When starting out in the world of business, nascent entrepreneurs know that to thrive in an unforgiving and often hyper competitive market place, they need every millimeter of inside track they can get. This means that they must secure the capital to invest in key areas so that their cash flow stays healthy so that they can act on opportunities for growth and development but it also means that they need to ensure that overhead costs remain manageable and don’t impact too heavily on their fragile profit margins. When it comes to overheads, it’s hard to get much bigger than the one that’s quite literally over your head… The premises. Depending on the nature, size and scope of your business you will likely have very specific needs for your workspace (unless you have an ecommerce or entirely digital business and all you really need is the right tech pack, in which case you can save a fortune by working from home, hot desking or using a virtual office). If, however, you need a physical space but are conscious of overhead costs you may well benefit from a flex space.
What is a flex space?
Flex spaces are multi purpose spaces that tend to be fairly large and easy to convert for a range of industrial, commercial or even residential purposes. If you’re looking for industrial property for sale or rent for your manufacturing or light assembly business and want to reduce your overheads by incorporating office or commercial space into the property rather than forking out for two or more spaces at the same time, flex spaces offer an elegant solution for this.
Flex space is cheaper than purpose built space
While inevitably some refitting and refurbishment will cost will need to be factored into your initial startup costs, a flex space can save you money in the long term. Flex spaces tend to be sold or leased out at far cheaper rates than their bespoke counterparts meaning that they are perfect for businesses who have some coin to spend on establishing themselves but want to ensure that their outgoings in the all important early years remain modest. It’s important to note, however, that while flex spaces tend to have cheaper monthly rates, lease terms tend to be longer, usually starting at five years rather than the traditional two.
Flex space can scale up with your business
Lots of businesses experience growth organically as a consequence of doing their job well. Their demand increases and they must increase their supply to meet it. Unfortunately, however, this may mean that the businesses need to relocate to a larger or better equipped space. This is often an expensive and disruptive process that can impede the flow of cash into the business or even stifle it altogether. Although you may start off with some excess free space, a flex space allows you to upscale along with the needs of your business within the same space, minimizing the cost and disruption to your daily operations.