Most small shops and businesses would love to spend their time focusing on doing what they love. But unfortunately if not working from home, most are spending their time trying to get out of very long leases and spending an absolute fortune on property lease rentals, often to big businesses. There are far better ways to lease shops and offices if you don’t work from home. Here are a few ideas.
Consider Co-Sharing Workspace
Co-sharing is where several sole traders or small companies pay a little each, to share a beautifully designed workspace, usually with desks to share along with office services (fax, photocopier) etc. All have super-fast wi-fi and most have communal kitchens, telephone answerphones and meeting rooms.
As spaces are shared, know how to make offices safe for visiting dogs (includes indoor plants to avoid). Avoid facing indoor foliage to gardens, to help stop birds flying into windows.
There are dozens of co-sharing companies now across England, from small indie versions to national companies. You usually just pay one simple monthly fee with no set-up costs or ongoing lease contracts, and are free to leave anytime.
You can go for the full works (using the office most of the time) or just pop in for a couple of hours each week to use the office facilities (note that most libraries let you do this too if you sign up – you can then just work from home and go to the library to use their printers as and when you need them, for just a few pound a week).
Let’s take a look at an example in London (remember rents here will be way more expensive than other co-working spaces), but they are good examples, to compare normal office rents in the capital:
In Camden, one company offers a private lockable office with ergonomic chairs for just over £500 a month. For this you receive 24/7 access to a kitchen and relaxation space, phone booths and meeting rooms.
Fully-furnished, these spaces are within walking distance of 2 tube stations and include cleaning and business rates, and no more than 3 months contract. Printing is included, under a fair use policy. If you wish to co-share, the price dives to £350 a month (or £6 per hour on a pay-as-you-go basis).
A quick look on Right Move for commercial rental property in Camden brings up 94 properties. The ‘lowest prices’ are around the same at £500-ish a month but that’s simply for some storage space. There is one small office but it’s a blank canvas so you’d have to buy all the furniture and other stuff yourself. The next property jumps to around £830 which again is unfurnished.
To get anything close to a co-sharing space is going to set you back around £1000 a month (almost double) and likely have no included services like printing, nor being able to brainstorm with like-minded colleagues.
These properties all tend to be measured in square feet (but of course your happiness and success is likely to do more with the ambience, location and facilities, rather than how big the office is).
Co-Living Spaces takes co-sharing of workspaces to the next level, by blending living and working space together. This is a hybrid idea (this example is in East Sussex) that offers flexible live/work space for working professionals. You then combine nice living and working space, all beautifully designed in one rent.
All bedrooms have private bathrooms and properties have bespoke kitchen diners with private landscape gardens. But rather than just ‘sit on your bed’ to do your work, you can then go to the communal office, which is more like a high-spec communal workspace with all mod cons and support for each other to bounce ideas off, or work in peace.
Serviced Offices
Serviced offices provide the perks of a traditional office without the long-term lease. These ready-to-use spaces include services like internet and cleaning. They’re perfect for businesses wanting a hassle-free setup. However, this convenience might cost a bit more than co-working spaces. They can be pricier than co-working spaces.
Ethical Property is a unique company that uses investments to buy and refurbish beautiful buildings, then rents them out at affordable rent on flexible leases to ethical businesses and charities. It only has around 10 buildings nationwide, but there’s nothing to stop similar investment companies starting up, as food for thought.
Every building is powered by clean energy and uses low-energy lightbulbs (with photocopiers switched off at the end of each day). There are buildings from Bath to Bristol, Manchester to Sheffield and Oxford to London.
The properties include a beautiful old Georgian building (which houses indie shops and market stalls), a stunning art deco building, a Grade iI listed building, an award-winning eco workspace and a London workspace mix of serviced shared space with private offices (a short hop from two tube stations). There are even buildings refurbished from an old music hall, and shoe polish and cutlery factories!
Home Offices
Home offices cut travel and rental costs by letting you work from home. Yet, mixing home and work life might not sit well with everyone. These obviously save money and time as there is no commute, and often a good idea for people with children and pets. But it’s good to set it up as ‘your own space’ to focus and be inspired. Good for introvert workers!
Virtual Offices
Need a business address without a physical space? Virtual offices give you that, alongside services like call handling. They’re ideal for businesses needing a professional appearance without the hefty price tag. You benefit from a cost-effective physical address without having to rent anywhere.
Tips for Finding the Right Workspace
- Start by evaluating what your business needs from a workspace. How much space do you need? What’s the best location? Do you need high-speed internet or meeting rooms? Getting these answers will streamline your search.
- Set a realistic budget. Consider the base rent but don’t ignore hidden costs like utility bills and maintenance fees. A clear budget keeps your search grounded and avoids unwelcome surprises.
- Don’t settle for the first one you visit. Compare different spaces. Check their services, location, and vibe. Better yet, visit them. It’s crucial to feel the atmosphere and see how your team might fit in.