Planning and setting up your business is not limited to coming up with income-generating strategies. As an entrepreneur, it is important for you to look for a feasible office space. Carefully consider all of your options before deciding on which office space to rent and signing a contract.

Cost Of Rent

One of the first things that you have to consider when looking for an office space is the rent. When discussing the cost of rent with the landlord, remember to ask how the rent is paid. Ask about the base rent, annual rent, free rate, security deposit, lease period,and renewal options.

The best spots in Singapore come at a high rental price. Last year, the average gross rent in the Marina Bay area quickly rose to SGD12.25 per square foot, per month.

Location And Amenities

Aside from the cost of rent, consider the location of the office space. The success of some businesses can partly hinge on the proximity of the office to their target market or supplier. Research and look around for the most suitable rental location.

Also consider the amenities provided by the facility. Is the lease inclusive of electricity, water, internet connection or telephone connection? Is there a working heating ventilation and air condition system, elevator or generator set? Assessing the terms of the lease contract and the condition of the facility can help you determine whether the office space is worth its cost of rent.

Other Options Available

Before deciding to rent, look into other options available. If applicable to your business, these options can help you save money from the high rental costs in the city. Here are three examples:

1. Co-working Spaces
   One popular alternative to renting office spaces in urban centers, such as Singapore and Hong Kong is the use of co-working spaces. These shared working environments can be practical for work-at-home professionals, freelancers, start-ups and small businesses.The co-working spaces in Singapore include The Hub, HiredTurf, PlusConcept Space, TheCo, Collective Works, Kennel and Coworking Singapore. Most of these spaces require membership, but certain venues, such as SmartSpace and HackerSpace still allow guests to drop by for short visits.

2. Virtual Office
   Even without a physical space, a virtual office package gives your business a corporate business address, dedicated phone numbers and fax numbers, personalized telephone answering service, mail handling service, and use of private offices on an ad-hoc basis.

3. Home Office
   For small-scale businesses, a home office may suffice. This can be practical for sole proprietors and professionals, such as consultants, lawyers and real estate agents. To legally use your home as an office in Singapore, you will need to register with the Housing and Development Board for HDB properties or with the Urban Redevelopment Authority for private properties. You will also need to follow certain restrictions to avoid annoyance to your neighbours. For example, you cannot generate smoke, noise and other types of pollution; you are not allowed to have more than two employees who do not live within the property; and it is forbidden to display external signboards.