Your first official business address is a monumental time in a business’s journey. It lends an air of professionalism and success to your business. But finding, renting and running an office can be expensive, especially in the modern economy where business rates seem to be going up all the time.
However, there are things you can do to ensure that you are maximising your budget when you’re choosing the perfect first office for your company.
Look at serviced offices
Buying or renting empty property for your business can be very expensive. Add to this the additional responsibilities and costs of running the building, arranging repairs and maintenance and insurance. This is even before you get to the design of the office. This is where service offices come in. You lease space in a building which is already fully managed and serviced by the building management company. From basic space to luxury serviced offices, there are options to suit most styles and budgets.
Typically, you can rent a single office, a number of offices or even full floors of the building. They can expand in size with your company as you grow. In a serviced office, you don’t need to worry about security, reception, repairs and maintenance etc. which can keep your costs low.
Take advantage of grants and rate reductions
Many local councils are struggling to get new businesses into some of their properties. This can lead them to offer excellent lease terms and rate reductions on office properties. This could mean that they’ll give you a very cheap rental, or reduce the business rates on the property. There may be other incentives such as free business internet or phone lines. Over the course of your lease, these reductions could add up to huge savings in your budget.
Split the costs with another small business
Rather than shouldering all of the costs as a single business, why not look to share space with another one that compliments the way you work. For example, let’s say you’re a design agency, you could share space with a video production company, copywriters or similar. As your businesses are quite similar in terms of their client pool, you can even refer businesses to each other.
Furnish your office with pre-loved items
Bespoke office furniture can cost a lot of money, but in most instances, there’s no need to buy it brand new. There are many shops that specialise in office furniture that has previously been used. Or, if you have an eye for interior design, then you can go for the mix and match approach to decorating your office for a more eclectic vibe.
Keep your monthly costs predictable and your technology current by leasing equipment rather than buying it. This can include laptops, monitors, phone systems and photocopiers. You won’t have to worry about them becoming obsolete and you can scale as you need to as the business expands.
Choosing your first office is a huge deal, but you need to play it smart when it comes to finances. Use these tips to get the best for your money.