For startups, it is especially important to choose the right office space for you. You have the overhead costs to consider, the location, and how much all of these will scrape off your budget. These days, the most popular choices among businesses in Melbourne are co-working spaces and serviced offices.
In many cases, co-working spaces are more often opted by startups, “a new kid on the block” it may be. Co-working spaces have flexible arrangements that best suit the requirements of startups. The flexibility of these spaces is not limited to its office premise access, but even up to their rental or lease contracts. Startups do not only have nothing to worry about investing and setting up office desks and chairs, furniture, office equipment, and technology to start off. They can rent or lease the space according to their current need. The term could be weeks, months, or years. In addition to these, open, dedicated, and private desks and offices are available as well. There are also kitchens, recreational, and event spaces ready for use.
To contrast, there are not so much differences between co-working spaces and serviced offices. Serviced offices, otherwise known as, executive offices, managed offices, or business centers, are spaces being rented or leased out by facilities management companies. The place is also fully-furnished and readily set-up. A private office, an entire floor or several floors in a building may be rented or leased by a company. In most cases, these business office options are chosen by established small to medium businesses and corporations. What make serviced offices differ from co-working spaces are the availability of services and amenities such as telephone system, reception services, security, cleaning and office maintenance, mail services, office equipment, and conference rooms.
Between the two options, serviced offices are a much expensive choice. The cost for co-working spaces depend on the package of services and amenities you are availing. All these costs will be billed to you later on. Meanwhile, serviced offices have fixed costs since what you will be paying for is an all-inclusive option. Serviced offices may cost higher, on one way to look at it, but businesses are able to allocate a fixed budget for their monthly rentals, and do not have to worry about paying for huge bills at the end of the month.
Aside from the differences between these two business office options, there are startups that outgrow the co-working space solution and move up to a serviced office. Although they cost higher, serviced offices provide solutions like a professional business address and access to high-tech office equipment. Unlike co-working spaces, serviced offices offer a more professional environment compared to the relax and coffee-shop like environments that co-working spaces offer.
When Do you Know you are Ready
Moving from one office to another is a huge step for your business, especially when both spaces you are leaving and the one you are going to are different from one another. For instance, the environments of a co-working space and a serviced office are different from each other. If you have grown used to a co-working space, there may be some things you need to adjust to.
A co-working space is not a bad choice for businesses but there are just times when the business will need more than these co-working spaces can offer. When do you know it’s time to move to a serviced office?
It is time to get a professional serviced office when working in a co-working environment is no longer working or helping your productivity. Although many people prefer co-working spaces because of the collaborative communities that they create, not everybody can last in that kind of environment for forever. If the surrounding and the noise that this kind of environment already gets to you and hampers your work productivity, it’s definitely time to move out.
As a startup, your budget in the initial months of your operations, your budget may be limited and you can only afford the flexible rates of a co-working space. As time goes on, your business grows, you are earning more and you need more space to accommodate you and your growing team. By then, you can commit to the fixed monthly rent for a serviced office. It’s not just about being able to afford the office space. The time comes when your business also needs expansion and access to things that co-working spaces do not offer.
Before making any decision, list down the things you need to consider in choosing a serviced office. Have some time to weigh all your business needs. It is thrilling to move from one office setup to another that is much bigger and has more professional feel. However, being wise about your decision will take you a long way.
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace