Why are serviced office and coworking spaces so popular with startups?
A serviced office space has much to offer a startup. Increasingly a popular option, they offer startups and larger businesses many benefits.
Serviced office facilities can be arranged in a way that’s similar to a traditional office, or they can be more modern and flexible to accommodate your business style. You’ll find they’re a huge benefit on your operational budget, too.
As a startup, there are many operational issues that you’ll need to deal with, including finding an office space at a price you can afford. A serviced office may be just the solution to keep your operational costs down, while your company enjoys all the benefits of a shared office space.
The benefits of serviced offices and co-working spaces for startups
1). Move in quickly: a coworking space can make it easy to set your business up and get it running quickly. Everything the company needs in the way of office furniture & equipment, utilities, etc. are already setup and in place. It’s just a matter of figuring out which services the company needs, and then signing the lease.
Move-in costs, the expense of office furniture and equipment are all taken care of with a shared office space.
2). Flexible lease: when compared to a traditional office, a shared office can provide you with a flexible lease, which can help lower operational costs. With a shared office space, you’ll find flexible leases that scale as needed. Or if you need office space for only a short time, this is also easy to set up with a short-term lease.
For instance, if your company grows and you need additional employees, it’s easy to get the space you need. Or if you need to downsize, a shared office can accommodate your company’s needs. It may even be possible to end the lease, depending on the terms and conditions of the specific provider.
3). Location: another benefit of a shared office space is the location you get to operate in, since many of these offices are located in prestigious business districts. The traditional offices in these areas can be quite expensive, especially for a startup.
With a serviced office space, the cost of the location is shared. Your company can enjoy an office located in a prime area, without the high cost of a traditional office.
4). Lower overhead cost: when it comes to a traditional workspace, it can be costly for a startup business. The costs involved include monthly rental of the space, maintenance, cleaning, utilities and more. These costs quickly add up.
On the other hand, a serviced office space bundles these costs into the lease. You pay for the rent and then only pay for the space you need. In some facilities, you may need to pay a little extra to rent a meeting room, etc. However, these costs are still negligible compared to a traditional office.
5). Administrative staff: in a traditional office setting, you’ll need to hire administrative staff to run the daily operations of the business. This will require paying for salaries, health insurance and more. Not only that, but you have to deal with the hiring process, which can be lengthy and expensive.
In a serviced office, you’ll find the lease usually includes professional administration services such as receptionists, a phone answering service, mail services (both receiving and sending), and more. These services can vary, so be sure to enquire about what’s included in the rent before signing the lease.
6). Services: you’ll also find that a serviced office usually offers additional services including access to fully stocked kitchens, a dining area, break area, in-house gym and showers, and more. All of this is usually included in the rent, though some facilities may charge separately for some of the services.
7). Risk reduction: when it comes to starting up a business, many people reduce as many risks as possible. Costs and expenses are pared back in order to streamline finances, which also lowers the company’s risks.
With a serviced office, these risks are minimised. It’s easy to scale up or down as necessary, you pay for only the space you need, and more. This is a great way to conserve finances, while reducing risk at the same time.
8). Networking: when sharing space with other companies, you’ll have an excellent chance to network with others. For one thing, many businesses in the shared office space will be like-minded.
The connections you make here can have a huge positive impact on your business and the opportunities that come your way. This is excellent for a startup.
9). Professional environment: many startups in the beginning are run from a home office, as this is the most cost-effective location. However, a home office doesn’t convey a professional image to clients and partners.
A shared office space, on the other hand, provides a professional environment in which to hold meetings, etc. Clients and partners will be professionally greeted by reception services. The furnishings will be modern and well-done. All of this goes a long way in providing the best first impression your company needs for getting the clients you want.
10). Increased productivity: as a startup, your business may not have many employees; however, you’ll still need a professional workspace that enhances productivity.
A serviced office provider has what your business needs to keep employees engaged and focused with their daily tasks. You’ll find everything you and your employees need—from great coffee to high speed internet and more.
Serviced offices offer many benefits for your startup business, including convenience and being a cost-effective option if you’re on a tight budget. With a serviced office, you can also move in and set up quickly, making it a faster option to get down to business.
You’ll also have a professional work environment at a prestigious business address, along with access to business services, office equipment and more. All of these benefits make a serviced office one of the best options for your startup.
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