![]() Moving offices is expensive and a big drain on your time. More and more spaces are offering a mix of the two, giving you the freedom to create your own branded space while using a simple, short-term licence. Most leases are between three and 25 years, although they often come with break clauses. Leasing, on the other hand, offers more security and is better suited to businesses with more predictable needs. Licensing is typically cheaper and more flexible, with shorter contracts that you or the landlord can terminate at short notice (eg, co-working spaces). There are two main options when it comes to renting a space: licensing or leasing. Getting the balance right between something you can afford, and something that hits all your business’ requirements, mode of working and the needs of your staff takes some due diligence – and likely a bit of compromising, too. ![]() Though the importance of physical offices has definitely shifted since the gradual, then enforced, shift to remote and hybrid work, for many small businesses it’s still crucial. Rent and utilities will probably be some of your biggest fixed costs – careful not to fall into the trap of ending up with an expensive, long-term lease that doesn’t suit your needs and that you can’t get out of. Getting it wrong can mean, well, the opposite, and the threat of a potentially damaging financial burden. It can mean happier and more productive staff, increases your attractiveness to potential hires and strengthens your brand’s image. Why it’s importantĬhoosing the right office can be a game-changer for a small business – even early on when it might not seem a huge priority. Though many small businesses might opt for something cheap and cheerful as their first home, that doesn’t mean that factors like location, space, infrastructure and terms of contract don’t need to play a big part in the process. ![]() The main options include taking a section of a co-working space, renting a serviced office that’s fully-equipped and managed by an office provider, sub-leasing space from another company, or leasing your own office. ![]() As your business grows, there may come a time when you decide it’s time to move from home, cafes or hotel lobbies and rent your own space – whether that’s because your team has grown, you need to up collaboration or you want to host regular meetings. ![]()
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