Serviced office space is a convenient, and often cost-efficient way of moving your business into a prime location with minimal hassle and maximum return.
Choosing a serviced office could save you and your company a great deal of time and stress. Time is money and stress means reduced productivity.
For many, a serviced office space is simply too great an option to overlook; but the cost can often be more than if you did it all yourself. Working out what ‘all’ includes might be a good start for those considering a serviced office space and whether or not they can afford it.
The average monthly cost of a serviced office space can vary from £449 in London’s West End to £199 elsewhere in the UK on a per person / per month basis. Additional costs can include telephone lines and deposits.
Research suggests that three quarters of small business owners find that flexible or serviced workspace translates directly into productivity gains.
It can eliminate the inconvenience and isolation of having to work from home, and frees firms from time-consuming administrative tasks like sorting through mail and manning the phones which allows them to get on with their jobs.
It is worth considering how much a serviced office space, with its polished and professional image, could earn your business, and deduct this from the cost. If a serviced office space will help grow your business then the cost is an investment.
“When we moved into our serviced office space in a business centre,” describes Sue Lloyd of SEL Marketing, “I got one new client and several other referrals just from speaking to other people in the building.
“This came about by a) networking with our neighbours and b) being in a slick office space that sold my business before I’d even opened my mouth.”
A serviced office space can include utilities, cleaning, business rates, furniture, a receptionist, and occasionally the provision of telephones and internet can be included. Additional charges might be for services such as secretarial support, meeting room use or call charges.
What isn’t included needs to be factored in to your total. Or rather, you might want to find somewhere that does include everything that you need!
Other factors that should be considered when looking at how much a serviced office space costs is the peripheral expenditure around any office move.
Location – does this move mean your commute is greater or shorter than it was previously? If it is the former, and it will take you and your staff longer to get to your new place of work then this will cost more. In travel, petrol and time. Not to mention job satisfaction.
You could be expected to pay a deposit for your serviced office space, and you will most certainly be expected to pay a month’s rent in advance.
After this a serviced office space can cost very little upfront other than what you would need to pay every month that you intended to work from it. If you’re committed to a space you might be able to negotiate a discount for a longer term, this would usually be for terms of 12 months or longer.
And notice periods can come as a shock if you’re at the end of your agreed tenancy but didn’t realise you also had to give three months notice period so it’s best to check the details of your contract as this is often flexible.
Costs for central locations can be higher but new business parks might be the perfect solution for your business, get in there early and you can negotiate with the management team and even have a say on what is included and what goes where in the office. The early bird catches the worm, as the saying goes …