Is it time to move your business out of your home or garage? Sharing an office, often called a coworking space, could be your best next step.
The newest generation of entrepreneurs has rewritten the rules on everything from education to collaboration. There’s no conventional path to success anymore — just a combination of innovation, teamwork and elbow grease that leads to the promised land of investors and revenue.
But at some point, garages and coffee shops no longer cut it as workspaces. Yet how can young professionals afford traditional offices? Taking on office space goes beyond signing a lease. There are utilities, network equipment, amenities and more logistics to consider. Playing by the traditional office rules present huge budgetary concerns, and may even feel contradictory to the entrepreneurial spirit that may have gotten you this far. Still, sometimes you just need an office.
The happy medium is the emerging solution of a shared office or coworking space. The shared office provides many ways to save money over traditional office spaces while coming loaded with benefits. Whether it’s for a solo entrepreneur or a startup of young professionals, here are just a few of the ways a shared office minimizes expenses. (Click here to tweet these financial tips.)
Reduce leasing costs
Finding an office space for lease can be a project in itself. The expenses quickly pile up: broker fees, security deposits, permit and city code hassles — and that doesn’t even guarantee a spot that works for you.
On the other hand, you can simply contact a shared office, tell them your needs, and review their monthly fees without any need to get a broker or deal with traditional leasing expenses. Before you even sign on the dotted line with a shared office, you’ve already saved money.
Solve logistics jams
A facility budget goes far beyond the scope of the lease. Are your Internet and phone needs taken care of? Will you buy or lease furniture? How will security be handled? Those types of concerns eat into your budget, and the list can go on and on.
A shared office rolls all of these concerns into your monthly rate — and takes the worry off your plate. With a shared office, you can come into your secure workplace, connect to your network, and enjoy a comfy chair and big desk from the very first moment. Shared offices get bulk discounts from vendors, so your final monthly price point still ends up being far less than you would have originally paid.
Save a ton of time
It doesn’t matter if you’re a freelancer, work for a small startup or if you’re working at a small to medium size business — time is money. From haggling leases to contacting vendors or troubleshooting network issues, many tasks that may not cost you out of pocket will certainly eat into your time.
A shared office relieves you of these headaches, ensuring that going to work means simply going to work.
Can a shared office help you make more money?
Those are the biggest ways a shared office can help you save money. But can a shared office also help you earn more revenue? In most cases, yes. If your goal is to have better communication, interact with other young professionals, and enjoy a spirited, more productive work environment, a shared office can be much more than just four walls and an Internet connection.
You’ll often find a community of like-minded people to draw inspiration from and even collaborate with. Many shared workspaces offer modern amenities to match corporate facilities, such as conference rooms with video conferencing, networked printers, sound abatement, and good coffee. A shared office also provides that all-important work-life delineation, giving you a true place to go to when it’s time to get into work mode — and a place to leave behind when you need to relax.
A shared office provides the opportunity to rewrite the rules of work once again while saving money and delivering all of the necessities of a workday. Whether it’s to house your small business, incubate your start-up, or launch your freelance career, the right space can deliver the foundation necessary to maximize productivity without getting caught up in the logistics of leases and vendors.
After all, who has time for that when there’s a world to change?
After successfully co-founding Synergy-Partners, Phil Domenico co-founded Assemble Shared Office on the idea that office space can be equal parts productive, modern, inspiring, and collaborative.