WHY I OPT FOR SHARED SPACE INSTEAD OF AN OFFICE
1. MONEY SAVING
I found office rent or lease more expensive for a startup with four employees who have just reached their breakeven whereas, in co-working, the rent is moderate with no down payment. There were times when we barely survive a month so adding an extra expense of office rent seems more of a burden to me. Moreover, if I am in rent or lease agreement I have to make sure to abide by it whereas in co-working there is no agreement to sign so I am free to leave whenever I want. Thus, the rent compels me to opt for co-working.
2. FULLY FURNISHED
If I had opted for office, I would have to furnish it with necessary furniture and office equipment and also have to pay its maintenance cost. It would have totaled around four to six lacs, which at the moment is more than I can afford. I may have to lay off my four employees to furnish my office.
3. NO MANAGEMENT ISSUES
The shared space is furnished with all the amenities, such as Wi-Fi, AC, coffee/tea facility, and printing service etc that I wanted in my office so that I can solely focus on my work. It will not exhaust my funds also. No utility bills and no need to deal with service providers and repairs. Management of all these facilities is done by coworking space itself, you don’t have to worry about these issues, this saves not only money but also spares a lot of time that you can invest in strengthening your start-up.
4. PERFECTLY PORTRAYS START UP
The office looks big and more corporate for a small startup like mine. It may put a wrong impression on my employees, who may think that we are now successful, and not in struggling phase. Shared space will portray that we are growing and still need to work hard to be a profitable venture.
5. MORE BUDGET TO HIRE TALENTS & GROW
By reducing the expense of office rent and maintenance cost, we are more likely to grow and hire employees in future. If I hadn’t decided about shared space, I might have been recovering from my office cost instead of hiring more employees for my growing startup.
6. ENHANCE SKILLS & PRODUCTIVITY
Sometimes, when we have no work to do, we sit around idly and strategize how to get more clients. My employees get bored. With shared space, they can interact and can learn more from other employees around them. They will come to the office more likely which will increase their productivity as well.
7. HIRE & BE HIRED
Being in office, it is tough to collaborate with others and grow as a network. In shared space, I will surround myself with diverse and likewise goal-oriented entrepreneurs which led me to build connections with them. I might be able to work with them or work for them on a project. Thus, there are chances that we may get more clients due to it.
8. BEST BUSINESS LOCATION
Location is one of the crucial factors to ensure success of my startup. With co-work; I can have a workplace at a prime location where my clients can easily reach me. If I have opted for an office at an unknown location, I might have lost more clients than gaining new ones.
If like me, you are a startup I will suggest co-working space instead of opting for an office.