0 likes47 views

Exploring the Vision Behind FreeOfficeFinder: A Conversation with CEO Nick Riesel

August 13, 2024

FreeOfficeFinder, established in 2002, is an innovative and comprehensive service that helps businesses find and rent their ideal office spaces at no cost.

As one of the pioneers in the private, flexible office space market, the company has grown alongside the industry, which is projected to reach USD 2.84 billion by 2029 in the UK alone. FreeOfficeFinder has been at the forefront of this growth, meeting the demand for adaptable, managed, and serviced office spaces across London and the UK.

The company’s mission is to provide businesses with a vast array of office options without the burden of hefty relocation fees, a common practice among other agents. What began with a modest database of just two buildings has expanded into a portfolio of over 2,700 properties managed by more than 1,000 landlords. This growth reflects FreeOfficeFinder’s unwavering commitment to offering a wide variety of office solutions that cater to diverse client needs, from small startups to large corporations.

To date, FreeOfficeFinder has assisted over 50,000 organisations in securing their perfect flexible office spaces, a testament to the trust and confidence businesses place in their services. The company’s dedication to quality and industry standards is further highlighted by its membership in The Flexible Space Association since 2009.

Operating under a hybrid work setup, the FreeOfficeFinder team splits their time between a serviced office in Farringdon, London, and remote work. This experience underscores the importance of having a collaborative office environment—a perspective they bring to the clients they serve.

Here, CEO Nick Riesel, of FreeOfficeFinder shares insights into the inspiration behind the company, the lessons learned over the years, and the principles that define their approach to business.

What was the inspiration behind FreeOfficeFinder?

Ultimately, I saw a gap in the market and went for it. I was working in the residential property sector, and I saw an opportunity to fix a problem that so many people were facing. When I spoke to people it became clear that traditional methods of finding office space were overcomplicated and outdated, often involving high costs in the form of agency fees and a lack of transparency.

The vision was to create a service that not only connected clients with suitable office spaces but also offered a seamless, one-stop-shop process. Thus, FreeOfficeFinder was born.

By leveraging the model where landlords pay us for successful introductions, we could keep the service entirely free for clients, meaning businesses can focus on what they do best without the added financial burden and complexity of office hunting. The term FreeOfficeFinder reflected our offering in 2002, and still does to this day.

Who do you admire?

Jeff Bezos stands out for me. His journey with Amazon, transforming it from an online bookstore to a global marketplace that sells virtually everything, quickly and easily, is a remarkable story of strategic pivoting. His ability to foresee the potential of the internet and adapt his business model to that has not only revolutionised e-commerce but also made him one of the wealthiest people in the world. By staying innovative and customer-focused he’s shown incredible entrepreneurial versatility.

I also admire Richard Branson for his amazing ability to create a brand that has stretched across so many different markets and industries for over 50 years. His knack for making his brand a success in so many sectors is remarkable.

Looking back, is there anything you would have done differently?

Honestly? Too much to count! I’ve learned so much that would have been invaluable in the early days of the business. But I think most of all, having a mentor back at the beginning would have really helped.

Having access to someone with similar entrepreneurial experiences could have really accelerated our growth and improved our decision-making processes. Over the past two decades, the learning curve has been steep, with new insights gained every week. A mentor could have provided guidance and wisdom that would have resulted in achieving milestones much faster and probably with fewer obstacles too. There were so many questions I wish I could have asked. I hope that further down the line I could offer others the kind of mentorship which I now know have been so beneficial to me.

What defines your way of doing business?

The way FreeOfficeFinder conducts business is grounded in principles that might seem clichéd but are fundamentally sound: delivering good service and being fair to everyone involved—staff, customers, and suppliers.

We’re all about fostering a positive working environment and building long-term relationships. When people want to work with you, and enjoy their work, it minimises the time and resources spent on replacing staff or negotiating with dissatisfied clients. Instead, you can better invest your time in growing the business and making the service offerings better and better.

What advice would you give to someone starting out?

I think an important piece of advice is to try and value criticism over praise. Tough as it might sound, understanding the weaknesses in your service or product is crucial. Constructive criticism means you have actionable insights that, when addressed correctly, can significantly improve the quality and appeal of what you’re offering. Embracing feedback with a growth mindset really can honestly transform challenges into opportunities.

And, of course, as I mentioned before, get a mentor if you can. Having a mentor means you get to learn from someone who’s been through the ups and downs and can share their wisdom to help you avoid mistakes and make smart choices. Mentors help you build confidence, sharpen your game plan, and introduce you to important people. Value an idea being successful over whose idea it was.