The Hidden Costs of an Office & How Flexible Workspaces Save You Money
When renting a traditional office, businesses tend to overlook hidden costs, but these can quickly add up. Having lots of expenses to think about can be frustrating for any business, but it can be particularly difficult for startups and small teams. Many businesses are now making the move to use flexible workspaces instead. Let’s look at the hidden costs of a traditional office and why people are making the change.
Upfront Expenses You Might Not Expect
When moving into an office, the price of furniture is often more expensive than people think. If your space is unfurnished, you’ll need to buy desks, chairs, and suitable storage solutions to keep everything tidy. Many businesses like to update their space with new desks and chairs to give it a fresh look, even if it comes with furniture already. IT infrastructure, like computer screens, cables, and keyboards, is a significant expense, especially for high-quality and reliable equipment.
As well as costs for physical items, you’ll have to pay a rent deposit too. Some tenants also carry out a lease review, which is a good idea for highlighting potential risks and gaining clarity. Hiring a lawyer for this adds legal expertise to the process, but it’s also an extra cost to think about.
Ongoing Bills That Add Up Fast
Rent and utility bills, such as internet, water, electricity, and gas, are ongoing costs that constantly hang over your head. The price of water usage could potentially increase if your team gets bigger too. Business rates are something to consider as well. In some cases, you may be responsible for maintenance fees too, and replacing something like a whole roof or carpet can be very costly.
Extra Costs for Customisation and End-of-Lease Fees
To really make your office feel like your own, you’ll want to customise it to make sure it’s both comfortable and reflects your brand. However, the small things can add up quickly, and this is something to bear in mind when sticking to a budget. This includes:
- Paint for adding your brand colours and logo to the walls, as well as giving your room a fresh look
- Small decorative features, like plants, signs and wall art
- Kitchen utensils and toiletries
- Office equipment, such as printers, scanners, and telephones. These aren’t cheap when you’re favouring quality
- Security features like cameras or key card access can make your office feel safer
End-of-lease fees are also something to watch out for. Making the decision to end your tenancy early means you may have to pay a fee, not get your deposit back, or be made to pay the rest of your rent.
Lost Time and Productivity
Working in the same office space surrounded by the same four walls can become boring very quickly, leading to a lack of motivation, creativity, and productivity. Other factors in your office could result in lost time, such as distractions, inadequate collaboration due to a poor seating plan, and harsh lighting, which can cause fatigue.
How Flexible Workspaces Help You Save
The cost for bills, maintenance, amenities, and the equipment you use are all usually included in the price you pay for your space. This cost is predictable as it’s normally charged at a fixed rate on an hourly or daily basis, and sometimes monthly for some memberships. This means companies can be flexible in how long they want to hire for to help them stay within their budget. There are no hefty upfront costs to worry about, as your space will be ready with everything you need to crack on. Businesses can scale up or down as required, and there are many flexible workspaces out there to choose from.
Ready to Cut Costs? Try a Flexible Workspace Today
If you’re on the lookout for a flexible workspace to help you cut costs and eliminate overheads, then you can find what you’re looking for through our easy-to-use platform. With Spacepool, you can compare hundreds of workspaces across the country, including meeting rooms, hot desking options, private offices, and more. By using our website’s filtering tool, you can find a workspace in your desired location that fits within your budget and suits your needs. It’s free to register with us today and explore hundreds of flexible workspace options until you find one that you and your team love.