1. Short Term Agreements
Large-scale companies that have a long term lease agreement, but are looking to expand, will often use serviced offices to “test the waters.”
New and upcoming businesses may also take the same approach in order to see if they are ready for a more permanent office solution when they are more financially stable.
2. Long-Term Agreements
Start Ups that don’t have a track record will often be asked by landlords for a large down payment and deposit, which can lead to increased borrowing. Not to mention the initial capital that’s required to customise the space, purchase furniture and install Internet and telephone wiring.
3. Prestigious Address
It’s no secret that image is one of the most important aspects of business. Having an address located in the centre of the city can not only enhance your professional reputation, but can provide better networking opportunities.
4. Business Growth
Having to organise premises, communications departments and general management can take up a great deal of time, effort and money. These services are usually provided with serviced offices, allowing you to focus your efforts on business growth.
5. Simple Contracts
Lease documents can not only be difficult to understand, but can result in further expenditure in legal consultation. Serviced offices are designed with simplicity in mind. This is reflected in their license agreements, which are usually no longer than one page. Everything is written in plain English and avoids unnecessary clauses that may be present in a conventional lease agreement.
Think about the money you will have to spend if you hire a solicitor to comb through a 75 page conventional lease agreement. These costs will add up, especially if negotiations and changes need to be made.
Accurately predicting profit margins is difficult, so committing to a lease agreement for a conventional office may result in long term financial issues. Serviced offices can be available for anything between one month and one year; and usually have renewable agreements. This means they can provide a temporary working environment without interrupting the flow of business.
7. Payment Flexibility
If you rent a conventional office space you will be expected to pay rent quarterly in advance. Many serviced offices require payment on a monthly basis, which can free up your cash flow. Most of the extra amenities and services are usually charged on a “pay as you use” basis, which can result in significant savings and reduced upfront costs.
8. On-Site Services
Many serviced offices will have a body of staff ready to keep your workspace up and running. This can save time, money and hassle, as you don’t have to go through the grueling process of hiring staff to conduct mundane duties, such as cleaning, security, customer service, maintenance and secretarial support.
9. High-Tech Equipment
Purchasing office equipment will take a massive dent out of your finances. From telecommunications to kitchen facilities; high-tech equipment is usually provided by serviced offices, allowing you to bypass purchasing and have access to equipment that would have otherwise been out-of-reach.
10. Networking Opportunities
Networking is one of the most important elements of “good business.” Having other companies residing in the same building can encourage cross-communication. This is especially beneficial if you run a small to mid-sized business and are still trying to make your mark in the industry.
11. Administration Efficiency
Operators will provide a single consolidated invoice on a monthly basis. This will include both the cost of rent and any additional services and facilities that you have used throughout the month. This can save your accounting department a huge amount of time and effort.
12. Pay-Per-Use Facilities
Having the option to use conference rooms, meeting rooms, kitchen facilities, etc. can be hugely beneficial. If you don’t require these facilities on a permanent basis, you can save a huge amount of money in rental fees.
13. Growth Flexibility
It can be difficult to accommodate growth if you have limited office space. Serviced offices give you the opportunity to adapt the size of your premises and staff requirements according to your company’s growth.
We recommend you seek out a local service provider for the best results.
If you plan to buy a product or service for your business in the next 12 months please complete the form below.