Mistakes to Avoid when Renting an Office - 01/11/2006
Avoid signing a long lease on an office you could soon grow out of!
Finding the right business premises is almost as important as highlighting the right business opportunity, but whilst endless hours are spent developing business plans, developing marketing strategies and sourcing funding, time dedicated to finding the right home for your business is often right at the bottom of any to-do list.
Some of the most common pitfalls met by businesses looking to secure space include:
- Premises don't match your business image: Don't underestimate the value of appearances. How your office looks can have a huge impact on business & investor relations so it is crucial that the premises you choose match with the image you want for your business. What image do you want for your company? For example, a corporate solicitors firm operating from above a nightclub doesn't give the best first impression.
- Plans for the future: You may find the premises you choose are ideal for your business needs now, but what about in five years time? If you have to sign a long term lease (usually for a minimum of 3 years) then your office could prove inappropriate for your needs quite quickly. One of the best ways to avoid this trap is to opt for a serviced or managed office space, which are becoming increasingly popular with all businesses - large or small. Serviced office space is let on a flexible agreement, so you are never tied into a long term agreement and can change your office space as your business needs dictate.
Serviced office space is let on a flexible agreement, so you are never tied into a long term agreement and can change your office space as your business needs dictate
- Compromise accessibility for lower cost: You may find offices in rural or harder to reach places offer a lower rent than those within easy reach of amenities and transport links. But beware - this may be a false economy when you consider how far you have to travel to a post office, local shop or even the nearest bus stop. Think of your visitors! Will they be able to find you?
- Inappropriate office format or layout: Never underestimate how important the right layout and atmosphere within your office are. The wrong layout can be disastrous. If you want interaction and communication between staff and departments, go for an open plan office, but this may not be as conducive for a business that requires privacy such as law. Many businesses overestimate how much space they actually need. A quick guide is to allow 80 sq ft per person, so an office for 4 people would equate to 320 sq ft.
- Not budgeting for hidden costs: This is one of the largest mistakes made by new businesses every year, and over spending on office space can prove fatal. Many businesses fail to consider they will have to budget not only for rental, but also service charge, business rates, heating, lighting, furniture, insurance, etc etc! This is why serviced office space is becoming so popular, because all of these costs and more are included in the monthly fee you pay for your office, so there is no need to worry about over spending as the office provider takes care of everything for you.
By using officebroker.com you will have access to thousands of serviced offices throughout the UK, all in one place - meaning you have all the information you need at your fingertips and do not have to worry about whether you are getting the best deal or not.
See this article in the press:
Coventry Telegraph and Warwickshire Telegraph
Essex Chronicle Dunmow & Stansted
Coventry Telegraph and Warwickshire Telegraph
