Featured Image Caption: Coworking Space for Entrepreneurs
As the work landscape changes, there’s sometimes a misunderstanding about what shared office space is and why entrepreneurs prefer it to a traditional office. Is it a place where several individuals work at the same time? Is it a place where a lot of people work at different times? What about a place where employees from various businesses collaborate? What exactly is a shared office space?
What Are Shared Office Spaces?
New and diverse ideas continue to grow and take hold as flexible work choices and alternative work agreements become more prevalent. Shared office spaces are one such option that is becoming increasingly popular. A shared office space differs from a coworking space in that it usually caters to and houses more established companies. To fulfill the needs of their customers, they frequently give more typical amenities.
While corporate coworking is becoming more popular, shared office spaces are focusing more on having more equipment including fax machines, copiers, audio-visual equipment, and professional-looking office furniture. Some shared offices even function as executive suites, with facilities like complete reception, a kitchen, and even private offices that are separated from the rest of the area.
It’s also worth noting that coworking spaces often lease to members for 3 to 6 months, whereas shared office facilities like executive suites typically lease for a year.
There is no one-size-fits-all approach to choosing the ideal office space to meet one’s demands and scale with their expansion. Understanding what services, they will receive within the workspace will help them measure their needs.
What do the Young Entrepreneurs and Workers want?
For young professionals and businesses, shared office spaces have become a natural alternative in recent years. Entrepreneurs and freelancers may simply identify what best suits their needs with so many possibilities to pick from. The benefits of shared office spaces, on the other hand, are only one side of the issue. Young entrepreneurs and workers want a variety of additional facilities.
- They want the shared office space environment to encourage rapid expansion.
- These spaces should have a positive environment that keeps the team motivated.
- The shared office space should match their company’s concept.
- They look for a work environment that allows for comfort, privacy and personal space.
- They also want these spaces to provide them assistance with administrative operations and business support.
- In addition, shared office spaces also foster flexibility, collaboration and networking.
Why are Young Entrepreneurs and Workers Gravitating More towards Shared Office Spaces?
It could have taken entrepreneurs years of dedicated effort and study to develop their business idea, or they could have had a light-bulb moment one morning. Regardless of how excited they were when they initially started their business, there comes a time when it makes sense to move away from the kitchen table and into their own office space.
Finance may appear to be the most important factor in determining whether a company moves to an office – as well harmonizing one’s investment in a team of people – but the loneliness and frustration that comes with working from home can frequently have a greater impact. Rather than letting their business fail because they are dissatisfied working from home or dispirited by a lack of interaction, entrepreneurs can try joining a shared office space.
This is where a shared office space should be seen not just as a requirement for increasing teams, but also as a vital opportunity in the entire business strategy that might mean the distinction between an entrepreneur losing or succeeding.
Low Upfront Capital Investment
To begin with, shared office spaces save one’s money by eliminating the need for a large upfront capital investment, as in a traditional office space. Since they already have a lot on their plates, this relieves a lot of pressure from their shoulders. Aside from that, shared office spaces make it simple to expand one’s firm in terms of space.
One may already have space and broadband at home, but what extra expenses would work from home entail? Furniture for the office, printers, extra gas and electricity (particularly in the winter), and tea and coffee. Equipment, in particular, may raise an entrepreneur’s start-up costs. As a result, choosing a shared office space that includes everything might be a highly cost-effective alternative for a company.
Access To Community
Even if one has a supportive family or friends circle outside of work, being an entrepreneur may be alienating, and it’s easy to become lost in one’s work. A home office can be confining, and it’s easy to get into the habit of checking off one assignment after another.
A shared office space allows one to feel like they are part of something bigger. Being a member of an office community has been shown to aid with wellbeing and productivity, whether it’s meeting like-minded colleagues, taking a lunchtime yoga session together, joining a healthy eating scheme, or even participating in a sponsored event together.
As a company grows, its staffing requirements may change dramatically. It’s important to remember that staffing needs don’t always grow – one might need a larger space at first, especially if they need developers or designers to bring a product to market; but once that project is completed, they might be able to run with a smaller team, making the business more personnel – efficient.
Traditional offices will bind an entrepreneur to protracted contracts, which may result in unused office space that they are still paying for, or the inability to expand their space due to a lack of options. Shared offices, on the other hand, are naturally more adaptable, allowing one to add or remove workspace as needed.
If one doesn’t like breakfast meetings or going to public networking events where they’re likely to meet a bunch of strangers who are only there to pitch their own products and services, shared office spaces might be a better option.
These spaces provide a greater networking opportunity because they house a diverse range of enterprises. People aren’t there to sell each other something; they’re there to work. This eliminates sales pitches as well as the pressure to seal a deal. However, the community team’s communal areas and social events provide a terrific opportunity to meet new individuals who can provide helpful ideas, guidance, and even potential business opportunities.
To Sum Up
Getting an enterprise off to a good start is commonly done at home, but maintaining that impetus, as well as the community component and many other advantages, can be found while working from a shared office space.
Using a shared office space has a number of advantages that, when combined with a great business offer, may help one reach their goals while also helping them nourish their mental health and make the most of their investment.
By Parth Shah
– Co-Founder, COO DevX accelerator. With 10 years of experience in operations and training, Parth is a go-to person for his team and even a multitude of growing start-ups. His knack lies at spotting and supporting start-ups, helping them streamline their processes, and even take their ventures to the next level. After successfully establishing two start-ups and exploring the start-up landscape up close Parth has learned the nitty-gritty of the industry, which he now shares with fellow entrepreneurs.