There comes a time for every growing business when that home office just isn’t going to cut it anymore. Whether you’re going to need to impress bigger and better clients, or simply need room for more staff, renting office space is going to be become a necessity. But which type of desk space do you opt for?
The traditional method of renting commercial property is taking a long lease from a landlord. You’ll likely be looking at a deal spanning three years of more, paying a fixed rate over a set period and supplying everything from building security to office furniture.
If you want full control this is the way to go, as well as being cheap per square foot – as long as you take into consideration you’ll be doing all the admin and paying all the bills (including any large scale building dilapidations). If you have the gear to fill it, and a watertight plan to keep staffing levels constant or similar, away you go.
Sublet office space
Of course, things don’t always go to plan. If you do go for a lease, and your landlord is willing to support the idea, you can always look into sub-letting some of your new office space.
Sub-letting can give you some welcome extra income, as you rent areas of your office your business is not using – you’re heating and lighting them, after all, so they may as well have people in them. It can also be a good way to hedge your bets on staffing levels – or to cover your back if you need to downsize.
The shared office
Alternatively, you can take this space in someone else’s shared office. This can be a fantastic option for small businesses, freelancers and entrepreneurs who are starting small. Leasing can be daunting for a start-up, so why not let someone else take the admin strain?
The popularity of shared offices has also seen a growing number of serviced offices appearing: office space run by a management company specifically with desk space renters in mind. You can expect a slightly more clinical approach than a shared office, while added facilities can include executive suits, post rooms and IT support.
You may pay a little more for a serviced office, but serviced and shared offices can give your business the breathing room it needs as you grow and continue to expand. You’ll get the professionalism and location of a fully kitted out office space, without the admin hassles and without having to give a very long commitment.