Renting office space is one of the largest costs for a business. Along with renting the office space, it’s also necessary to buy office furniture, office equipment, pay for utilities and more. Is there another option that saves money? What about a serviced office?
Some people believe that a serviced office can cost a lot of money, while others believe a serviced office is a great way to save money. Which is true? That’s what we’ll cover in this article. But first, are you familiar with what a serviced office is?
What is a Serviced Office?
A serviced office is an office space that’s provided by an office management firm. The space is generally located in a beautiful office building and may be in the heart of a business district in a large urban centre. The office management firm rents out the space inside the building, which may be laid out in spaces that include entire floors, single offices and more.
You may think this already sounds too expensive for your business budget but wait. We have some good news! Serviced offices can save you quite a bit of money and be a highly cost-effective investment for your business.
How Can a Serviced Office Save Your Business Money?
The key is in the word “serviced.” When you rent a serviced office, it comes with everything needed to run your business. And we mean everything. Let’s take a look at how you can save money with a serviced office.
1). All-inclusive monthly fee: with a serviced office, everything is included in one monthly fee. And you pay only for the space you use. The monthly fee usually covers utility bills, facilities such as a kitchen, meeting room and more. The best part is that all of this is also maintained by the management facility—no you.
With the all-inclusive fee comes a flexible contract, so you’re not stuck in a facility long-term that just doesn’t work for you.
2). Fixed prices for utilities: you don’t have to worry about paying each month for utilities. Instead, you’ll have a fixed price each month, which means it’s easier to plan your budget. The monthly fee covers water, electric, gas, telecom and Internet services.
When it comes to energy bills, you know how unpredictable they can be. In the winter months, you pay more for heating. During those times when the temperatures dramatically fall, you face extremely high bills. On the other side, in the summer months when temperatures climb, you again have unpredictable cooling bills. Unpredictable utility bills make it much harder to budget expenses each month.
3). Office furniture is provided: buying office furniture is a huge hit to a business budget. There are the required desks and workstations needed for each employee. Along with desks, it’s necessary to buy lamps, chairs, and other office equipment. For businesses on a tight budget, this is extremely difficult to pay for.
However, with a serviced office, all of this is provided for you. Your office space comes furnished with the number of desks, chairs, lamps and everything you need. And the serviced office may already be decorated in some facilities, while others will leave this to you.
When you don’t have to buy the furniture and office equipment, your business saves money.
4). Flexible spaces: if you go the route of renting a traditional office space, your business will generally be faced with a long-term lease and the amount of space available at the time. This means your business could be stuck with a space that’s too small if your business starts to grow. It’s not usually possible to rent additional space or to make the move to a larger space if you’re stuck in a long-term lease.
A serviced office, on the other hand, provides you with a flexible solution when it comes to space. When your company expands, then all you have to do is request a larger space to accommodate your company. If it’s available, you can usually move right in, which means less downtime spent on a large move to new office spaces.
You save money because there’s room to grow in a serviced office. Your business doesn’t suffer from downtime due to a move and can avoid the costs involved when making a major move to new premises.
5). Save on staffing costs: costs associated with staffing are another major expense for the company budget. However, many serviced offices are able to supply your business with the staff needed to get work done.
Their staff may include administrative assistance, receptionists, and employees who do general office tasks. They’re all employed by the serviced office management and are trained to help with many needed to run a business.
How do you save money? For one thing, staff services are included in the monthly fee. Keep in mind, however, that some serviced offices may charge to access staff on an as needed basis. Another way you save–you can then avoid having to hire, pay wages and more. Either way, you save money by not having to deal with hiring and paying employee wages.
6). Networking & socialising: many serviced office facilities have lively communities and hold regular events to promote networking and socialising opportunities. There are many types of business owners at these events including freelancers, startups, entrepreneurs, and even large corporations.
These are great opportunities to find likeminded individuals to compare notes with, find prospective business partners or even new clients. Taking advantage of these opportunities can grow your business. While this doesn’t directly save you money, it can help you make more money in the future.
A serviced office is a cost-effective option that can help save your business money. When compared to renting a traditional office, you’ll find the serviced office a better choice. You’ll have room to scale the company, fixed expenses each month, and opportunities to meet other business owners. What more could you want? These are all perfect reasons to choose a serviced office for your next office space.