For a young business, one of the hardest decisions is knowing when to take that first step upwards and commit to a professional address. Everybody does it in their own time. Some companies have the cash to move straight into a corporate suite. Others launch from home offices and, in some cases, their bedrooms.
The time is different for every business, but if you want to make money and become a success, you do need to make the right moves when it comes along. Growth is an important part of company development and, as your responsibilities increase, you’ll need space for more equipment and employees.
The good news is that there are more options than ever before for businesses in need of a bigger, better office. Keep reading for some alternatives to the traditional lock in lease.
There are some superb virtual offices in Perth and the other big Australian cities. They are operated on a communal basis. It means that they offer all of the resources, software, and equipment needed to run a business, but it is located in a shared suite. In exchange for sharing, you get round the clock access without ever having to sign a long-term contract. Plus, you have the freedom to pick and choose the services that you want.
Similarly, serviced offices provide private suites but on a flexible basis. Like virtual workspaces, they don’t ask for a long term commitment and the resources included as part of the deal can be changed at any time. The beauty of serviced offices is that they support businesses with tighter profit margins. You can remain agile and move upwards or outwards whenever it suits, but you also get to reap the rewards of a prestigious corporate address.
Hot desking is a relatively new trend, but it is currently making waves with start-up companies and entrepreneurs. The idea is that you don’t give every employee their own desk space. Instead, you have a smaller number of desks and make them available on a rotating basis. This is a highly effective solution for companies which are stuck in unsuitable conditions due to the inflexible terms of a lock in lease. With careful management, it means that you can expand the size of your workforce without the need for more floor space.
Another option which is growing in popularity is remote work. Like hot desking, it is an easy way to increase the number of employees without spending a lot more money on office space. While it won’t work for every business, it is particularly well suited to smaller ventures with technically diverse teams. Employees don’t come into the office to carry out their responsibilities. They either do the work from home or from a local co-working space.
Incubators are another route, particularly if you’re a very young company and you need extra support. They share similar features to virtual offices, but they are much more structured. While co-working spaces are designed for independent movement and endeavour, incubators are like a kind of school for new businesses. They provide office space and access to mentors, financing plans, legal advisors, and more. This is typically offered in exchange for a small amount of equity in the company.
Why the Age of the Long Term Lease Is Over
The thing to remember when starting out and taking those all-important first steps is that there are more choices for new businesses than there have ever been before. You don’t have to opt for the conventional office lease, with the rigid terms and inflexible features. You can select the level of support which is right for you; whether that means going it alone in a serviced suite or collaborating with others in a communal workspace.