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Serviced Offices or Co-Working Spaces: What’s Right for my Business?

PUBLISHED 03/09/2018

In the digitally connected world, we live in businesses are taking advantage of the dynamic shift in office space concepts, no longer having to be tied into long-term leased office contracts, young entrepreneurial start-ups, freelancers and small businesses have a wide choice of office solutions to choose from.

But when it comes to the point in a growing business’ life when working remotely is no longer an option, and an investigation into the right form of office space for your business is needed, there are a number of things to consider, from planning for your business’ future, both for if everything goes to plan and you grow at the rate you want, but also for those worst case scenarios. Meaning you need something that provides flexibility to scale both up and down, which these new models of office spaces allow.

In the rest of this blog, we’ll take a look at serviced offices</a> and co-working spaces, outlining what they can provide for your business, along with the benefits they both offer, helping you find which office type might be the right option for you.

People working together in coworking office space
Signature Works Open Office Space in Old Hall Street

Serviced Offices

Serviced offices offer a similar option to the now outdated and less flexible leased office solution, but where they would come as a blank canvas, serviced offices, however, come with everything you’d require to be set up from day one.

From fully kitted desks, chairs, high-speed internet and phone lines, furnished kitchens and water coolers all ready to use and make the transition to your new office space as simple and seamless as possible. Most serviced office spaces will also come with receptions offering you business admin help to aid in things like preventing you from being hit with advertising calls.

These forms of offices are perfect for small businesses looking for a place to call home, and continue to grow and develop, providing everything you’d need from day one included in the rent, and letting you get up and running as soon as possible. So, let’s take a little look at the Pros and Cons:

Pros

Flexibility

– Serviced Office Spaces provide great flexibility for young, growing companies allowing you to easily scale your business up and down through the use of partitions and access to other serviced office spaces within the same building. The other benefit is that most serviced office providers, including ourselves here at Signature Works, allow for one month notice periods, giving you the flexibility to quickly expand as your business continues to succeed.

Convenience

–  As serviced office spaces come with everything you’d want already fitted, they can allow you to conveniently start work within days of signing on the dotted line. Meaning all the hassle of hiring movers or finding the right furniture to kit your office out with are removed, allowing you to keep focused on the things that really matter most, you clients and your team.

Cost

– With an all-inclusive fixed cost, covering your business rates, utilities and in most serviced office spaces, the use of breakout rooms and meeting spaces, you can get a lot for your money, meaning you can invest your savings back into your business.

Cons

Control

– One of the only drawbacks to a serviced office space is that you have very little control of the design of spaces outside of your office, from communal breakout spaces to boardrooms and meeting spaces, as these are shared between your business and others within the building.

Bunch of young people coworking in coworking office space
Office Space CTA

Co-Working Spaces

With more and more people choosing to become self-employed co-working spaces are on the rise and are the on-trend choice for young, dynamic entrepreneurs, providing business with large creative, shared workspaces. This fantastic blend of space allows new businesses to network, collaborate and engage with a whole host of other entrepreneurs, often establishing long-term business relationships.

Also, due to paying for simply the space you use, be it via a hot-desking or dedicated desk solution, co-working spaces offer a flexible contract at a much lower rate than you’d get from a leased office space. With that in mind let’s take a look at the pros and cons of such a space.

Pros

Networking

– In a shared, co-working environment likeminded business owners and freelancers can network and collaborate on projects establishing strong two-way relationships that can benefit them both. They also ensure a social aspect, helping those workers who’d previously worked from home to avoid that cabin fever feeling.

Flexibility

– Co-Working Spaces such as those we provide here at Signature Works, provide businesses with a convenient and flexible solution, with rolling monthly contracts and pay as you go solutions for those taking advantage of hot desking services.

Cost

– The price of co-working spaces is much lower than any other form of office space environment, with our prices starting at £125 per month, which includes a host of extra benefits from access to our Signature Fit Club and free Business advice as well as free tea and coffee

Cons

Privacy
– When it comes to the negatives of co-working environments, the major issues is privacy. Being in a shared space means that everyone can potentially see and hear what you are working on, potentially leaving you open to data breaches or, though unlikely, other businesses in the space stealing your ideas or pitching your clients.

So, there you have it the pros and cons of serviced office spaces and co-working spaces, but at the end of the day the choice is yours and you’ll be able to use the above information to identify which office type is right for your business. But if you need help making the decision or would like to know more about the Signature Works Serviced and Co-Working Office Spaces, then get in touch with our team today on 0151 558 1566.

Young man and woman sat at a desk in modern office

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