Categorized | Business

Office Rental: Considerations for Small Businesses

If you are considering relocating your business, or are launching a new venture, you will have to think about several factors. A desirable location is a key consideration, as is the decision to rent or buy a premises. You will also need to think about budget constraints and potential number of employees.

While renting office space may not seem a priority for small businesses, particularly start-ups, planning for the future is important and it is vital to factor in future business growth. Suddenly finding yourself in a position where you are struggling to cope with an increase in orders and not having the space to fulfil those orders could be disastrous.

Type of Business

When seeking office space, it is essential to keep in mind your current and future requirements. Ideally, any location you select will give you options to obtain more space, should your business expand. If you are setting up on your own, it may be sufficient to hire a serviced office, which will give you a mailing address and a conference room should the need arise. These can be hired in the short term while you look for a permanent solution.

Your budget

A key consideration will be how much you have to spend. You will need to take account of factors such as business rates, legal fees and service charges and be aware of the cost implications should you expand in the future.

Location

Being in the right place ensures that your business is attractive to clients and employees and helps to portray the right image. While London continues to be a business hub, factors such as sky-high rents, lack of space and traffic congestion continue to be an issue in the capital. Many businesses are actively seeking to rent office space in other locations in the South East. Towns such as Guildford and Reading offer great potential and are within an easy reach of London. The North West has also shown a recent growth in business activity.

Reading has one of the most dynamic economies in the UK and has been dubbed the silicon valley of Europe; many major businesses including Microsoft, Oracle Corporation, Symantec and BG Group have chosen to set up home within the Thames Valley. Many other towns across the country are also thriving. According to the Guardian (http://www.guardian.co.uk/business/2013/mar/11/business-activity-improves-seven-regions?INTCMP=SRCH), business activity has improved in many regions across the UK.

Deciding to rent office space is not something that should be taken lightly. It is a large commitment which is likely to take up a hefty part of your budget. Ensuring that the premises you rent will meet your business requirements, now and in the future, is the first step in the process. If you are seeking office space to rent, there are several online agents providing info on offices to rent in reading and other locations in the UK.

Renting can offer advantages, there are fewer upfront costs and the landlord will be responsible for the upkeep of the exterior and shared areas. You are also protected should the property market slump, which is a possibility in the current economy.

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