As promised in my previous post, I am going to talk about how we ended up in our studio space. Just to note, this is a very bootstrapped approach. While there are many bootstrap centric ideas floating around, this is not the only way. Though it is they way we feel suits us best.

The first decision was whether or not we should get a permanent studio. For the first few months of operation we worked from our seperate apartments (with Zack being 700 miles away in Chicago). We would get together when necessary or tele-conference. This worked at first, but soon became too big of a barrier. This brings me to my first tip:

Tip #1:Make sure it is completely beneficial to your workflow to invest in a studio space. The cost of rent is high and will put an immediate strain on your cashflow (don't forget the related expenses such as renter's insurance). If you don't foresee a return on this investment through increased productivity, then don't make the investment. A studio space should not be a trophy, it should be a tool.

Too many start-ups get caught up in the excitement of having your own studio space and splurge on Aeron chairs and imported, hand-crafted pencil holders. It's tempting, but a good rule of thumb is (I think I read this in Art Of The Start): If you think you need something, wait a week and see if you still can't live without it. We bought $70 desks and $50 dollar chairs, they work fine, and we operate debt-free. That sounds good to me.

Should you decide that a studio space is a good investment, then the next step is shopping around. This is the obvious point, but make sure you explore a few options so that you can get a feel of how the process works. After a while you will quickly realize if a landlord is trying to pull a fast one. This will also help you play your options against each other. Some people will use a broker during this process. We didn't feel it was worth it for us. We weren't purchasing or signing a long term lease, so we felt it would be an unnecessary additional fee. If you are well prepared and ask questions then you should be fine. Just do your homework.

Another issue is where you should look. Most cities have fairly obvious districts where groups of similar businesses cluster. It can be helpful to either find your related cluster to settle into, or to settle into the cluster of your target market. This brings me to my next tip:

Tip #2:Location, Location, Location. You've heard it before. As stupid as the phrase is, location can be a big asset. If possible, try to settle down in the most advantageous area for your business. Settle in an area that has other business who might need your services, or vice versa. We landed our first big job with a company who opperates on the floor above us.

Now that you found the right place its time to put down your security deposit and get moving. Oh yea, one last obvious mini-tip: Try not to sign an extremely long and binding lease. If the space isn't being built specifically for you than you can usually sign a 1 year lease with no problem. This will give you much more flexibility in the future.

This is basically how we went about our search for a studio. Flash forward a few months and we are extremely happy with the space and the decision. It has dramatically improved productivity and we have a really solid workflow in place. If anyone has any other tips, please feel free to post them in a comment.

P.S. Here are some photos of our studio if you are interested.