When starting a business, you may wonder whether you should go for a shared office space or lease office property. Today, more and more companies are looking to be a part of coworking communities. There was a time when a coworking space was only considered a freelancer’s domain, but now it is a practical option for businesses of all sizes.
So is a shared office right for your startup? Let’s find out.
Shared Office Space or Traditional Office Space: What is Right for You?
In order to choose between a traditional office or a shared office space, businesses must evaluate their workforce and understand the needs of their employees. Here are some questions that you should ask yourself before arriving at a decision:
What are you trying to achieve?
What is your office culture, and what do you want it to be like?
Who are your talents, and what are their needs?
What is right for your workplace profile?
If you crave personal space and prefer control over your work environment, traditional office space, or a rental office property might be a better option for you.
However, when it comes to cash flow, coworking space is the best choice as the resources and economy are shared. Contrary to startup costs of traditional offices, which include internet and telephone bills, office furniture, utility and service charges, etc., in a shared office space, there are hardly any upfront expenses involved. It allows you to concentrate more on your growth.
Benefits of a Shared Office Space
If you choose a shared office space for your startup, you will enjoy several benefits. Here are some of them:
Networking Opportunities and Events
We all know that in the world of startups, building a strong network is equally important as your skills. A coworking space provides you with an opportunity to connect with like-minded people in your industry and interact with them. Not only that, but in shared office spaces, you get to solve problems, work on new ideas, and form business partnerships every day.
Furthermore, community events are often hosted by coworking spaces, which give employees ample learning as well as networking opportunities.
When your business needs change, a coworking space tends to be more flexible. For instance, if you feel that your operations need to grow and you need an area of your own, you can easily make that transition without facing any difficulty. The majority of shared office spaces do not require any long-term contracts or agreements. All you need to do is pay them on a monthly basis to secure small office space or team desks.
When launching a startup, the last thing you should worry about is basic amenities such as lack of toilet paper, Wi-Fi issues, or broken furniture. Shared office spaces take care of all the amenities and make sure to fulfill all your requirements so that you can entirely concentrate on your work and productivity.
Additionally, some shared offices also give you access to meeting rooms to talk to your clients and other additional spaces like break out areas or nap pods.
Setting up your work at a shared office space is definitely cheaper than leasing a personal office space. Most coworking spaces out there provide affordable and cost-effective workspaces to encourage startups to join. Also, you can easily switch and move into your personal office space. When it comes to a shared office space, you do not have to incur early cancellation fees as there are no upfront deposits involved.
With the enormous growth of the coworking industry, there are now several workspace options for startups. So, whether you are looking for your next meeting room or wanting to network with like-minded peers, going for shared office space is the best option for you and your startup team.