Hidden costs of office space: are you aware of them?

While it is true that remote workers and at-home-start-ups save money working from home, as your business grows, most small business owners reach a point where home and business need to happen in separate spaces. When you need a real office, you start looking around to lease commercial office space. So many factors go into finding, leasing, and outfitting an office and this endeavour often takes the focus away from your core business initiatives. We know that just finding and leasing an office can be a full-time job, and can come with downsides, like wasting money. So, what are the hidden costs of office space?

Commercial leases can be complicated and expensive

A commercial office in a prestigious area will not come with a bargain price tag. The popularity of coworking/flexible workspaces evolved partly because office leases in such areas proved prohibitively expensive to tech companies and start-ups that didn’t actually need full-time physical office spaces. At first, an office of your own seems like the most business-like move you can make to grow your company, but since most commercial leases often involve a longer term commitment you may not feel comfortable with that level of obligation yet. When you start looking at office spaces, there are a few other things to keep in mind before you sign on the dotted line.

All-inclusive or not

Some commercial leases mean that your monthly rent is all-inclusive but most of the time, office leases only include the monthly rental, which will be lower than fully serviced leases. However, this means that in addition to the rent, you’ll be expected to pay hidden costs for your office space to get it up and running. These include, but are not limited to:

Utilities
Insurance
Maintenance
Cleaning
Common Area Maintenance (Lobby, Elevators, Parking)

Your Internet connection Commercial rates for things like fibre-optic Internet will cost several times more than the residential rates you’re familiar with. Fast dependable Internet is important for your business because unlike cable and DSL, fibre Internet speeds are synchronous. For businesses that upload large files, this means that it takes the same time to upload files as it does to download files.

You’re going to need some office furniture Not only are you going to need furniture but also, a look that speaks to your brand’s image. This includes paint or other wall coverings, possibly flooring and rugs or carpeting. If your office has a reception area, you’ll need a focal point, such as an art piece or specialty lighting installations that make a statement at your entrance. One or more ergonomic office chairs are a good investment but you will want to go through a commercial office furniture company.

Coffee? Tea? In a solo office, you can brew a pot of coffee or make tea for yourself, no problem. If you’re a gourmet coffee drinker, then it’s off to a local coffee shop, for you. That’s a £5 a day treat that can cost over £100 each month!

What about snacks and meals? While most office spaces for one to two people don’t usually include a kitchen or even a sink, you may have access to the building’s kitchen. If that’s the case, you could bring in your ingredients and make your lunch there. You could just pack your lunch but if that’s just not your thing, you’ll need to budget about £10 a day for lunch. As for snacks, that’s on you! If it’s just for you, it’s simple but when others are involved or you have a lot of in-office client meetings, then individually wrapped snacks need to be purchased and distributed to appropriate areas.

Who’s going to clean your office? One of the biggest hidden costs of office space. Some leases may include basic dustbin emptying and vacuuming, weekly. If your lease doesn’t include office cleaning, then you’ll need to contract a company to clean your office, although many independent cleaning pros might not charge as much. Overwhelmed and disillusioned yet? No need to be. A realistic, money-saving office space awaits you!

Venture X to the rescue! With flexible, monthly contracts that include everything you need to do business every day, including coffee, tea, and water, it’s no wonder coworking spaces, such as Venture X, have changed the way people like to work. In addition to business class office equipment, cleaning services, and first-class amenities, you can choose your workspace, to fit your needs, whether it’s a space to work once or twice a week, a full-time dedicated desk space or a private office. Our diverse community of small, medium, and large business professionals offers opportunities to build your brand’s base and feel a part of something larger than just your own business.

Owning a business is about growing that business. Venture X allows you to get right to work in our upscale surroundings, without taking your focus off your core business initiatives, while saving a significant amount of money. At Venture X, our goal is to help our members grow their businesses and spark their creativity. Venture X, designed for your success.

Contact your local Venture X to schedule a tour!