Choosing Office Space

Office space usually accounts for a staggering 20% of a company's annual costs, so choosing the correct work space can be vital to the success of your business.

When choosing your space, it’s important to be as business minded as possible. Depending on the type of company you’re running, the kind of space you’ll need will alter dramatically. Although you may want flash and attractive premises if all you require is a desk and a phone connection, your budget could be put to better use elsewhere.

Here are the 3 most common options:

1. Freehold premises
2. Shared office space
3. Serviced office space

Freehold Work Space

Let’s face it - if you’re a start-up business, buying an office property probably isn’t a realistic option.

When you want to buy a property outright one of the major downsides is the fact you’re going to need a considerable amount more capital expenditure to invest.

Although commercial property mortgages are pretty straight forward to arrange, you’re also going to need to put forward at least 25% of the property's value. Ultimately this can be a bit of a headache and end up putting a major strain on your company’s finances, especially when you have work to be cracking on with.

You’ll also have to bear in mind owning your own office property will require you to shell out more for legal bills, office refurbishment, insurance, maintenance, security and cleaning.

Although it may seem the cons out way the pro’s, it's not all bad. If you are in the position to buy your office space out right, they can be fantastic investments for the future, whereby you could sublet or share your office space to other businesses.

Shared Office Space

Shared offices are a smart alternative for companies of all sizes. With benefits including low overheads, speedy set up and great networking opportunities, shared offices allow you to get working straight away in an already established office environment.

Location is the key to the success of many businesses however great travel links and attractive office space can be costly. By sharing space your company can enjoy all of the benefits of the perfect location without having to worry about breaking the bank.

Furniture, computers and internet lines will already provided, so typical office burdens you’d usually have to worry about sourcing and funding have already been taken care of.

It allows small businesses to carry out their operations in highly professional environment without the burden of all the costs associated with a long-term conventional lease.

Shared offices also give businesses greater levels of flexibility, thanks to shorter rental terms companies can take on extra space when the company expands or eventually move location with ease.

Serviced Office Space

If the prospect of renting seems a little bit daunting; serviced office spaces would be a great alternative because they’re licensed as opposed to leased.

Basically a license is a much simpler form of agreement and you won’t have to pay landlords legal costs either.

One of the major perks of serviced office space is the flexibility that they provide start-up companies. Generally you can move in and out quickly and get straight down to business.

A great example of serviced office spaces are Basepoint Business Centres. They provide a wide range of high quality workspaces to let, including serviced and managed offices and the best part is you only pay for the office space you actually use! Communal areas such as waiting areas, kitchens and bathrooms are typically included.

All Basepoint Business Centres come fully furnished and complete with phone lines and IT connectivity.

Another huge benefit is you’re ability to decrease or increase the size of your work space without having to move office or having to change your business address.