You’ve no doubt heard of the mystical offices with slides, ping-pong tables and beer on tap. There is more to an office than its perks however and this is one of the key issues entrepreneurs need to consider early on. What type of space would suit my business? What type of space can I afford? These are the questions start-up founders need to be asking themselves. Lilli Hender, from Office Genie, shares her insight on the matter to help you find the answers.
If you’re just starting out, it’s likely you’ll be spending your time working at home or perhaps in a local cafe. While you can be productive in these spaces, there will come a time when you need to have an official business address. If you don’t yet have the budget to spend on office space, a virtual office can sort this issue.
Fancy an office in Mayfair but can’t afford a physical space? A virtual office can solve this problem. You’re given an official business address, a post box and often can add extras such as reception services or meeting room access. Virtual offices are becoming an increasingly popular offering so it’s highly likely you’ll be able to find an address that suits your business – and, importantly, looks professional to prospective clients.
Need a helping hand?
It’s no secret that commercial property is expensive. If you’re going to spend a significant amount on a space, there are a few ways in which you can get more for your money. This is where incubators come in: a place in which you not only get an office but access to business advice and funding. You’ll be in environment that pushes you and encourages you to seek the help you need – help that’s on hand.
Co-working hubs appeal for similar reasons. They will often host talks and events featuring top entrepreneurs on the best start-up strategies and business trends to follow. Co-working hubs are mostly populated by freelancers, start-ups and smaller businesses; this means you’ll be surrounded by people in a similar boat. Skill sharing and collaboration are two of the biggest draws of co-working spaces and the more you integrate yourself, the better. Another advantage is both incubators and co-working hubs have flexible contracts, often on a rolling month-to-month basis.
Time to commit
When your revenue allows you to bite the bullet and commit to a space for the foreseeable future, the best options are a traditional or serviced office. As your business progresses, you’ll find your time is your most important resource and this is where serviced offices can help. For a single monthly fee, you’ll have access to a fully-furnished space with features such as: broadband and utilities, executive meeting rooms, IT support, and reception services. They are the costliest option but worth it if time is precious and you want don’t want the hassle of worrying about the space in which you’re working.
If you are willing to accept a bit of hassle, a traditional space could make for the best choice. A traditional office is a bare-bones space that you can make your own. You’ll have to outfit the place and sort utilities and management of the property. While this can be time consuming and involve a fair amount of responsibility, it’s the option that enables you to create a space that is truly your own: a home for your business and your team.
The world of office space can be a difficult one to navigate and making sure you choose the most suitable option for you and your start-up requires time, effort, and money. However, when you find a space that works, you’ll be sure to reap the rewards.
Lilli Hender writes for Office Genie: a desk and office space marketplace featuring every kind of office space. She focusses on start-up advice, office design, productivity and wellbeing.
Kizzi Nkwocha is the editor of My Entrepreneur Magazine and publisher of The UK Newspaper, The Property Investor and Gold, Oil and Diamonds, the net’s fastest growing wealth creation publication. Kizzi Nkwocha made his mark in the UK as a publicist, journalist and social media pioneer. As a widely respected and successful media consultant he has represented a diverse range of clients including the King of Uganda, and Amnesty International. Nkwocha has also become a well-known personality on both radio and television. He has been the focus of a Channel 4 documentary on publicity and has hosted his own talk show, London Line, on Sky TV. He has also produced and presented both radio and TV shows in Cyprus and Spain.