Pumping massive Capital into business office spaces is a thing of the past. While shared workspaces are probably viewed as a ‘millennial’ concept and an attempt to float a ‘cool’ vibe, there are more tangible benefits to working out of a temporary location.
For starters, shared workspaces are cheaper. In addition to giving your work place an actual address, it also relieves you of the burden of long-term leases and contracts that traditional office buildings would tie you up with. This also allows you to add and remove workspace according to your requirement as your business needs grow or diminish. You also cannot underestimate the importance of a prestigious office address. While the more sought-after spaces will undoubtedly be more expensive, the professional message you send out to clients cannot be financially measured.
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But that’s not all- there are more monetary benefits that can accrue. When there’s a common work area, there is better sharing of equipment such as computers, photocopiers, printers, scanners and even spaces such as conference rooms and so forth, which result in lower overhead costs. This also leads to more collaboration and communication of ideas that propel the business forward, as employees begin to bounce ideas off one another and improve upon existing systems and strategies. Furthermore, shared human resources such as Marketing personnel, Sales personnel, etc., will also add value to your business while keeping costs minimal.
What’s more, this regular communication leads to better networking as well. Where usually, one would have to overcome the challenges of unearthing new investors and drawing them in with lengthy pitches that often go nowhere at all, shared workspaces lead to more integrated social networks that bring in new clients and investors minus the huge cost and hassle. You learn of businessmen and women who are on the lookout for niche partnerships and innovative business models- exactly the kind you have on offer. Now who wouldn’t want their cash flow served up on a silver platter?
For start-ups and entrepreneurs, especially, shared workspaces are a true blessing. Usually, working any time of the day would be a breeze as your business grows and you need to add to your working hours. Shared workspaces facilitate this increase in working hours and you are at liberty to work as much or as little as you please.
Finally, you cannot put a price on the stability a shared workspace can give you. Surrounded by other people striving for a common goal, you are inspired to work better and harder to reach your own. It also gives you an established routine that you may not find working from a home space. The greatest asset to a fledgling business is Motivation, and this is indeed, one of the biggest benefits you will derive from working with like-minded individuals. Being inspired by others to think bigger and from different angles will certainly help in pushing for innovation and better processes in your work.