Many businesses use serviced offices because of the advantages that they can bring. Small businesses, in particular, are ideally suited to this mode of operation. But what is a serviced office exactly and what can it offer a small business owner? Read on to discover more.
What is a serviced office?
A serviced office is an office that is ready for a business to use. It comes complete with fixtures and fittings, equipment and office facilities. All the business has to do is pay the rent, which covers line rental, internet set up, water and heating and lighting costs. Some serviced offices offer other features, which you can use depending on your needs. For instance, you might be able to use catering services, have access to meeting rooms or take advantage of full administrative support. So, just why are serviced offices beneficial to a small business?
One of the most attractive features of a serviced office to a small business is that it provides a wealth of flexibility. Many small businesses starting out are often testing the water, finding their feet and their niche, and are less stable than larger, more established organisations. For small businesses, a serviced office allows them the flexibility to use a space, without requiring massive investment. A small office needs a level of flexibility to adapt to any changes in the market, and because a serviced office doesn’t need to be a long-term commitment, it will give the small office the flexibility it needs.
Lack of resources
Many small offices lack the financial means to acquire their own premises, and they may not have the time, manpower, resources or knowledge to get an office up and running. By committing to a serviced office for a period of time, it means the small business doesn’t need to worry about the setting up of the office environment or investing capital into it, which can give it the time to focus on the more important aspects of its business.
A huge number of small businesses fail in their first year of operation. By using a serviced office, the small business will have reduced overheads, which means what capital it does have can be ploughed into key areas of the business.
Using a serviced office can give a small business credibility with its clients, especially if it needs to have clients visiting its premises for meetings. This may be especially important for those small businesses who may have otherwise only had the financial means to work from home.
Opportunity for growth
Because a small business only leases the serviced office for a small period of time, it means that at the end of the lease, it has the option to assess what it needs thereafter. This is vital, if the small business feels that it needs to expand, in which it may then have the option to move to a bigger serviced office premises. On the other hand, if a small business bought premises outright, there may not be any physical means for it to expand, if it needed to.
A serviced office is of great convenience to a small firm, especially if that business is trying to establish itself in various locations. By not being tied down to one premises, the small business can conduct its business operations anywhere it wants, depending on the demand of its customers.
ABOUT THE AUTHOR: Philippa has a passion for helping small businesses and tends to write a lot of articles to help small business owners learn the dos and don’ts. Philippa often uses the Foxhall site for inspiration.