So you just launched a company, now what? Starting a new company is an incredibly exciting time full of new opportunities and a world of options, congratulations! However, these options come with great responsibility, and the fate of your company lies in these next steps. The pressure that comes with decision-making can be terrifying, but half the battle is choosing the environment where your company will thrive.
Flexibility is every decision maker’s dream, so we are here to provide you with a low-risk, flexible office space with an overwhelming number of benefits. A flexible space typically includes private offices as well as a communal coworking area. Committing to a workspace when you are unsure of the company’s future is highly unpredictable, and it is our job to enable your business to grow from a place of confidence.
Many companies are currently reconsidering options for office space after the pandemic. Covid eliminated all security and confidence when it comes to planning, and you want to be sure of the decisions you are making when starting or managing a business. While so much is unpredictable, large spaces and long-term leases are less desirable now than a low-risk, flexible office space.
What is a Flexible Office Space?
Flexible office space is a type of work environment shared among other companies or business employees. According to The Balance Small Business “Shared offices can provide a synergistic marketing solution. By pooling your office space with related professionals, you can enjoy the synergy of building your referral base with other similar non-competing businesses. Even if you do not have a complementary business to share office space with, you can still have people to socialize with at the proverbial water cooler.”
A flexible working space also offers various office types to accommodate different workers in a particular business. Many coworking office buildings provide a combination of private offices, larger meeting rooms, and communal coworking space to collaborate with and create alongside other professionals. This way, you can have an environment supporting any type of work. These spaces create a dynamic and adaptable environment, allowing employees to have their unique needs met.
Why a Coworking Space?
There are many reasons why a coworking space is a lower risk when your company will most likely be making changes in the near future. Whether you are a remote employee who needs a workspace or an executive who doesn’t want to be tied to a long-term and expensive commitment, this space is perfect for you.
When starting a new business, your space needs to be able to adapt and change with you. With a coworking space, you are renting month to month instead of being trapped in a lease that provides no security for your company’s future improvements. PwC’s remote work survey found that the least experienced workers need an office the most, saying, “They’re more likely to value meeting with managers or company training programs than their more experienced colleagues.”
Another point to consider is as a new company, you should be devoting your funds to hiring and marketing rather than the operating costs of commercial leased office space. With flexible office buildings offering coworking space, it is less risky to pay monthly rent without a restricting contract that can be anywhere from three to five years. A flexible office space also provides several amenities you would otherwise have to purchase, including faxes, printers, copiers, furniture, mail services, a kitchen, and more.
Now, these spaces are not only of interest to startups or new businesses. They also can be helpful to an employee who works for a company deciding to stay remote permanently. While many of us have become used to virtual life, some people still need to be away from home to maintain a creative working mindset.
Yes, others would share this space, possibly leading to distractions or making it difficult to be on a virtual call. It’s best to find a flexible workspace that provides private call booths and offices to mitigate interruptions.
While a flexible workspace can provide your company with all of these benefits, you also compromise the ability to have your own established building with the name on the door. Although you share with other business titles, you may be allowed to place your company name or logo on any of the private rooms. There may also be a front desk with a receptionist who will check in guests and direct them to your office or workspace.
Know Your Options
As you consider whether or not a shared office space is the right option for your new business, it is important to consider the other office options.
When it comes to working from home, you are faced with some advantages but an equal amount of challenges. Isolation is not ideal for mental health because many studies have found we need in-person human connections to maintain positive morale at work. Your home may cause more distractions, and you might find it hard to separate life at home from work.
Although remote working employees enjoy flexible hours and no office space costs, it is damaging to their happiness, therefore limiting their potential. The same PwC study found that 87% of employees believe a corporate office is essential for collaborating with team members and building relationships. In fact, they say it is their “top-rated needs for the office.”
Collaboration and community encourage workers to bring their best ideas forward and allow them to feed off of each other for inspiration. These ideas connect your company, improve overall well-being, and are worth the cost.
Given that this company culture is worth a cost, at what price should you draw the line? Traditionally, a company would rent an office space, but with that comes a variety of unanswered questions. Will my company grow out of this space? Will I be paying more than I need to if things don’t go as planned?
Without knowing the answers to these questions upfront, you may find yourself stuck in a multiple-year commitment with nowhere to turn as you are still in startup mode.
Even though you may be making a risky choice, you can have those face-to-face connections, an employee community, and a space that is solely yours. You have to evaluate whether it is worth the unpredictable risk of signing a commercial lease.
With a commercial lease, you would be paying for amenities and utilities that change yearly, leaving it impossible to budget accurately. Shorter-term, flexible office space includes these amenities in their rates, giving you more money to spend on getting your business off the ground.
The Choice is Yours
Where you work matters. The office space you choose for your startup should foster community, strengthen creativity, and encourage unique talents to flourish without putting your company at financial risk. This is the birthplace of your company, and your workplace can make or break an individual’s performance and possibly your company’s overall success.
We can help provide low-risk, flexible office space to accommodate every type of worker while not requiring a heavy commitment. With the possibility of anything changing on a whim, you want a space that can manage unpredictability instead of exposing your company’s risk and limiting its potential. Book a space today.