The shared office a.k.a co-working space concept has become significantly more popular over the last few years, providing small businesses with a number of interesting benefits that allows them to excel in ways that might otherwise be impossible in a traditional office space.
While many have traditionally taken it as given that having a permanent office dedicated to a single business was how businesses should run, today’s contractors and business owners look at things differently. They’ve come to embrace the shared office space not just as a way to manage overhead, but as a method of improving their own practices. Discussing the benefits of such a space is a great way to understand why so many people might be interested in the shared office space near you.
What are shared office spaces?
A shared office space, also known as a coworking space or an executive suite, is a type of communal office space shared by several businesses. These spaces might be dedicated to sharing between multiple companies, or they might be in-house spaces of a single business rented out to entrepreneurs. These spaces tend to provide all the amenities of the typical office space, but with neither the permanency nor the long-term commitment. These spaces have become incredibly popular among entrepreneurs for a number of reasons.
Perhaps the most attractive part of looking for a shared office space for rent is the lower price. When working as a solo entrepreneur or the owner of a small company, the cost of rent in many areas can be an unaffordable overhead expense. Combined with the need for things like maintenance staff and utility payments, it’s just not in the cards for most. Renting out a smaller space within a larger office allows more businesses a chance to work in a professional setting without causing quite as much disruption to their cash flow.
The coworking environment is also fantastic for those who want to network. Because so many different businesses are present in one place, it becomes easier to reach out to those in other fields. You might run a small tech startup out of one office, but the next suite over might host an SEO firm that has a great relationship with a vendor you need to know. The proximity to so many other people in the business world makes it natural to form new relationships that will benefit all involved.
Some people enjoy checking out coworking facilities because they allow for a freer flow of information between individuals. While those in your office space might not share the same field as you, they might have great ideas for your business that are only available because you are in the same space. It’s very easy to start working on projects that require the help of other businesses in this kind of environment, especially if you already see one another every day. Simply put, this is the kind of environment that’s fantastic for facilitating the exchange of profitable ideas.
Some people seek out shared office space for entrepreneurs not because they are looking for help, but rather because they need the competition. Some people simply need to be around others to get the motivation they need to work. There’s something a little too comforting about working for home for some and having access to a formal office can really ratchet up their productivity. Even seeing others start to succeed around them can be enough to light a fire under certain entrepreneurs.
Outside of the relationships with others, one of the most common reasons to seek out a shared space is because of the amount of support it provides start-ups. These spaces offer a physical mailing address, a place to meet clients, and a number of minor services that are absolutely vital to the long-term good of a company. Simply having someone available to answer the phone while a business owner is in the meeting can be a make-or-break option for some, and many co-working spaces provide just this kind of service.
Finally, good coworking arrangements provide some individuals with access to locations that just aren’t possible if they try to make a traditional office work under their current budgets. It’s always cheaper to find a shared space in the business district of a town than it is to buy or rent traditionally, and being in these areas may provide some businesses with a great deal of extra prestige and client access. Being able to work where the most successful businesses are located is simply another benefit of being in a shared space.
For all the reasons above, shared working spaces continue to be on the rise. Whether business owners are looking for cheaper physical space or a better way to interact with other businesses, these locations have them covered. Shared space is the future of small business – so if you haven’t discovered what the shared office space can help yet, it’s time to take a look.