When you get to the stage where your fledging business is ready to fly the nest and move into its own premises, it’s an exciting time. Moving into that first business location can make it everything seem a lot more solid – but suddenly, you are also faced with a whole lot of choices about the kind of space which would best suit your needs.
There are many decisions to make – will you take out a conventional lease, or move into a serviced office space or co-working hub? What size and shape will best suit your unique business needs? Making the right choices involves some careful thinking about the needs that your start-up business has and what stage your operations are at.
The bottom line: Budget
Most small businesses are operating on a tight budget, so many entrepreneurs will have to think about costs as a defining part of choosing their new office space. Leasing a commercial property is generally more affordable, as if you go for serviced office space there are additional fees on top of the rental payment – such as charges for cleaning, utilities like high speed broadband, reception services and maintenance. Sourcing these services for yourself is generally cheaper but also takes up valuable time.
There are other considerations to make as well – serviced spaces generally have more flexible contracts than other types of commercial space, which means a lower financial risk should the business enter into any difficulties, or even should your needs for space change for any reason. There is usually a minimum rental period of three to six months, as opposed to longer periods for other types of space. There are also less initial individual costs to pay for things like equipment – desks, chairs etc tend to be included in the arrangement.
The practical needs of your business
Depending on the type of business you’re running, your space requirements may be very different from the standard office model. Some start-ups need warehousing and storage, others need workshop space, and some need a mixture of these and office accommodation. Everything from steep slope roofing to bay loading docks and a security office – go through your space requirements step by step to make sure everything is covered off.
Troubleshooting your premises
How confident are you in troubleshooting issues that crop up? Taking on a long-term building leasehold means that you need to be able to fix problems as they occur. You will need to commission maintenance work and be confident with general upkeep – things such as a leaking roof, redecoration, and sluggish internet connections can and do crop up on a semi-regular basis – and commercial tenants have a lot more responsibility to solve these issues than businesses in a serviced office space. If you go for the other option, you have access to much more support and this makes it a better use of your time. It all
