Shared Office Spaces: Are they for you?
It’s 2021 and the world is finally coming out of the pandemic. Your business is either brand new or is starting to gain some speed. The question; should you share office space or lease your own as a small business owner? A growing number of businesses are joining shared office spaces. What was formerly considered mainly a freelancer’s realm has quickly evolved into a viable choice for companies of all sizes and stages.
Here are some advantages of joining a shared office space in 2021
No multi-year scary leases: If you venture out to rent an office floor or space directly from a landlord, you are likely going to have to sign a multiple-year lease for that space. A shared office space usually is no longer than one year. In some cases, it can even be month to month or pay as you go!
Ability to increase or decrease as your needs change: If we learned anything in 2020 it is that we require flexibility as the global environment changes. If you had to let people go or managed to find a way to increase your team, you know what we are talking about.
Ability to network and grow with like-minded business owners: Being an entrepreneur can be a lonely journey. Putting yourself in an office environment with other start-up and business owners can help take the edge off & sometimes bring you more business if they are in different industries.
Bells & Whistles: Some shared office spaces promote events for networking, education, and to instill some community. These events could come in the shape of happy hours, workshops, guest speaker events, or just parties!
Amenities: When leasing your own private space there is a lot more to it than simply walking in and starting your journey to world domination. The Internet has to be set up, phone lines need to be added, furniture purchased/built, parking passes to be ordered, and more! Don’t forget about the monthly maintenance and troubleshooting that comes along with the list above. For example, imagine during a hectic work week your internet goes down. Your staff will need to waste valuable time troubleshooting why and how to get it back up and running.
Reception Staff Costs: Most shared office spaces come with reception services. These employees are extensions of your own business but are not on your payroll. They can greet your customers, provide information about your services and for extra charges, even answer your telephone lines for you.
This list is just some factors that may entice or, write-off your interest in shared office spaces. The main downsides of shared office spaces tend to be that you are (possibly) in close proximity to your competitors, customizing your space (color schemes, décor, etc.) is not usually allowed, and socializing with people who are outside of your personal business. At the end of the day, the choice you make WILL be the right choice for you and your company.