Whether you're a start-up or a fully-fledged business with hundreds of employees, your office environment is integral to the day to day running of the company. With an increasing range of options, we look at the benefits and drawbacks of each and which will best suit your unique business needs.
Home Office
Most businesses will have originated from 'the kitchen table', and it seems the obvious option to initially set up shop in the comforts of home, with no additional overheads to dwindle profits. However, it can become distracting working from home, and the dilemma of the all-important work-life balance becomes increasingly blurred. Whilst it's convenient to get the business up and running at home, it might become necessary to move to an official office set up at some point.
Pros:
- Cost-effective
- Convenient
- No commute
- Time Saving
Cons:
- Environmental distractions
- No room to expand
- Problematic work-life balance
- Lack of social interactions or collaboration
Virtual Office
Virtual offices are particularly useful for companies whose workforce are predominantly freelance based or remote workers. They are a cost-effective option, which grants the legitimacy of an official business address and mail and phone calls can be redirected, this is usually managed by the office reception. These offices can offer the additional perk of meeting rooms which can be booked out when required.
Pros:
- Money saving
- Ideal for newly formed and small businesses or subdivisions
- Legitimacy of a registered business address
- Most offer meeting room space
- Offered services depending on the chosen package
Cons:
- No physical desk space
- Lack of social interactions or collaboration
Coworking
If you're a start-up or a small business, then coworking offers a chance to work alongside fellow entrepreneurs. These spaces are ideal for networking, sharing ideas and collaborating. You'll benefit from an office that provides amenities (WiFi, office equipment and appliances etc.), in a professional environment that removes the distractions of home. Coworking offices are usually versatile spaces, with a mixture of hot-desks, breakout zones and meeting rooms with the flexibility of versatile contract lengths.
Pros:
- Ideal for newly formed and small businesses
- Networking opportunities
- Inclusive amenities
- Flexibility
- Room for growth
Cons:
- Lack of customisation
- Potentially distracting working alongside other businesses
- Lack of privacy
- Company culture not suitable or divergent
Leased Office
This traditional form of office rental is a longer-term commitment with generally six-month minimum contracts, but often as much as one year or multi-year leases. Leased offices provide additional security, but are much more binding and not a feasible option for most businesses.
Pros:
- Long-term security
- Professional environment
- Potential to put own stamp on the office space
Cons:
- Inflexible
- Less economical than alternatives
- Larger scale - less suitable for startups
Serviced Office
If you want a space that's ready to move straight into without the worry of servicing, then this is an ideal option. With amenities incorporated in the overall rental price, including a supportive reception, team cleaners, security staff as well as facilities such as kitchenettes, WiFi, printers and photocopiers, it offers a perfect blend of ease and peace of mind. To top it off, serviced offices generally benefit from flexible and versatile contract lengths.
Pros:
- Prestigious location and cost effective
- Value for money
- Flexible tenancy
- Inbuilt infrastructure offers ease and peace of mind
- Professional environment
- Networking opportunities
- Professional support teams on-hand
Cons:
- Sharing facilities
- Depending on the provider, the ability to incorporate brand and style within the space
