3 Tips for renting out an office space in Singapore
Mar 03, 2021 13:44
If you’ve just launched your own company and need an office, to begin with, you’ve come to the right place. There are some things you need to consider when renting an office in Singapore.
Renting a workplace for the first time can be interesting and exciting. This is where you and your employees will do all the business work. Your office represents your business headquarters.
But you should actually decide if you really need one. If you and your employees can work from home, then there is no point in renting an office as you’ll just be wasting money. If you have a business where you need to hold meetings with your clients, then I’d suggest renting an office or buying a house and turn it into an office.
If you think you can deal with your clients online, then there is no point in renting a place, you’ll be wasting money and time. Renting an office can be very expensive, so make your decision after thinking if you really need one.
For some businesses like serviced office Singapore, an office is very essential as their business requires dedicated office space. An office can help your business in many ways such as if your office is big, you can recruit more employees which will increase the production of your business thus, your brand image will increase.
Another thing is that you won’t have to be worried about your personal belongings if you’re at risk because of liability, only your office will be at risk.
Here are some important things you should keep in mind when renting an office;
1. Keep your budget in mind
Renting an office requires money, the bigger it is the more money it’ll require. First, check your budget and then look for a place to work.
You have to keep in mind that you'll have employees there as well which you will have to pay to get a place with a reasonable price.
Don't choose a place that will put your business in debt, you don’t want that as you'll have other expenses to deal with such as electricity bills and other office expenses.
2. Good location
Location is very important, there are three things you should keep in mind when deciding a location, marketing factor, sales revenue potential, and availability of resources.
You should look if there is sale potential for your business and if not your business will just end up getting bankrupt. Look if the suppliers are close to you or you’ll have to pay more delivery charges.
And if you have a business where you deal with clients, look for a more neat and clean location. A hygienic location, so your clients have a good image of your office and brand. And also choose a location near your own house so you don’t have to spend all your day traveling.
Make sure your lease is cleared. When renting at a commercial place, you should take a good look at your lease terms.
Keep the length of the lease in mind so you don’t forget about it and you’re forced to evict. Also, keep doing your taxes or hire an accountant for it, you’ll have to pay more tax as you’ll be renting a place to work at.
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