Whether you are a small startup hoping to gain a foothold or an experienced business looking to expand your operation, shared office spaces can provide you with the ideal working environment. Adaptable to the needs of a wide variety of clients, shared office spaces offer many benefits, among them a low overhead, an existing IT infrastructure and the flexibility of a short lease. The following is a list of some of the more obvious benefits to working in a shared office space.
Establishing a new office—even a temporary one—can be a costly and time-consuming endeavor. Moreover, cheaper is not always better when it comes to office furnishings. Shared office spaces free you from the burden of furnishing your space, and while you may be providing much of the expensive hardware (laptops and similar) yourself, most packages include essential services like access to WiFi, printing facilities and phone services. Furnishings in shared office spaces tend to carry a far greater value, and offer a professional and modern aesthetic that would be above and beyond the reach of a private office.
Existing IT Infrastructure
Conducting modern business without reliable technology is an exercise in futility. For many young companies, this can be problematic; with few employees and a small budget, finding the room to pay for IT services can be next to impossible. Shared office spaces offer a solution to this problem, as most of them have dedicated IT support on-site. Not only does this mean that you are able to get started on your work quickly, it also means that you have a safety net should problems arise (as they invariably do). Further, the added influence of your fellow tenants means that it’s in the best interest of the office space to make sure their tech support operates in an efficient and timely manner, freeing you to concentrate on your work.
It might be stating the obvious, but choosing to work in a shared office space is to choose insurance and peace of mind. Most shared office spaces operate using fairly sophisticated entrance technology; whether this takes the form of keycard access or round-the-clock desk security, you can rest easy knowing that your affairs are conducted in a secure environment.
Flexibility of a Short Lease
Today’s market is dynamic and shifting, and it’s only fitting that your business practices reflect this trend. Shared office spaces allow you to choose the appropriate package to suit your needs, ranging from temporary hotdesks at an hourly rate to permanent, closed offices. Because your needs may change month to month, this implicit flexibility represents a distinct advantage over private leases which may not account for your limited budget or schedule.
It goes without saying that working in shared office space will have you in close contact with other tenants, but this need not be a detriment. Quite the opposite: most shared offices report high compatibility between their clients, leading to collaboration, innovation and progress. By availing yourself of the opportunities of a shared office, you may find yourself in touch with people you never imagined working beside, without whom you cannot now imagine working.
These are just some of the myriad benefits of working in shared office spaces. Adaptable and streamlined, designed to meet the needs of modern business, shared offices allow businesses young and old to adhere to professional models while keeping costs down and minimizing extraneous work on your part. If you haven’t yet considered it, today might be the day to take the first steps toward working in a shared environment.
Office Capital Expenditure
Office space can be a drain on resources for start-up companies. Most landlords and commercial real estate brokers demand 3-5 year lease terms and personal guarantees when securing an office. This is usually not an ideal requirement for new companies who are looking to grow and avoid extra liabilities. I recommend thinking creatively about what your office space needs are and what they might be. I’ve found that thinking ahead and identifying creative approaches to office space can be a great way to save time and money.
The first way to creatively deal with the need for office space is to examine staff. Minimizing the workforce for my companies through independent contractor agreements, internships, and sweat-equity arrangements reduced the need for lots of office space.
Another great technique is finding co-working space, which are flexible and allow you to rent by the day, month, or year. With the increase of digitally-based companies, co-working environments can be great solution for start-ups that don’t have a big footprint and want to interact with other like-minded people. The key to co-working spaces is that they foster collaboration.
There is no one solution for office space needs and I encourage you to be creative when thinking about office space. Saddling a start-up business with a huge liability like a 3-5 year lease can be tough when resources are limited. Especially when there are so many alternative solutions available.