Sure, it can be exciting answering conference calls while you hear the gentle hum of your neighbor’s lawn mower in the background, but eventually, you’ll realize that you need more space and resources to bring your startup to the next level.
A professional office space is among the best ways to communicate your company’s brand. For startups with a growing workforce, an organized, shared office space in a strategic location can benefit the business a lot.
What is Shared Office Space?
A shared office space is a smart solution for startups that need to lease an office building or workspace, but have a budget to work with or simply want more flexible arrangements than traditional leases. By sharing a space with another business, such as another startup, you can cut back on your costs significantly because you’re only using what you need. It’s even more advantageous if you can find an office space to share with another company that complements your services. This way, you can help each other out by promoting each other’s business.
For instance, if you’re an interior design startup, you could benefit from sharing a space with a photography studio. They could hire you to stage their shoots or recommend you to their clients who plan to do some redecorating in their homes. You can return the favor by hiring them to photograph your work or by recommending them to your own clients. You scratch their back and they scratch yours. It’s easy as that.
Shared office spaces widely vary in terms of layout and amenities available but will typically be furnished and have strong internet connections in place. Packages can also be tailored, offering versatility to address specific needs.
Why Should You Get an Office Space For Your Startup?
As the variety of versatile business models increases, the corporate world is getting used to new and innovative ways of working. When you talk about a “traditional” office space, the first thing that comes to mind is a plain-looking environment all set up in rows and dark cubicles. It also brings images of stark white walls and fluorescent lighting for many.
Things have changed a lot over the last decade, though. Just take a look at different high-profile offices around the world, such as the impressive environments which Facebook and Google give to their employees. These interesting workspaces strike an essential balance between productivity and creativity, and it is something every startup needs.
So a word of advice: don’t shy away from a formal office space. While it might be costlier than a home office, it brings many benefits to businesses, which include:
- Attracting Talent –
Setting up a location in the city can be very expensive. To offset the costs, you need to attract the best talents around and invest more in building a competitive team. While you’re able to run a small business from your garage or bedroom, the truth is, you cannot direct a team properly without having a permanent workspace. Plus, when your corporate address looks great on paper, you naturally attract the best and brightest talents. Fresh graduates and seasoned professionals will prioritize jobs that operate in locations with a reputation for success.
- Building a Brand –
If you think that a corporate address is nothing more than a physical asset, think again. It is a vital element of branding, as it helps you develop and establish the company image you want to create. For instance, tech startups need to find a hub for tech innovation and grab themselves a spot. Those planning to build a retail empire, on the other hand, should position themselves at the center of the action. Customers need to trust you, and with a professional appearance or branding, you can convince them that you’re deserving of the top spot.
- Impressing Investors –
Similarly, you will not find many high-profile investors hanging around your residential area. This is the reason you should position your business in a location where investors will see it. Fortunately, you don’t have to be earning a huge sum of profit to do this, as there are numerous office spaces today that come with flexible terms and leases, allowing you to design a package that fits your needs.
- Reinforcing Professional Development –
A dedicated workspace also allows you to host a number of activities that aim to support professional development for you and your staff. These can include training workshops, mentoring programs, and seminars joined by guest speakers. These opportunities give the message that you are committed to investing in everyone’s growth, helping you improve the motivation and overall satisfaction of your employees with their work.
- Getting a Healthy Balance –
When your team decided to move on from making calls in pajamas and sweatpants, you also have a chance to encourage a healthier regime in general. Having an office to commute to, along with the option to stock your kitchen with healthy snacks instead of laptops, wires, and cables, can make a huge difference in the quality of life your team experiences on a daily basis. In addition, rather than having to put up with crowds at your local coffee shop, you can instead do your work, at peace, in your own space, when you have a formal office.
- Addressing Accountability Issues –
When you have your own office space for your business, you can reduce the occurrence of accountability and productivity issues. This is because you can always reach out to your employees in person, even if they are “idle” on online conversation platforms.
Although it’s easy to start and run a business within the confines of your home, a formal office space is still relevant in this digital age. Yes, digital advancements offer a lot of help, but you don’t have to resort to doing all your work digitally to save on space and costs.
There are flexible office spaces today that can help grow your business by boosting productivity, saving costs, and still portraying a positive image to customers and investors. All you need to do now is consult a trusted office space provider so you can get expert recommendations on the ideal options for your business.
Tom Jamison is a real estate professional with more than 30 years of experience as a licensed broker in Connecticut and New York, and is uniquely positioned to be a trusted advisor to all. His acquisition of more than 50,000 square feet of prime office space in Stamford and Westport has ensured the success of Connecticut Business Centers and its clients for the past two decades.