The first few months (or even years) of a start-up are often executed from the owner’s garage, basement or kitchen table. But as the business grows, it’s time to move. However, where you go is just as important. Your location can affect your company’s productivity, creativity and community – not to mention budget. Insiders agree that choosing the right environment depends on the work that’s being done and the people who are doing it. Some entrepreneurs are taking the plunge, either buying or leasing commercial office space to give their start-ups credibility and authenticity. Is opening up in your own office space a smart move early on for a new business? If you’re considering leasing traditional private office space, you should curb your enthusiasm long enough to ask yourself these questions.
What will it cost to lease office space other than the monthly rental payments? When you’re considering leasing office space, the first thing that you think of is the cost per square foot per month. But what other costs do you need to think about? Examples are:
Renting office space in an all-inclusive business centre not only gives you a month-to-month rental agreement, it saves you from having to make capital expenditures on office furniture and business machines (your utilities and maintenance costs are also included in the rent).
Does your growth projection fit the office space you are considering? What does your growth projection look like? You need to think about how your business is expected to grow when considering private office space. What if you outgrow it before your long-term lease is up? In the early phases of a start-up, your growth could come in fits and starts, or it can be explosive. In either case, you’re likely to add staff and maybe require more space. You don’t want to be locked into a long-term commercial lease with zero room for growth and expansion. So you need to make growth projections and ensure the space will be able to handle your growth. When you rent office space at a business centre, you can grow or shrink the amount of space that you require at any time, without having to change your address or telephone number.
What value does office space bring to revenue generation? Simply put, if an expenditure like a long-term office space doesn’t contribute to revenue generation, you probably don’t need it. Will it improve the efficiency of workflows of your start-up, your team’s dynamics or the overall client experience? Having a professional business address can definitely lend trust and authority to a start-up in the eye of the public, investors and clients alike. But ask yourself if it’s absolutely necessary at this current time in your start-up phase. You also have to ask if you need that address just need it to add “flash” to your business? It is important to note that having a virtual office option can give you the value of having a professional business address, without the cost of leasing physical office space.
How will having office space impact your existing workflow? Bringing your team in-house is going to change the dynamic of how your team members work together. Not only will it alter how individual employees get work done, it can also change how they make their reports, handle deliverable work, and communicate with one another. Again, if your workflow is good with employees working remotely, why change it? With a virtual office telephone and mail package, your employees can work from home and a live receptionist who will forward their calls to them (while making them appear to be in the actual physical office space).
Before you sign a long-term lease on traditional office space situations for your start-up, you should visit a local office business centre and have staffers there help you find the solution that works best for your small (but growing) business.
1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward
2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com
3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com
4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com
5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com
1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com
2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com
3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/
4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca
5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com
6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca
7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/
8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca
9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca
1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca
2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com
3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com
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