All businesses need office space. Whether you need a suite of offices complete with conference or meeting rooms, or you just need a corner of the kitchen table, the business will flounder without the space to carry out necessary tasks. Office space comes in various guises, and knowing your options will help you choose the ideal space for your business.
Leasing Office Space
The obvious advantage in leasing your office space is the lack of a long-term commitment. Some small to medium-size businesses always operate out of leased office spaces, while others use them as a stepping stone until the business is on a secure footing and operating in the black.
Short-term leases are another advantage. Not only is the financial commitment less of a burden when you know you’re not tied in for the long term, but some business owners know ahead of time that their office needs will be short-lived.
Leased offices allow young businesses to have a prestigious address from the start, and many commercial property consultants can help business owners find the ideal location. Doors that would otherwise be closed to businesses with limited budgets can be opened through leasing options. If you’re seeking prestigious office space St James in London, for instance, might be out of reach to start-ups, were it not possible to lease space.
Serviced Office Space
Regular cleaning and maintenance being carried out by someone else can be a weight off the small business owner’s shoulders. Generally, the rental fee covers everything, including telecoms and reception services. Accounting is very much easier, and staffing levels (with the accompanying salary costs) lower. Being able to present a professional face to the world by welcoming visitors in clean, modern foyers enables even very young businesses to create an atmosphere of permanence.
Purchased Office Space
Owning your own office space is a third option, and one that many consider to be a sound investment once the business reaches a certain level of success. Not only is your address secure and free from the vagaries of another business continuing, but your investment in commercial premises is an asset that can be realised at a later date.
Virtual and Shared Offices
A final option is to share an office with a fellow business owner. Virtual offices will offer reception and mail delivery options, allowing a business to present itself in the best light until such time as it can move into its own space. Shared offices often involve simply renting a desk in the office of another company. This can work well if your business office needs don’t extent beyond desk-based activities. Internet services are usually provided, with any utility bills or other office costs included in the rental price. Within the shared office sphere is also the concept of hot-desking. A pool of desks is made available and operated mostly on a first-come, first-served basis. It suits those who don’t have regular needs for desk space, and also companies that have staff whose office needs are sporadic — for instance, those of field sales representatives.
If you’re unsure how to best satisfy your office space needs, speak to a property or business consultant who can advise. Making the right choice now will pay dividends down the line.