When you start up your new business, there is a multitude of things to think about and consider, from your legal and operating entity set-up through to your product development and launch, staffing needs and, of course, business premises. Most new start-ups are concerned with minimizing costs until their revenue begins to flow and the cash flow becomes healthy. Most will have a number of demands on their reserves to begin with, including stocks, branding, hiring, purchasing and so forth.
Accommodation can be seen as a cost to be minimized at all costs. However, there are pros and cons to the classic start-up scenario, including working from home or a friend’s garage!
Working from home
Working at home does allow you to get your business idea off the ground without the worry and pressure of premises and their rental fees and rates. If your business is of a nature that can start from your kitchen table or spare room, it is often advantageous from a cost perspective to begin this way. However, you will lose out on certain key benefits: a physical ‘front’ to welcome customers and stakeholders, a business mailing address, and a professional environment in which you can engage with other business and creative minds. It also isn’t a practical solution from the point where you need to hire staff. But what are the alternatives?
Thankfully, there are a range of office accommodation solutions that are designed for start-ups and for those who need flexible and affordable arrangements. This even includes the office space SW1 and other areas of central have to offer. The post code covers a range of districts, including Whitehall, Westminster, Belgravia, Knightsbridge, Chelsea and Kensington. These accommodation options are highly desired by ambitious businesses that want the cachet of a central address, access to local markets, and a chance to hire the best talent to drive their business forward.
Even in these most prestigious of locations, there are flexible and short-contract office solutions which allow start-ups to simply move in and pay by the month. These come with services such as telephone and IT connectivity provided along with the desk. There are also often incentives for new customers, such as a first month for free or for a special price, which can offer just enough time to get the business revenue flowing and the cash position healthy!
Services to suit
Look out for flexible serviced office accommodation that offer a range of useful add-ons according to your needs and budget. Over time, as you grow, you may need the flexibility to take on extra desks at short notice for staff, and facilities such as parking, an on-site canteen, reception services and meeting room booking can be very useful indeed. You may also find that there are benefits such as on-site gyms, flexible PA services, and the opportunity to brand your area, and 24-hour security if your business works longer or non-standard hours.
Look out for offices that will be close to major transport networks and carry out plenty of research to compare offers and office locations. A property adviser can offer a valuable service and advice at this stage and even negotiate on your behalf.