When you are launching a business, you are always on the lookout for every possible way to cut costs. One of the smartest ways to save money is to share office space with a bigger company.

With low overheads, high-class amenities and no worry about housekeeping, internet or parking, choosing a shared office space in London has become a popular trend.

While shared office space may be a sensible workspace solution for some, it is not one that should be entered into lightly. Here is a list of some important things that should be considered when looking for shared office space in London:

  • Cost: One of the main reasons as to why a business owner chooses a shared office space over renting his very own place is because of lower overheads. Have a clear idea about what you and your team require. Do you only want a desk or you want an entire furnished office space? Are you okay with co-working or do you want one separate cubicle? Be crystal clear about what both you and your landlord expect from the situation. Will you pay for space, or will you work rent-free in return for bartering your services? Get quotations based on your requirement and then decide. Also make sure that the place you rent has no hidden costs.

  • Consider the culture: Assess how your way of working will connect with the company that you are considering sharing space with. In case your team likes to communicate ideas loudly to each other across the room, will that clash with a more formal landlord’s need for a quiet atmosphere or serious client meetings?

  • Location: The next big detail to look into is the location of the office. It preferably needs to be in the centre of the city close to your clients and preferred contacts. The location not only makes your life easier, but also the lives of people meeting you to discuss business.

  • Insurance and Liability Issues: Before selecting any office space, make sure you know about any specific insurance requirements for your new office space. As a guest, you need to maintain your own renter’s policy as well as a general liability policy. However, some hosts’ insurance will cover you for being in the space. In order to feel confident that you and your business are protected, make sure to ask.

If you are charged with securing an office space for your company, ensure that you have truly assessed your needs and weighed all your options before selecting one.