If you’re at the stage of looking for office space, some exciting things are probably happening. Your business is likely growing or you feel that your start-up idea is ready to take-off. It’s easy to get carried away and overpay for office space that you might be able to do without.
Use this article as a cheat-sheet to remind you about the things to keep in mind to get the right space for you. Some of these elements may seem like common sense, but you’d be surprised how easy it is to lose your sensible head.
1. Location Is King
We’re starting with location as it most illustrates the point about common-sense advice. However, while most people know that it’s an important factor, they still fail to give it the attention it deserves.
Office space in London is in high-demand, no question. But there’s still an embarrassment of riches to choose from. The right location isn’t just the one that has prices to match your budget. Consider all the factors that can have a huge impact on the viability of your choice:
â— Is the location a hotbed of activity for your industry?
â— Is the location accessible for your employees and your potential and current clients?
â— Is there a strategic partner nearby?
All these are things that will vary widely from one business to the next. Regardless, they still carry a lot of weight when choosing a space.
2. Bigger Isn’t Always Better
There’s a tendency for people to rent for the team they want rather than the team they have. If you’re not careful, you might end up forced to sublet a lot of space that you have no better use for.
When looking at spaces, consider the data you have about your business. Look at how it’s grown in the last year and assume another year of similar growth. Then, find an office to accommodate your business one year down the line, but no further.
Of course, if there’s a massive deal that you’ve just struck, it’s reasonable to factor that into the equation as well. On the other hand, if you don’t have any reliable information about how the business will grow, it’s best to err on the side of caution. In that case, look for offices with flexible terms. They might cost a little more but you won’t be locked into an extended lease. And if you need to scale up or down, it will be an easier process.
3. Don’t Be Afraid of Sharing
Shared office space London has is growing in popularity as prices rise and desirable areas become more crowded. So many businesses are finding success through this strategy; it’s worth considering even for an established company to cut down on expenses.
Many businesses have employees that work remotely but still, need a space to receive clients. In cases like this, a little office space goes a long way. It’s a good idea, therefore, to consider sharing an office with another business. It’s advisable to do a little groundwork and find a company that has compatible goals and values. You’ll be entering into a contract with them, after all. Also, it helps a lot to share with companies in a similar industry as yours.
Of course, you might simply need a little space to work as a freelancer or remote worker without distractions. In that case, consider a desk share London offers.
4. Serviced Offices Are Pricier, but Often Worth It
If you’ve ever had to furnish, prepare, and maintain an office before, you’ll know it’s not an easy task. A services office may seem like an unjustifiable expense but when you’re just starting out, the last thing you want to worry about is setting up a wi-fi network in your office. Startups and small businesses can’t really afford a long transitional period. That’s why a serviced office is such a good idea.
In a serviced office, all you really have to do is sign the agreement and settle your team in. They’re often fully furnished and ready to go.
Cost Is King but It Isn’t Everything
As you can see, there are many factors that could make an expensive office on paper actually more affordable in practice. Remember to never rush into a decision when choosing office space to rent London has on offer and look at the space as it relates to your specific needs. Happy hunting.
Author’s Bio:
Lloyd Harris is the CEO & Founder of Victor Harris Commercial. Formed in 2010, Victor Harris provides businesses with fantastic agency representation.
Lloyd is a seasoned property expert with unsurpassed knowledge of the London market. He set up the firm in order to provide businesses with access to market leading prop tech and also to provide professional agency services.