You have reached the peak in your business, where it is finally time to move to an office. Good news is, you are developing! Things can get a little overwhelming especially in a big city like Toronto or as the locals call it ‘The Six.’
There are certain preparations you should put in place before you go looking for an office space for rent. Having a solid business plan is definitely one of them. Anyone can rent out office space anywhere in the world, but knowing the route your business is taking is essential.
Why is it essential? Mainly because you could start off renting a huge space (maybe somewhere on King Street West or Liberty village) and that space has now put you back a few thousand dollars. This is because the person has decided to rent out office space in Toronto with double the square footage that they didn’t necessarily need at the time. Now they are taking a toll on the rent and it is affecting their business and the money they had set aside to continually grow. Let’s not make inaccuracies like that and with the right quantity of knowledge before hand; those little misfortunes can be prevented.
Renting office space in Toronto, what you need to know first
Do Your Homework
Figure Out Your Budget + Unknown Costs
Figure Out The Area You Want To Be In
The Proximity + Accessibility Of Your Location
The Legal Requirements
Determine All Your Needs
Over the course of the next couple of months I'm going to be posting articles going into details on each and every one of these topics but lets first start with the basis of what you need to know before you begin.
It’s ALWAYS important to do your homework before you settle with anything in life, especially before you make big changes and big purchases. Make sure you factor in every possibility possible. Do you really need to rent an office space in Toronto? Would a virtual space be just as beneficial? Do you need to be right downtown in order for your clients to notice you? Depending on the business and what the upcoming months look like for you, these are all important dynamics you need to consider first.
Next up is determining the budget and figuring out some of the unknown costs that might be associated with renting office space in Toronto. Inc.com published an article on How to Start a Business Budget for yourself.
‘Unknown costs are titled unknown costs for a reason and that being you might not be aware of those extra expenses. Regardless of the matter, you will need to have extra money set aside in case you run into a situation that requires additional change.
Identify where you want to locate your Toronto office, different buildings and neighborhoods will present a unique image for your brand.
It’s not only important to figure out the area you want to be in for business reasons, it’s also kind of fun touring around to different places and checking out office space for rent in Toronto. What’s important to you when finding the perfect office space to rent?
Would you like to be close to the Rogers Centre because you spend a fair bit of time going to Blue Jays games in the summer? If so than our 500 King Street West location would be ideal. Or would you like to be located outside of the city core to save a few bucks? You have many options in that regard from Pickering to Oakville.
Identifying your ideal location is very important. It is definitely worth asking for a trial so you can try working in each different location of interest to you helping you decide on if the commute is worth it or if you prefer the neighboring amenities and business services elsewhere. We have options available to our clients so they can easily work from multiple locations for one low price.
The most high traffic intersections in Toronto
The proximity and accessibility of your location ties in with finding the perfect spot for your business. The proximity to your customers and suppliers might be important to you and your company. If your business requires high traffic, you might need to spend extra funds and be located downtown. Here's a list of the 25 Most High Traffic Walking Intersections in Toronto, Yonge & Eglinton tops the list while University & Wellington rounds it out.
These are the questions you need to answer before you begin looking at potential rental space. You want to make the office accessible to commute to on a daily basis- for yourself and for your employees. Does this space include parking? If not, is the parking going to be a huge expense for your employees? While downtown locations typically don't include free parking you can often get this outside of the city in a market like Pickering or Midland Scarborough.
There are always legal requirements… whether you sign a six-month lease or a lease for five years. It’s always important to go over the lease and perhaps get a lawyer to go over it (depending on the severity) to make sure you are not locked in to something you are not aware of. If you are renting on a monthly basis, less caution is needed. Our leases can be as little as a month to month arrangement up to multi year leases, the flexibility of choice is yours. But you should keep this in mind even if you don't choose AllOffice.Space, you must be sure to confirm the terms of your lease contract suite your requirements and not just your landlords.
When it comes to competition, there is a lot of it in Toronto. Being to close and too far away from your competitors could cause issues. You don’t want to be too close because it could create rivalry, and you don’t want to be too far because you might lose out on potential customers. You need to find the right balance, and balance is always key. Having a positive and inviting office space in Toronto is important- not only for you and your employees, but for potential customers as well. You want the environment to be a happy place that people look forward to visiting frequently or on a daily basis. ‘You are a product or your environment.’ Your environment can sometimes dictate a lot about your business.
Last but not least…
Come up with a checklist and make sure you have determined all your needs and you check off all those needs before physically looking for office space to rent. When you have determined your needs you have a better understanding as to what you are looking for. You will be more organized and prepared once you start your search.
If you have any questions on the leasing process, even if you are not one of our clients you are always welcomed to contact our call center and ask questions, we would be happy to assist where we can regardless if you are working with us or not.
Call 1.866.481.2327 or contact us below
Next week we will show you how to map out your plan for a Business Needs Assessment.