You might be looking for a quiet place to work, beginning to generate turnover or thinking about taking on your first employee, but you feel it might be time to graduate from your home office. Where do you start?
The first thing is to decide what type of space you might need and where. Are you looking for a private office, a dedicated corner in a shared work space or just a place to hot desk every now and then? If it’s any of these then you might want to consider a serviced co-working space.
From a location perspective, co-working space is popping up throughout all the major UK cities, particularly London. Offering increasingly flexible workplace solutions and holding many perks. Included in your monthly fee you will generally have access to unlimited coffee, a plethora of meeting rooms, showers, speedy WiFi and an inspirational collection of people (and dogs). All the standard furniture is already provided and set up ready for you to move your belongings in and get to work.
If you’ve decided this is for you, the next stage is filtering through the massive number of providers. There are general demographics which tend to group at different spaces - more corporate companies at Regus, more digital or creative companies at WeWork and something a little in between at The Office Group. These three would probably be considered the main companies. If you are into marketing you might want to consider LABS, or if you want a science incubator feel try Central Working White city created in partnership with Imperial College Think Space. The best thing to do is to arrange a viewing with them all and see which one has the best vibe for your business.
Dedicated offices are most commonly priced by number of desks, not square footage like you’d find in a more traditional office rental, though this is not always the case. A two person office should cost between £1,200 and £2,000 pcm in London, but varies greatly depending on the area. Office prices are generally well discounted as the number of desks increases, with five person offices ranging between £2,500 and £4,000.
If you are simply looking to hot desk a few times a week, the basic monthly membership offered by most companies should suffice. You would be looking at around £200 - £500 for a hot desk, or £500 - £600 for a dedicated desk in a co-op space in Central London. Again, prices can vary dependent on the area.
This is by no means comprehensive, but shared work space, particularly in London is an avenue to consider. With more competition springing up on a daily basis and more companies moving into this type of environment it provides an excellent hub for your business to network and grow.