Are you entertaining the idea of introducing a serviced office for your business? Have you heard the term before but still aren’t quite sure what it’s all about? Well stay tuned folks as we explore the concept and give you some fors and againsts in what could be your next solid business investment or wasteful business overhead.  

The idea of serviced offices came to life in the 90’s and has been in circulation since, but under all sorts of different terminology: business centers, office suites, managed office, open plan office, office business center... and of course “serviced office.”  So what is the serviced office? Well it’s obvious that not every business, or every entrepreneur has the capital to go straight into a “real” office space- especially in the startup phase. In that regard, the serviced office is the perfect solution to giving you an address for your company that isn’t the one of your family home. But is it for you? Let’s have a look:

The Beauty of the Serviced Office:

What’s great about the serviced office is that you can literally have a genuine, professional address or addresses for your company in next to no time. You can do this anywhere in the world, with FAR less capital expenditure (in most instances) than you could with a full blown office you have to sign a lease for, with a minimum contract, guarantees, and so forth.

Benefits include:

• You can own a serviced office pretty much anywhere in the world.
• Actual addresses instead of “PO Boxes” give you a massive layer of credibility.
• When done smart, you can save a lot of money.
• Usually come with a “rent ‘a’ secretary” who takes your calls and messages, keeps and forwards your mail, can forward your emails/calls and much more.
• Facilities can include boardrooms, office space when you need a spot to work, and meeting rooms to bring clients and prospects to impress. 

The Challenge of Serviced Offices:

Whilst there are a ton of great reasons why you should go and get your company a serviced office, there are definitely some factors you should consider first. There are a lot of providers in this space who all offer various conditions on serviced offers so shop around to make sure you get what you want at the price you’re willing to pay. Usually with serviced offices there is a monthly base rate that’s fantastic but will only get you so far- just the address for example. In some instances what you pay to have the address to call your office, and what you pay to have your “rent ‘a’ secretary”- message service and all, boardroom for meetings or presentations, office space to work in and so forth; can be miles apart and in these instances it may be worth just getting a real office.

What to look for:

• What is the base rate?
• What are all the extras going to cost you on top- boardroom usage, message service, space to actually work etc.
• Do you have sign for a minimum contract period?
• Is there a setup fee?
• Is there an exit fee? 

The bottom line is that a serviced office can be a really great solution to your corporate needs and reputation as a business. There are many suppliers of serviced offices in this space so be sure to do your diligence before investing. Serviced offices can usually be purchased for most corners of the world which adds another really unique layer of credibility to your business so keep this in mind. You can literally claim fame to offices in London, New York, Paris, and anywhere else you may choose with the help of a serviced office location.

So shop around, make sure you do your homework, and be sure to know exactly what you’re paying for and what any extras will do to add to your monthly fee.

Lewis Edward is an entrepreneur and the co-owner of The Office Providers . The Office Providers provide any kind of office space, including serviced offices and business centres. Check his site to find out more.