Starting a business is a brave endeavour and can be an expensive one too. Statistics from The Company Warehouse suggest start-up costs for new businesses can vary depending on the sector.
Creatives, freelancers and consultancies might start with £1,000 or less investment, whereas £5,000 to over £10,000 is standard for food or property sectors. An overall average of £5,000 is likely to be the start-up budget for a newly minted business in the UK.
While you’re working hard to find clients and deliver a great service, the last thing you’ll want is to find yourself with the mundane and often expensive task of sourcing an office fit-out.
What is an office fit-out?
An office fit-out is a modern term for furnishing your office space, whether from scratch or to refresh tired or old items.
It can include everything from basic desks and chairs to ergonomically-designed seating, stand-up desks and storage. For some organisations, it can include kitchen and breakout area fittings.
Premium level fittings can include acoustically-dampened booths and bespoke designer furniture.
How much does office furniture cost?
Office furniture costs will depend on your budget and what you need for your business to be functional.
It can be costed by the square foot of office space or by the employee. Some office furniture vendors recommend allocating £500-£1,500 per person, depending on how basic or premium you want the furniture and fittings to be.
Per square footage, prices can range from £10 per square foot to over £45 per square foot. Of course, this also depends on the density of the fittings, that is, how spacious or cosy you want your office to be.
What does that mean for start-up businesses?
As you can see, if you are just starting in your business, office fittings are a capital expenditure that can quickly add up. Then you are responsible for the upkeep and replacement of said furniture as it succumbs to wear and tear.
Should your team shrink or involve more working from home, then you can be left with unused office items. On the positive side, if your team should expand, then you might need to spend more.
For a start-up business, an obvious solution is to source office space that is fully furnished and kitted out with everything your business requires, from individual chairs, desks and drawers, to the meeting rooms and breakout areas.
Fully serviced and managed facilities in ABC Liverpool can take the financial sting out of setting up your first office space. With us, you can have a serviced office space that is tailored to your needs.