Five Top Tips When Choosing Cheap Office Space for Start Ups
Start-up operations do not always have the backing of rich investors with large budgets. Most often, start-up budgets are shoestring budgets. One of the first steps to feeling like a real business is to get a suitable office space. The good news is that there are plenty of options for cheap office space for start-ups, if you get good advice and know where to look.
In this article we’ll give you five top tips to help you choose affordable office space for your start-up.
1. Hot desks are hot right now
Renting a desk can give you immediate access to a vibrant office environment that’s also really flexible. Most offices providing hot desks offer a range of rental deals from daily rates to monthly or even annual subscriptions. This price usually includes access to a desk, power socket and a fast internet connection. Many serviced offices will also provide a kitchen, break out areas, meeting rooms and leisure amenities like table tennis or table football for that all important down-time.
There’s loads of cool offices offering dedicated and hot desks throughout London, the UK and globally and many of them focus on specific industries like tech, finance and creative. Office Freedom have access to all the hot desk options worldwide, so it’s a great place to start your search.
2. Flexible workspaces have the answer
Flexible workspaces (aka co-working, serviced, shared workspace) offer fantastic value and are “work ready” offices. You turn up, plug in, and start work. Offices come fully furnished with furniture, utilities, IT infrastructure, security and management supplied. Flexible office space is available to move in next day and you can exit swiftly without penalty if needed.
Flexible workspaces offer maximum flexibility, with contracts typically ranging from one month to two years. There is no up-front capital expenditure and as far as possible, all costs are wrapped into one all-inclusive monthly invoice. This is a great option for start-ups looking for cheap office space, whereby you only pay for the space you need, and the space can grow with your business.
You can take a private office within a flexible workspace but still share in the communal facilities such as break out areas, gyms and event space if you choose.
Flexible workspaces provide collaborative environments with an emphasis on well-being and productivity. They are great for start-up businesses who want an affordable office that offers maximum flexibility, short- or medium-term solutions, great facilities, and simple cost control.
3. City fringe and rural locations are cheaper
Wouldn’t it be great to have your start-up office centrally located in the heart of the city? An office with a prestigious address too? Well yes, it would. But it comes at a price. Unfortunately, cheap office space for start-ups is harder to find in prime city centre locations such as London Bridge, so consider alternative locations and see how much you can save. Location is one of the most influential factors when it comes to price.
To help you identify the right location for your start-up business consider these factors:
- Demographics – Consider the demographics of your customers. Who are they and do you need to locate near them? Do you need to be near like-minded businesses or key suppliers?
- Visitors – Will you have lots of visitors to the office? Will customers, suppliers and contacts need to visit often. Do you need an office to host and impress visitors or a purely functional one for staff?
- Accessibility and Parking - Do you need easy access with good road and rail connectivity or would a more remote location be OK. Do you need parking? Remember city centre parking comes at a premium.
- Access to talent – Ensure your new office is easy for staff to get to. As your business grows, will your location be a help or hinderance for hiring good staff?
- Room to expand – Does your location have room for expansion in line with your business growth plan?
4. Find a start-up partner
If you can find another start-up that is also looking for affordable office space to rent, you should consider partnering up. You may find that with a larger office requirement, you can strike a better deal. Finding a suitable business partner might not be easy but you could start by reaching out to:
- Current and ex-colleagues
- Friends and family
- Start up business communities online
Of course, a business partnership can also be helpful later on if you choose the right business start-up to rent with. You may be able to benefit from future sales and marketing partnership opportunities and share costs that you have in common. With the right partner, you may find this is one of the best ways to find in your desired location.
5. Don’t go it alone – Get expert help
The process of finding cheap office space for start-ups can be a daunting one. Searching the market, evaluating all the options and negotiating the best deal can be a complex and time-consuming process. It’s for these reasons that many start-ups choose to use an office brokerage like Office Freedom, experts in finding great workspace.
How Office Freedom can help start-ups:
- Free advice – Office Freedom offers its services free of charge to start-up clients. (We receive a commission from the landlord once a business moves-in.)
- Needs assessment – We help start-ups conduct a needs assessment, so you have an accurate brief for a productive office search.
- One stop shop – We have access to the whole office market with over 15,000 offices worldwide. We’ll search, shortlist and negotiate office space on your behalf.
- Long term relationships – Office Freedom have long established relationships with all major landlords and operators. We know who’s likely to have the perfect space for you.
- Powerful negotiators - When you are dealing with property experts having good tenant representation in your corner can save you thousands of pounds. Just having someone to explain the process and help you through, has a value in itself.
- Off-Market Options - Through our connections we often have inside information on spaces that are yet to come to market and in many instances, we get to know what’s coming before anyone else.
If you’re looking for cheap office space for a start-up, then get in touch today for a no obligation chat, call 0203 603 2576.