It used to be the case that small businesses would start up in their founders’ homes, only moving out once they could afford to scale up and pay the lease for private office space. But now, businesses of all sizes can and should take advantage of the sheer number of serviced office spaces available on the market around the country. Whether you’re an established business or a small team of 3, there are a number of benefits that make serviced offices the better choice over a private office with a fixed-contract lease.
Flexible short-term leases
The first few years of any business’ life are a little touch and go. You can’t foresee the speed of growth, and it can take you by surprise, meaning you may need to scale up quicker than expected. Having your own office with a fixed-contract can lead to you spending far more money than you may need to. According to research, businesses in England and Wales are wasting a massive £10 billion a year on under-utilised office space.
A serviced office manages to eliminate this issue, offering flexible contracts and short-term leases for any business, perfect for when you need to quickly add more desk space. As serviced office space providers Landmark explain, clients only pay for what space is needed, with no hidden charges.
Increased opportunities to network
Networking is a crucial part of the job for all entrepreneurs. It gives you the chance to meet other industry professionals who may be able to help you in your business. For example, you may meet a marketing wizard at a networking event who you can then collaborate with later down the line. You may even meet a future employee at a networking event, with research suggesting that around 85% of job roles are filled via networking.
Basing your business within a serviced office means you’ll be working alongside a number of other companies, providing you with connections that you can use for the future of your business. Even if you’re not working directly with your neighbouring businesses, you may even be able to rely on them to refer their clients to your business.
Full furnishings are included in the contract cost
When you lease your own office space, you need to take into account the cost of all your additional expenses such as furniture, computer equipment, lights, telephones, and the internet. This can all add up very quickly, and your initial payout will be considerably higher than the rest of your monthly payments, thanks to this expenditure. Depending on the location and kind of office building you are renting in, the average cost of a London-based business could be anything from £30—£120 per sq. ft.
However, a serviced office provides you with everything you need to get up and running from the first day, rather than having to spend a few days moving everything into the office. The cost of a furnished office typically includes the desk space, desks, equipment and technology, as well as things like phones and the internet.
Many serviced offices will even include a dedicated receptionist for the building, giving you someone ready to greet your clients for meetings and direct them straight to your workspace. For more private meetings, you may even be able to add on the use of conference rooms to your monthly cost, depending on whether you need them or not.
Dedicated IT support for your business
Regardless of how small or large your business is, you’ll need to have some form of IT support. This can cover everything from ensuring your sensitive information is kept safe and secure on your servers to any troubleshooting issues with the internet or your hardware.
However, if you do only have a small business, this can become tricky as you’ll need to hire a dedicated IT team, which could get costly—especially if they’re rarely needed. Another option for small business IT support is to outsource it to a third party, but it could be tricky to get hold of them in case of an emergency, as they’ll likely have other clients to deal with. You ultimately want the guarantee that a team of IT professionals are at your beck and call through any and all issues.
All businesses located in a serviced office, however, can take advantage of the team of IT specialists in-house, which is included as part of the contract. They’ll also be on hand to set up new desks and computers for new employees as you grow your business over time, ensuring everything is correctly installed for you to get started.
Between small start-ups and large businesses, using a serviced office makes good business sense. For a fraction of the cost of leasing your own personal office, your business can benefit from having everything you need to start working straight away.
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