Should Small Business Consider Shared Office?Posted on 25th May 2019
Across the length and breadth of our nation, small businesses form a major chunk of the economy. While large companies play a major role in the economy, it is the small ones that consistently work in the background to make everything work. Ain’t it?
You will come across a lot of small businesses, except retail stores, in a commercial building even in semi-urban cities. With small businesses, we are referring to consultants, freelancers, companies with few employees, MNCs, and small and medium enterprises. These are the enterprises that hold the background to enable the frontend to function properly.
Relax, we are not going to discuss business types and the economy. In the article, we are addressing the issue of workspace small businesses face and review why they should consider shared office.
Most small businesses are run either on rented premises or commercially owned property. In either case, the operating cost and overheads keep on rising year after year. And when the business grows, it eventually becomes difficult to manage from home, rented premises, which usually are small in size.
While operating from a small unit, growth in the number of clients, expansion in the workforce can affect business goals, client servicing, and employee satisfaction. At this juncture, it is imperative for small business owners to change – either move-in into a larger traditional office or move into a shared office. Both have their pros and cons and neither is appropriate for all types of businesses.
Every element, especially business offices have their pros and cons, but ignoring the cons let’s focus on the pros and why the concept of shared office is ideal for small businesses. Here are a few advantages of a shared office.
- Shared office space is usually a ready-to-work workplace where businesses can start working without losing any time.
- Besides being affordable, the shared office provides all basic amenities such as office furniture, conference rooms, printing facility, internet, cafeteria, parking facility, restrooms, etc.
- Add workspace as the business grows and team size increases.
- Occupants get the flexibility of paying occupancy charges monthly, quarterly, half-yearly, and annually.
- Businesses need not sign a long-term contract.
- Enterprises get access to a community from various industries. This adds the chances of enhanced learning and exchange of ideas and opportunities.
- Ideal when small businesses need a prime location in the city.
- Get the advantage of premium office address.
Shared Office Space is a fast-growing concept in the realty sector as more and more small and medium-sized businesses are opting shared office or coworking space instead of buying or renting traditional office set-up. Undoubtedly, a shared office is a hassle-free option for small businesses and start-ups. New and emerging businesses should consider shared office by all means.
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