Guide to When You Should Rent Your First Office
There is no definitive answer to when you should rent your first office space. Having your own private office or coworking membership can boost your productivity, expand your network and – importantly – help you keep a healthier work-life balance that is more difficult to achieve when working from home.
However, each business has its own needs and goals. This guide will explore some factors which can help you make your decision.
Work Out Your Budget
How much you can afford to spend on a workspace will dictate when and where you move. There are many benefits of moving into a serviced office or coworking space, a key point is that you won’t have to spend money on furnishing your office because these workspaces are plug-in-and-play.
Office pricing is transparent, with rent paid as a single monthly fee. You might have to pay for certain things on top, such as meeting room usage, so always check the agreement for details. Check the notice period too – a one-month notice can come in handy in uncertain times.
Something to keep in mind is that renting serviced office space within Central London is more expensive than renting in the rest of the UK.
Project Your Growth
Another important factor to consider is your growth. If your team is growing quickly and you’re planning to expand to new markets, a HQ could be just what you need. Serviced offices are flexible in nature and allow you to move into larger offices as you grow.
In today’s hybrid working world, there are many ways to rent an office space. As well as having a central office hub for your core operational team, could also purchase coworking memberships for employees who live further away or those who would rather work closer to their home.
Consider Your Clients
How important is it for you to meet clients in person?
While some businesses don’t need to meet with clients, others rely on face-to-face rapport building and maintaining trust, such as those who offer legal services. If your business operates well online, renting an office might be an unnecessary expense. However, offices with ample meeting spaces, excellent interior design features and friendly staff can impress your clients and boost your reputation.
Think About Your Team
Your office strategy should be primarily driven by the nature of your work. Businesses in certain industries – such as media, software or product development or creative companies – rely on collaboration and close communication that only an office environment can facilitate.
An office could be what you need to bring your team together and boost morale by alleviating the loneliness of working from home. Shared office spaces are home to a range of occupiers from different businesses, so chances are you’ll end up making friends and profitable business connections too.
Outline Your Own Preferences
Ultimately, you need to think about your own preferences, whether you’re a sole trader or the founder of a growing business. Some people are perfectly happy working from the comfort of their own home, while others need a separate space to focus and get things done. There is always hybrid working too, which combines office working with working from home two or three days a week.
There are a variety of offices to choose from these days, especially in the UK’s major cities. London, for instance, is home to thousands of office spaces that cater to different industries and tastes. So, you can opt for a full-time corporate workspace or a casual part-time one, depending on your needs.
Once you’ve decided to rent your first office, you’re ready to kickstart your search. Think about where you want to rent an office, how much you’re willing to spend and the amenities you’d like access to. Search for office space in the UK using FreeOfficeFinder – we'll help you get the best deal.
