As a startup, or newly established business, deciding when, where and even if you should invest in an office space can be a difficult decision.
Whilst the working from home approach has been taken on board by many companies since the COVID-19 pandemic, the past year has shown that workers are increasingly returning to the office - or at least adopting a hybrid working model.
For startup businesses, there’s plenty to consider when it comes to choosing the right office space. With so many potential uncertainties at the beginning of a new venture, having an office space that allows flexibility and can be tailored to an evolving business model can be key.
THE BENEFITS OF HAVING AN OFFICE SPACE FOR YOUR STARTUP
Investing in an office space for your emerging business from the get-go has many benefits and can constitute a vital part of your overall growth - despite the associated costs. As the saying goes, sometimes you have to spend money to make money!
HELPS BUILD REPUTATION
As a new business, getting your name out there and building your reputation is key to future business growth. Whilst the work you deliver is the most vital part of earning your reputation, having a permanent office space in a prestigious location can only benefit that positive standing.
Investing in an office space demonstrates the legitimacy and intended permanency of your new business. Showing that you are prepared to invest in your own company is a good sign both to potential clients and new hires.
AIDS RECRUITMENT EFFORT
Just as having an office space for your startup can help your reputation with new clients, it can also help with your recruitment efforts.
When growing your business, there will undoubtedly come a time when recruitment becomes necessary. Having a welcoming and exciting office space can help to attract the talent you want on your team. Even being brought into an office for an interview and experiencing a vibrant atmosphere is a great way to encourage new hires to imagine a positive future for themselves at your business.
HELPS BUILD COMPANY CULTURE
And whilst a great office space is brilliant for recruitment - it’s crucial to ensuring your existing employees stay happy and motivated in their professional lives. There’s no better feeling as a startup owner than walking into the office of the business you’ve built, and feeling the buzz of your employees, seeing your team collaborate and enjoy their working week.
Having a physical office space allows for workplace culture and teambuilding to flourish in a way that isn’t always possible when working from home is the norm. An office is in and of itself a great way to increase workplace productivity too - which is integral to any company's success.
WHAT MAKES THE BEST STARTUP OFFICE
If, as a startup, you do decide that investing in an office space is the right choice for you, you need to ensure you’re investing in the right office type.
LOOK FOR FLEXIBLE LEASE OPTIONS
The right lease type is a key factor to watch out for. A flexible lease is a great option for a new business, as it can allow you to change your space as your business evolves.
At Orega, our serviced offices are all available with flexible leases. A temporary office option can also be great for startups, as it allows businesses to have an office space from as short a stretch as one month, if it is something you’d like to trial without making a long-term commitment straightaway.
With Orega it is easy and hassle free to upgrade your office space, so that accommodating more staff as the business grows is not something you need to worry about.
AMENITIES AND PERKS TO SAVE YOU ON EXTRA COSTS
There are many outgoing costs to cover when launching a business, so if you do decide to take on an office lease, consider opting for one which comes with added perks and desirable amenities - saving any unexpected fees down the line.
Whatever your lease length, at an Orega office you can expect unlimited tea, coffee and filter water for your employees - at no extra cost to you.
We also have plenty of printing and scanning facilities for our tenants to use as and when they need, so you don’t need to purchase a printer or foot the costs of ink and paper - costs which can add up over time.
Additionally, all Orega offices feature an array of bookable meeting rooms which are equipped with the highest quality technology. In this way, your new business can benefit from the best equipment, from the very beginning, allowing you to host meetings seamlessly in designated environments, without any added cost.
These rooms are also great for holding training sessions in, or interviewing job candidates, and represent a very useful feature - no matter your company’s size or age.
A DEDICATED RECEPTION TEAM
For many businesses starting out, there isn’t the budget to hire employees who don’t individually generate revenue. This can lead to core employees taking on the additional roles and responsibilities that an office receptionist, manager or HR representative would typically do.
So whilst it is unlikely you will find an office lease that includes an HR rep, many office buildings - including Orega’s - do come with a dedicated, professional reception team.
Our receptionists are able to provide assistance across the board, including providing a warm professional welcome, and thus a great first impression to visiting clients, partners and employees alike. This might seem like a small thing, but a warm greeting works wonders, whether yours is a startup or a 10 year old business.
ALTERNATIVES IF AN OFFICE SPACE ISN’T POSSIBLE
The cost of an office space for a startup business may not be affordable at first and in those cases a virtual office can be a great alternative to bricks and mortar! If you are wondering what a virtual office is, put simply it’s a registered business address in a desirable location. You might not be able to afford a city suite yet - but your address can say otherwise… And with Orega there are many more benefits to virtual offices, too.