Tips for Getting the Right Workspace

We know that choosing your next workspace can be tricky, it's a big step and with so many factors, how do you know that you are getting it right? Below is a handy guide to help you make the right choice.

Affordability

The cost of a workspace is one of the biggest expenses for a start-up, so it's important to choose a space that's affordable and fits your needs. Check your budget and what space you actually need. Will one desk work for now and then upgrade when you need to take on more staff? Can you get a smaller office and introduce hybrid working? Make sure you start small and can always upgrade later as you need it, don’t overstretch yourself. Lastly, don't forget the all important deposit! Make sure you have enough funds to cover a deposit and first month's fee. The deposit is normally the licence fee to cover the notice period e.g. one month notice, one full month's deposit.?

Location

The location of your workspace is important for both you, your team (or potential team) and your clients. You'll want to choose a location that is convenient for your team to get to, and that is also accessible to your target clients. Will you be building a team of specialists who may have to travel from out of town and need parking or will you be focusing on hiring in the immediate area and need access to public transportation? By considering these factors you can identify your target area and future proof your decision when you start to grow.

Amenities

Consider the amenities that are important to you and your team when choosing a workspace and divide them into Essential (those you cannot compromise on to run your business) and Desirable (those that would make life easier but are not a deal breaker). Some amenities to consider which are offered with office space include:

• Registered office address facilities
• Parcel and post handling
• Reception services
• High-speed internet
• Coffee and tea
• Printers and copiers
• Meeting rooms
• Breakout spaces
• Individual temperature controls
• Showers
• On-site parking

Also consider the surrounding areas, are there greenspaces your team can go to for lunch? What shops and restaurants are within walking distance? This, again will help you build up a picture of what you need to make your workspace a success.

Culture

The culture of the workspace is also important to consider. You'll want to choose a workspace that has a culture that is compatible with your own team's culture and goals. Do you want to be in a space where you can collaborate with other businesses? Do you have a small team that would benefit from wider community social activities? If so, an open plan office or site which focuses on community may be the place for you, however if you prefer a quiet and private environment maybe look for more of a serviced office which focuses on the facilities and not the community.?

Contract

Make sure that you are fully aware of all the terms and conditions associated with your workspace before signing your agreement. Are you planning to grow rapidly or are you taking a risk? If so then look for somewhere with easy in/easy out terms with flexibility and small notice periods. If you are looking for stability and somewhere to call your home for the foreseeable future, look for somewhere with a longer notice period or negotiate a longer notice period when signing your contract.

Cost

The cost of a workspace can vary significantly. Firstly, do the quoted prices include VAT or is that added on at invoicing? What does the licence fee cover? Check to see if things like utilities, parking, business rates and Wi-Fi are included. Make sure you know what monthly outgoings you are signing up for and avoid as many variable charges as you can to allow for you to forecast expenditure.?

Here are some additional tips for choosing a workspace for a startup:

• Start your search early: It can take some time to find the perfect workspace, often smaller offices are taken quickly or have a waiting list so start your search early and be prepared to wait for the right location for you. Things can change quickly so be prepared to mobilise if on a waiting list.?
• Be flexible: Be prepared to compromise on some of your requirements in order to find a workspace that fits your budget.
• Visit the space in person: Before you sign a contract, be sure to visit the space in person to make sure it's a good fit for your team. Those pictures can’t always give you a feel for the environment.?

Hopefully this has given you some guidance on choosing the right workspace for your business. If you still need some help feel free to get in touch with the Innovation Connect team [email protected]. We have a variety of sites and services within Portsmouth and can help you find the best fit for your business.