Looking for offices, thoughts, suggestions, tips etc?

Cayden

Cayden

Member
Joined
Jul 25, 2012
Posts
198
Location
Toronto
Hello all,

Starting a business is no easy task and while I've done a lot of studying on how to be a successful entrepreneur, it's still something quite daunting so perhaps some words of wisdom from you all will assist me.

Now I don't expect a huge staff and I plan on keeping it that way by hiring multi-talented folk and using a lot of third parties, so that's why I'm starting small.
The office space that's grabbed my attention the most is this one which has some really amazing options available and included. The space in particular is a Short-Term lease at 110 square feet (10 square metres) for just under 1k a month which sounds very reasonable, and since it's short term I can always expand to a different, probably larger place if needed.

Do you think it's a decent offer? It's near where I currently live too, so the commute is nothing for me and relatively easy to find for others.
Do you have any other suggestions for a first time office-renter? I know that taking risks isn't a good idea if I can't spare the cash, so that's why I wont look into a larger place until I'm certain I need it.

An alternative is trying to create a home office, but not in the sense of 'I work from home' but almost literally transforming my home into the office, sparing some space for me to actually live. I don't like the idea of that since it gives an incredibly unprofessional image and I want to be taken seriously for business partners, investors and the like.
Or should I keep this out of the question until I have everything else ready, instead of doing the opposite which is my current plan?
And any other start-up business tips you may have are welcome as well.


Thanks,

Cayden
 
Hi, Cayden.

The first step is to make sure you've gone through everything here: Starting your business - Canada Business Network.

Not knowing what type of business, I'm winging it. Regarding the office space, I gather you have looked at a number of properties in the area. Some immediate thoughts for consideration as appropriate for the type of business you are planning:

  • Is the rent comparable to other properties in the area?
  • Is it furnished or will that be an extra cost?
  • Is there sufficient parking space for employees and customers?
  • As appropriate for your business, is the space divided into offices/work areas?
  • If needed, is there an appropriate area to be designated as a reception space?
  • Does it include utilities (water, heat, electricity)?
  • Will you need to budget for trash pickup?
  • Don't forget to include the cost for telephone service and, if needed, Internet service and computer(s).
  • You'll want to consider an advertising budget (web hosting) (Free services: Facebook page, Twitter account)
 
Excellent questions Corrine, a detailed list is always handy for me to double-check.

The great thing about an Intelligent Office is that they're designed so the office can almost run itself. The link I gave provides several great videos that showcases what you can expect from any Intelligent Office location. I've searched for several months to graph an aggregate score of what I can expect for my city in terms of office space and this is one of the best offers I've been able to find.

The office building is fairly exclusive, the Realtor had explained to me that it includes private/reserved parking as well as guest parking.
Included is everything an office could ever need except for most equipment that would need to be specific to what my team needs.

For just under 1k the space includes almost everything you've mentioned, the only thing I'm uncertain of that you mentioned is the trash pickup and recycling fees, I'm assuming I'd be responsible for that. I'm aware of how much it costs for electronics recycling since I used to work in that area.

I've calculated all the fees I expect to pay for, which include marketing and assets such as a web domain. I've set a budget as well.
 
I don't know about Canadian law, but in US, one of the first orders of business is to file a Fictitious Name application with the State Secretary of State.

Then file SS-4 for EIN (Employer Identification Number).

Local laws may also require a city business license.

IRS - sole proprietorship; partnership, C-corp; Sub-S election.

Payroll taxes; Unemployment Comp tax, Workman's Comp, etc...

If income (& expenses) expected quickly, those are items to definitively look into.

Also - separate business bank account. Don't co-mingle business & personal funds... when in doubt, they are personal expenses, but can always put in for reimbursement from company.
 
Thanks for the tips John, much appreciated.

I'm thinking it's best to do sole-proprietorship.

I was also pondering the idea of renting a non-office space and turning it into one. What do you think? It seems like a more costly endeavour since it's a larger investment.
 
Hi there Cayden,
My father runs a construction business. He would tell you that if you were starting out. It would be financially safer to rent a building that is already set up for what you want to do.

Remodeling a building to your specs can be very costly. And should be exercised with care.

From my personal views, I would invest in a pre-casted layout for now. Then when funds permit relocate to building you can outfit your own way. Also keep in mind that building new can also affect costs.

It's a lot to think about Cayden. So count all your chickens and be sure to constantly check for unhatched eggs.
 
I agree with you, getting what I need first then moving on to bigger and better things when I can and need it sounds like a good idea.

I thank you for your help.
 
Not a problem. I'm in the progress of teaching my business partner the same concept.

He always wants to go with the largest humanly possible. He's just now figuring out it doesn't work like that.


Cayden if you ever have any questions feel free to drop me a line in my inbox :)
 
Very well if I feel the need I'll contact you. My government has generously provided a huge infrastructure related to business ventures so I'll be using it to its full extent.

Though I'm not discounting the help you all can give, which is why I posted here.
 

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