space rental. We’ll take the time to listen to and understand all of your needs, make some applicable suggestions, and provide you with the services you need to grow your business. Contact us today to learn more or arrange a tour of our office suites in Ottawa!
Latest posts by Pat Fernandes (see all)
- How to Effectively Set Up and Run a Virtual Office during COVID-19 - May 22, 2020
- How IPO Can Help Your Business Adjust to the New Normal - May 15, 2020
- 9 Tips for Switching from a Traditional Office to a Virtual Office - April 9, 2020