The demand for co-working space and shared offices is growing rapidly as businesses are coming to realise the many benefits of a more flexible way of working to reduce costs, expand into new markets and increase agility.
More and more companies are joining the co-working communities. What was once primarily seen as a freelancer's domain has quickly become a suitable option for businesses of all sizes.
In this article, we'll outline the reasons to opt for a shared office space. As you search for the ideal space to launch your startup, use this article to guide your decision-making.
Also known as a co-working space, a shared office space can be defined as a place where people from various businesses can connect to work. It gives freelancers and entrepreneurs access to all the facilities and perks of conventional office space, without a traditional lease and all the hidden expenses that go with it.
For business owners looking for the possibility of making a move, here are some of the most compelling reasons to work in a shared office space.
The flexibility and room for growth of shared office space is key in setting them apart from traditional office spaces. You only need to rent the exact amount of space your business requires at any given time. If your business is made up of only three employees, you only need three desks, rather than renting an entire building which may not even end up fully occupied. You can extend and use the space as and when you need. As your business grows, you can probably switch to a bigger office reasonably quickly.
The overall flexibility provided by shared office spaces can give fantastic peace of mind, compared to the responsibility of a typical lease.
A standout amongst the most appealing favourable circumstances to private office space is the cost. Buying an ample office space could set you back terribly, as these office spaces come with lease documents that may cost a considerable amount per month. With shared office space, there is no traditional lease or any of the hidden costs that go with it.
Apart from this co-working space saves the money spent on furniture, interiors and fixtures. Working out of a co-working space can save expenses on all these depreciating assets.
Eliminate the expenses and risks of owning your own office and pay only for the office space you need.
When you lease a traditional office space, you don't always have the luxury of just showing up and getting to work. In most cases, you have to buy furniture, get an internet connection, and may even need to arrange for employee parking.
Not only is there a lot of things to set-up initially, but there is also quite a bit to maintain. With shared office space, there is no need to run around for any repairs and maintenance. The most facility is managed and maintained by the co-working space.
Shared offices are rapid and easy to move into, especially given that all the required amenities and furniture are set up in advance of the move. The various facilities available at the co-working spaces be it unlimited beverages, pantry services, high-speed internet, conference room, or printers are all something which your employees are likely to enjoy.
There are abundant opportunities to grow your network and build connections within the community.
The best-shared office spaces host loads of events for mingling, networking, and learning from fellow companies. Whether that be in the form of educational workshops, or guest leadership talks, situating yourself in a workspace where you can't help but meet other entrepreneurs that could make a difference for your business.
The collaborative nature of co-working spaces is ideal for improving networking opportunities and start new discussions with everyone from potential clients to business partners.