~by Emma Sturgis~.
Your executive headquarters will have a major impact on the future of your company. Not only do you need to find a convenient location, but you must also be sure that the rental fees and other expenses remain reasonable. These are just a few of the reasons why business owners should spend a little extra time on this process so that they don’t lock themselves into lengthy leases or loans that damage their companies for years.
A Closer Look at Choosing a Location
Finding the right area for your executive headquarters might have more of an impact on your company than you realize. Many owners only look at offices near their homes, but that can be an expensive mistake in the long run. The location of your headquarters will affect your insurance, taxes, and a variety of other financial issues. At the very least, you should look for areas that offer tax incentives to new businesses. Driving a few extra minutes every day could potentially save you thousands.
Build, Buy, or Lease?
No matter how successful your business might be, trying to build or buy an office outright can be incredibly difficult. Even if you end up buying later on, you should still take a look at executive offices for rent to see if they have any features you might benefit from. Many real estate companies rent furnished executive suites that will allow you to get up and running as quickly as possible. Until your company is ready to build its own corporate building, a rental suite might be just what you need to save a little extra money.
Make a List of Must-Have Features
Every company is going to have its own list of unique features that must be at the corporate location. No one wants to rent an office only to realize that the parking structure is not large enough for all of their employees. Before you speak with any contractors or agents, you should first come up with a full list of any features that absolutely must be at the office. Some of the features you might need to consider include extra storage space, access to larger meeting centers, or the proximity of certain airports.
An immense amount of resources will be wasted if your warehouses or storefronts are too far from your corporate offices. Every extra mile that separates these buildings could cost you quite a bit of time and money over the course of a year. Before signing any rental agreements, you should first make the drive a few times to see how manageable it is. You might also want to try the drive at different times throughout the day to see what the traffic is like.
Being located near the competition is devastating in certain industries, but that is rarely the case with corporate offices. Having your offices located near other major industry leaders could provide you with a number of benefits you have never even considered. In many cases, you will have much better access to a pool of qualified employees who are looking for work within your particular industry. You and your competitors might also have more leverage when it comes time to negotiate taxes or other incentives.
The Long-Term Costs
Your monthly rent will be just one of the many costs of moving into a new executive suite. Newer business owners often forgot about the other ongoing expenses that come along with this type of move. Everything from your insurance rates to the upkeep of your office should be taken into consideration. You will also need to spend a considerable amount of time researching the local statutes and zoning laws that will affect your company’s overhead.
Finding an executive office is a major step for a company, and it is important that you understand all of these variables before you sign a lease or loan application.
Meet the Author: Emma Sturgis
Emma is a freelance writer based in Boston, MA. When not writing, she enjoys reading and rock climbing. Say “hi” on Twitter @EmmaSturgis2.