A decision to set up a small business is one of the most unfamiliar and complex decisions you’ll ever have to make. And one of the many tasks involved in starting a business is building up your office.
From picking the right location to choosing the right office supplies, there is a lot of consideration that goes into establishing a workplace for small business. To help you set up yours, here are some steps you can follow.
Step 1: Know your needs
Before you sign any property deal, you should consider why you need physical office space and how having one will affect your business practices and operations. Moreover, you should consider what the new space can do for you, your company, your employees, and your customers. By having clear expectations and ideas from the start, you can make smarter decisions, including intelligent budgeting to choosing the perfect location.
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Step 2: Budgeting
Assembling a budget capturing the necessary costs is crucial in determining the success of your business. Unless you have unlimited money, the funds required to build your office space and buy supplies can be your most limiting resource.
With that said, a simple spreadsheet outlining all the costs related to office furniture, supplies, rent, and other operational expenses can be a great place to start your budgeting. If funds are tight, you can always take a business loan to cover your expenses.
Step 3: Choose a location and buy/rent an office space
The geographical location of your office space is important. And to choose the right place, you need to consider the accessibility of the workspace, whether it is easy to locate, and if it has enough public transport lines nearby or parking spots for your employees.
When you have narrowed down on the ideal location and workspace, you can move on to deciding whether to rent the place out or buy it. Both options have their pros and cons. You can work with your accountant or real estate agent and figure out the best way to move into the new space.
Step 4: Purchase office equipment and supplies
The last step in building small business is purchasing office supplies. This expense will probably occupy the smallest line in your office set-up budget. However, it cannot be overlooked. Though office supplies are not quite expensive, they must be accounted for nonetheless to avoid overshooting your budget. As a rule of thumb, don’t spend too much time or effort on this task, and also make sure that you only take care of the most basic needs, at least in the beginning.
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Over to you
By following these steps, you will be well on your way to having a functional office space and starting your small business.
If you’re looking to acquire the initial capital to start your business, Tata Capital’s business finance loan can provide much-needed financial help. We offer affordable business loan interest rates, fast processing, and easy eligibility – all the things you need to begin your venture.
Start today by checking your business loan eligibility on our website.