Jan 22, 2018
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Top 5 Scaleup/Startup Office Move Pitfalls to Avoid
Your new startup business has a great idea, the funders like it and you receive a huge injection of cash to move your business to the next level. You then need to up-size and attracting the right talent is only part of the challenge. You must find the right space to interest them and keep the team feeling motivated and creative.
With that in mind, below are 5 important points to be aware of and avoid when searching for new commercial property to let in Central London.
Losing Your Identity, Staff & Clients
Serviced offices can offer you the immediate fix required to get you up and running quickly; but often you lose your identity, especially with clients and staff alike, and confusion can be created around your brand. We are seeing more and more occasions where firms opt to share a building with other like-minded companies only to find their best employees being poached due to the creative sharing environment. Also, confidentiality can play a big part in this as clients often dislike these spaces and worry that too much of their private business is there for all see.
The Wrong Space
Space required can change with the rapid growth that often occurs within scaleup businesses, so having a clear idea of this and the length of time that will suit the next part of the journey needs to be clearly understood and pre-planned. Too short a lease and you’ll need to move sooner than you think and too long you'll end up taking on extra costs that could be better used to drive the business elsewhere.
Overpaying
Paying over the odds for a premises that isn't right for you is happening more than it needs to. Trying to find commercial office space ideas in the right areas of London can be very time consuming and often the person gifted with the job of finding the space is doing so alongside their main role. Therefore, it can seem an uphill battle from the get-go. Working with a knowledgeable, experienced and trusted agent to represent you will help you get to spaces you wouldn’t know existed. The agent will trawl through the whole of the market and compile a shortlist of the best properties available within the given timescale and to your bespoke requirements. On top of this, the agent should negotiate a better deal that takes into account your growth/staffing needs, including securing a market rent free and lease terms that will save thousands of pounds in unnecessary rent.
Working the Space
Often companies will look for space based on maximum numbers of staff rather than how many will be expected to be working in the office on any one average day. Some will work from home and others may be at clients’ offices. Therefore, it is important to know your aggregate. Flexibility of space and the clever use of furniture can really make a space work in different ways too and again it is all about getting that specialist in who can advise and guide you on these important aspects.
Check out here for more details about Top 5 Scaleup/Startup Office Move Pitfalls to Avoid
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