3 Mistakes Startups Make When Renting Office Space in Parañaque
What are the mistakes startups make when leasing office space in Parañaque?
- Failing to establish current and long-term plans
- Not allocating enough time for the process
- Price as the number one factor
As the owner of a startup, part of your duty as a leader is to know when it is time to move your operations as your business grows larger. However, it is quite common for many entrepreneurs and small business owners that are looking for an office space for rent in Parañaque and in other cities to go about things in a foolish and often backward way.
It is up to you as the owner and the primary decision maker in your company to avoid making these several key mistakes. During the early stages of your business, even a small mishap can end up costing you significantly down the line and can even cripple your growth rate.
Office rent is usually the second highest expense that majority of startups and companies incur, so doing things the wrong way even before you sign the dotted line can be disastrous. Here are three mistakes startups often make when renting office space:
Failing to Establish Current and Long-Term Plans
When looking for an office space for rent, one of the most significant mistakes a startup can make is neglecting to establish their current and long-term plans.
Before you choose your office space, what you need to do first is to sit down, take a deep breath, and write out what you believe is going to be important to you and your company.
Not Allocating Enough Time for the Process
Perhaps the one mistake that many startup decision makers seem to make over and over again is never giving themselves enough time to fully understand and go through the process of renting an office.
This means that they haven’t allocated the time to explore the office market and find any comparable alternatives nor have they used those alternatives as a leverage against their current landlord. Experts often argue about when a startup should start exploring the office market; some say you should do it two years before your current lease expires while others say one year or even three months.
The real answer is that it depends on the size, goals, and future growth needs of your company. Try and allow three to six months when preparing for a move.
Price as the Number One Factor
Because of the current economic situation, more and more companies are basing their decision to rent an office space solely on price. Price should not be the only factor that you should base your office space decision upon.
It is important for you to also understand the other factors that should go into the decision on the location of your business. More often than not, if the price is the only factor you base this decision on, it will come back to bite you.
Finding the right office space for rent in Parañaque is one of the biggest decisions you are going to have to make as the owner of a startup. Understanding how the process works as well as all of your options not only makes you a prospective tenant but an informed consumer as well.
Taking the right first steps in the process ensures that you won’t get burned later on.