When building a new business, choosing where to situate your headquarters and what structure to implement is just one of the many executive decisions to make. Picking which office space would work best can be tricky. Considering the amenities, flexibility, contract type, and cost are all important factors when finalising your office requirements.
The more traditional office space is a private office. This office style usually has a longer rental period, with some requiring a lease of 3+ years minimum, allowing businesses to make the space their own for an extended period of time. Private offices allow you to fully customise the space in whichever way you require which can be ideal for those looking for a long-term HQ.
However, as you might have guessed, a private office requires a lot of upfront investment. This might not be ideal for startups as you want to be budgeting your finances rather than maximising your outgoings, so think carefully about whether a private office is best for your company before committing. Private offices are slowly but surely becoming less commonplace than they once were, with a variety of other options available, with some even tailored to specific businesses.
How Do Serviced Offices Work?
Serviced offices are a great combination of private offices and flexible spaces. They come fully furnished, often with building management and all the facilities you might need to work effectively including meeting rooms, broadband, printers, kitchen areas and more.
Serviced offices can be a great option for startup businesses as you rent them on a rolling monthly basis meaning that if you don’t like the style or simply want to try something else, it’s easy to terminate your agreement at the end of the month. Another huge benefit of serviced offices is the fact they are serviced.
You don’t need to worry about the hassle of furnishing a big office space or ensuring all technology works cohesively as the serviced office will already have everything in place. You’ll simply turn up at the office and get straight to work. A serviced office might therefore be the perfect option for new startups. Though be aware that serviced offices can be expensive given all the amenities supplied, so consider your finances before finalising your office decision.
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What About Flexible Office Spaces?
Flexible office spaces are probably the most popular type of office for startups due to their adaptability and inexpensive nature. Hot desks and coworking spaces have skyrocketed in popularity over recent years, with the likes of WeWork and other similar companies expanding. These spaces can be rented by the hour or number of days, making them attractive towards small businesses looking for a more cost-effective method of working.
Startups can really benefit from flexible office spaces as they are provided with a suitable working environment, for a cheaper cost and with more flexibility over how long the space is needed. In a coworking space, you can also benefit by potentially networking with others in a similar industry, increasing awareness of your brand and making contacts at the same time. Flexible working spaces can thus be ideal for startups wanting a more adaptable approach.
What Is The Best Office Type For Startups?
The best office style for startups will ultimately be dependent upon your individual business needs.
Unfortunately, there isn’t a one-size-fits-all for offices so it’s particularly important to look into the advantages and disadvantages of each space before establishing your base. Private offices are the least popular choice for startups due to the long rental commitment. Serviced offices and flexible working spaces can be much more fitting as the rental periods are shorter and they are cost-effective if only used during certain times of the year. However, every company will need something different so it’s key to think carefully about your office decision.