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Leading Lease – Tips on Finding Office Space for Your Next Great Business Venture

Estimated reading time: 5 mins

It’s not hard to find compelling reasons to invest in Australia. Aside from the strength of its economy, the country is warm, friendly, and relatively well off. According to the Chief Executive of the Chamber of Commerce, this is a place where hard work really does pay. There is a high correlation between enterprise and success, so it could be perfect for your business.

While office space can be expensive in the big cities, the market has diversified in recent years. There are now more leasing options than ever before, so companies of all sizes can afford to launch in Australia. For instance, serviced office lease rolls all of the major expenses into one monthly fee. Heating, cleaning, lighting, and other costs are included in the rate.

This article explores the perks of going serviced and shares some tips on finding a top office.

See It for Yourself

This is a stage of the process that many businesses neglect. However, there’s no way to know if an office is a good fit without seeing it first. With a serviced lease, this is particularly true, because these providers tend to be highly flexible. In most cases, tenants have full control over their terms of use and can drop or add features at any time. So, take the opportunity to visit the office space in person.

Check Out Its Reputation

Whether you’re planning to launch in Melbourne, Sydney, or Perth, get to know the neighbourhood you have in mind. If possible, connect with locals and find out about the type of people and businesses in the area. Identify the demographics and what kind of groups you’ll be selling to. It’s even better if you can pick the brains of current tenants in your prospective office facility to find out what kind of experience they have had in the location.

Investigate the Receptionist

Most serviced offices – certainly the premium providers – offer access to a dedicated receptionist and phone line package. As communication is the front line of all businesses, this could be an invaluable resource. Before you sign a contract, find out exactly what an onsite receptionist can do for you and whether an extra charge is required. Often, administrative assistance is included in the rental fee, but it is worth finding out for sure.

Local Talent

Tapping into the local talent pool can be a great way of gaining a foothold in the local market and exposing your business to new people. Graduates from the city you are locating your business in will often understand the business landscape well and may even know people in other nearby businesses. Networking is important in any business and hiring locally is a fantastic way to get under the hood of what is going on in what could be your new business location.

Be Clear on the Terms

The major benefit of opting for a serviced office over a conventional lease is the open-ended contract. Unlike private, long hold leases, this arrangement tends to be very flexible. Often, contracts roll over until the tenant decides to leave. It is a huge perk, particularly for smaller businesses that can’t make promises about where they’ll be in one or two years. Having this kind of flexibility puts you in a great position as you grow your business.

Choose Low Maintenance

It’s common for serviced offices to include a complete cleaning schedule. Along with the consolidated cost of heating and lighting, this makes for a very affordable office space indeed. There is only one monthly payment for all logistical expenses. It is simple, manageable, and highly practical. In fact, you’ll be hard-pressed to find a more low maintenance deal than this and you don’t have to spend time reviewing cleaning companies before hiring one that meets your budget and requirements.

Look for Parking Facilities

When choosing an office space for your next venture it’s important to give some consideration to the location relative to parking facilities. If you’re arranging to meet with potential clients and business partners, you want to make it as easy as possible for them to access your office. Having ample parking nearby, or in the building itself, will help tremendously and will ensure that your meetings go ahead without any issues. The last thing you want is for your clients to be driving around in circles searching for parking when they should be discussing future business decisions with you in your new office space.

Consider Accessibility

Does your business rely on foot traffic and/or passing vehicle traffic to gain exposure? If so, you need to give due consideration to how visible your business will be to potential clients. Having an office in a high-profile location with a lot of passing pedestrians can do a lot for some businesses. It’s also worth considering what complimentary businesses are nearby that you may want to utilise or potentially gain more customers from.

For example, if you are an accountancy firm, being located near banks and other financial companies may lead to an increase in business for you and you can also utilise their services as you require them.

Why Going ‘Serviced’ Is the Hot New Trend for Small Businesses

It’s also worth mentioning the long-term benefits of going serviced. For instance, leasing a serviced space is a chance for your business to remain agile and responsive. If for any reason, the company faces hard times, there is substantially less risk. Going serviced allows you the flexibility to move with your business. If your business grows you can expand your space. On the other hand, if your business goals are not being achieved, you can downsize to save money.

Often, seemingly invincible brands are toppled because too much of their capital is tied up in rental fees. As soon as the market turns in an unexpected manner, they struggle to adapt. Many get locked into unsuitable leases because their contracts are closed and final. Serviced offices, on the other hand, they come with an inbuilt capacity for change.

Image Source: https://media.glassdoor.com/l/cf/be/bb/2e/123-go-team.jpg

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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