The serviced office space model is becoming a fast-rising option for all types of businesses looking to meet the demand for flexibility and seamless integration. This is also true for those looking to manage capital and the associated expense that comes with an outright lease.
Although a new office lease might seem an exciting feat particularly for small businesses and start-ups, the hidden pitfalls and unforeseen expenses such as refurbishment and maintenance, upgrades and purchase of office equipment can pose a major challenge. Add to this the fact that you are usually bound by a long-term contract when you take a lease, you can be in the red before your business even lifts off the ground. To avoid such scenarios, the serviced office space is the smart option.
The BizTech Group offers office space to let in Bristol for small to medium sized businesses.
The plug and play feature of a serviced office space, similar to those of BizTech, is appealing. You arrive with just your work tools and have everything from secretarial services to coffee taken care of for you by the management of the facility, but there are a few things to consider before opting for this.
Some of the points to note and things to consider when choosing a serviced office space include:
After you have decided to rent office space, the location of your option is the next most important factor.
Choosing a service provider with the right location will help further your business growth. With regards to location, there are a few questions to ask, and once these have been satisfied, they will help you make a valid choice.
• Can my clients get there without a hassle?
• Can my employees get there easily?
• What about security?
• How accessible are ancillary services; gym, coffee shop, train or bus station etc.?
You don’t want to get into something that’s over your budget. Although serviced office space gives you the option of a staggered, pay-as-you-go payment plan, you should prepare a budget for an extended period of 3 – 12 months depending on your business objectives.
Your rent shouldn’t be too little or too much. When considering the price of a particular location, answer these few important questions;
• Can I afford to pay a three month rent deposit on this office right now?
• Have I asked about any hidden costs? (Maintenance, extra cost of parking, etc.)
• Is this office priced in line with similar office spaces in the area?
Invariably, the location and price would affect the size of space you may able to afford. As a rule of thumb, allow 70 square feet per employee.
Additionally, the availability of auxiliary room spaces such as meeting rooms, restrooms, kitchen, social and recreational areas as options or part of the full package is important in helping you make a well-informed decision.
The type of infrastructure required varies from business to business. Many serviced office operators provide internet, postal services and IT infrastructure as part of the package or as options. Depending on your business needs, you have to consider what works best for you.
Note: That where these are provided as options, additional cost would apply. The quality and reliability of the service is important too. You don’t want to pay for a service that is constantly interrupted or cracks under the strain of busy days.
More often than not, this factor is left out. But there is no gain in renting a place that doesn’t resonate with your business style and vibe.
Research has shown that creative office spaces encourage better productivity than most traditional office concepts and spaces.
However, your office space style should be in line with your business. Your office should be a fantastic advertising and branding tool. Find a place that resonates with your business style and make it home.
If you need a serviced office space in Bristol that ticks off all of the above boxes, I suggest you check us out at https://biztecgroup.co.uk/.
At BizTech, we provide serviced office spaces to let of all sizes and styles across Bristol. We have office space in Bristol in 4 locations across the city and for as low as £50 per week, we can get you organised and running.