If you want professional advice, don’t expect to get it for free

“You should do more on LinkedIn” is the advice I’m getting from some peers: “Give titbit pieces of advice”. We’ve all seen the short videos and proclamations of how you should run your business, but scratch beneath the surface, there is often little real life experience to back up the claims.

As a chartered surveyor and a seasoned expert in the flexible workspace market, I can point directly to where things have gone right, lessons I’ve learned and how things can go wrong. The value I bring to deals is tangible experience from more years of work than I care to say.

Yet, I am finding that as elsewhere in society, the cult of personality is becoming pervasive and persuasive in our ways of working.

The flexible workspace sector is growing at an unprecedented rate post pandemic, and there is a scramble to get in on the action. As a result, there is a lot of bad advice floating around as individuals try to muscle in, trying to be big fish in a relatively small pond.

If you are considering entering the flexible workspace sector – or any sector – it will always be beneficial to seek true, professional advice. Yes, that means you’ll have to pay for the insights, time and counsel provided by professionals, but I guarantee that it will pay off in the long run.

The flexible workspace market is agile and, unlike the traditional property market, there are opportunities to partner up via management agreements or partnership leases, which are becoming more commonplace.

These are very nuanced agreements, which are aided by the creation of solid foundations, fairness and respect. Similar to a marriage with a pre-nup, both parties need to have intentions to flourish, but we need to manage expectations and divvy up responsibilities – especially in regards to finances – and agree in advance how the partners navigate the challenges and changes ahead in order for the partnership to be successful.

Understanding the various income streams and assumptions is paramount to ensuring that an asset and proposition is understood from the outset. Invariably, the income generated by flexible workspace operations is vastly in excess of that generated by the conventional office market given the all-inclusive rents. However, if you don’t know or understand what costs and overheads should be attributed to an operation, the returns are at risk.

KPIs need to be in place, and they need to be realistic and achievable. It is often the case that these are overlooked or ultimately don’t protect both parties from an underperforming operator versus a depressed market.

What property owners and operators both need to realise is that this is not a ‘build it and they will come’ scenario. The offer needs to suit and fit in with local demand.

These are the elements that are missing from much of the ‘advice’ out there, which can be generic and assumptive.

Operators that are thriving are those that reflect local needs or a ‘sector’ community. What works in Soho is not necessarily going to work in Old Street, Manchester, Bath or Bromsgrove. Likewise, ‘work near home’ operations differ from one town to another dependent on demographics and the offering. Clientele demand differs, pricing needs to be appropriate and the old adage, location, location, location still prevails.

Fundamentally, there is no one-size-fits-all approach; what works in one location may not be effective elsewhere. Therefore, an individualised, strategic approach on a site-per-site basis that incorporates professional advice, local insights, financial understanding and adaptability is essential for long-term success.

The slick videos with easy mantras make building a business or brand seem easy. But those that are doing it well are working tirelessly behind the scenes to make it happen – and paying for the best advice to make the right, sustainable decisions.