Can’t make up your mind between a serviced office or a traditional office? Here are 5 key points to help you make the best decision.
All types of businesses need office space. Big or small, modern or simple, what’s important to entrepreneurs is a place where they can set up operation that will help make their business rather than break it.
Choosing the type of office space is easier said than done though. A lot of thought and consideration has to be put into it before making a decision. If you’re in the market for an office space, you’ve got two options to choose from : the traditional office or the plug-and-play serviced office. We’ve highlighted key points to help you make the best decision for your business.
Here are 5 key points to help you choose between a serviced office and a traditional office:
1. Pay for Space
Traditional offices make you pay for areas you don’t use much. The conference room, corridors and other largely unused spaces only add area to your leasing agreement but subtract value. With serviced offices in Makati, you pay for the areas you use and the cost of shared spaces such as conference rooms are divided over multiple businesses.
With traditional offices, you need about 1 to 2 months before you can get your business up and running because you need time setting up the office’s utilities, furniture, IT infrastructure and everything else that your business needs. As for serviced offices, you can start your operations literally the moment you move in since they come fully-furnished, equipped and operational. Plus, you avoid the worries and cost of moving into a new office.
In traditional office spaces, you’ll need to set up and pay for all utilities such as internet connection, Wi-Fi, water, electricity, etc., which represents an ongoing monthly cost in addition to the mortgage or lease payment. In serviced offices, all of those utilities are included in your rental cost. Secretarial services and admin support may also be offered as part of the package.
Traditional office spaces usually require a long-term lease contract. If the business goes sour, you could be stuck with the monthly rent despite not being able to afford it. Serviced offices give great emphasis on flexibility. The monthly rental cost may be higher than with a traditional space, but you’re not stuck in a long-term contract.
5. Prestigious Business Address
Small or medium-sized companies usually can’t afford the kind of business address that wows clients and partners, because obviously they cost higher, especially with traditional office spaces. It’s a good thing that serviced offices are located at the best business addresses in major cities, so even a small business owner or entrepreneur can afford to make a good impression to a client.
In choosing the right office space, the key is to find the office that’s most tailored to your specific situation. Allot plenty of time and resources, and never rush into a decision, and you’ll end up with a business space that truly works for you.