A few years back, the idea of communal office spaces was almost unheard of. But now, with their multiple benefits and ever-growing popularity, they are taking the business world by storm!
If, like most people, you too are not familiar with or haven’t heard of the term ‘shared office space’, then let us tell you that this space is a defined location wherein multiple businesses can work together by booking a place for themselves – mostly a cabin or desk according to their requirements. Besides, these spaces are also called as a communal, shared or co-working office area. And guess what… you can pay the charges on a monthly basis just like you’d do when joining a gym.
Now that you are quite familiar with the term, let’s take a look at the reasons why every other millennial is opting for these commercial spaces.
Easy on your pocket
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No matter what business you’re into, you always look for ways to make or save money. Well, this is one of the main reasons why these shared office spaces are ruling over the hearts of every small business owner. Also, since these spaces are cheaper than those huge individual offices, it becomes the go-to option for businesses with fewer employees, as they don’t require much physical space to operate.
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Businesses that have a separate office space have several added responsibilities apart from their main functioning. These duties mainly include cleaning and maintaining the space, making sure that all the office equipment are working properly, etc.
However, if you are operating your business in a co-working place, you need not worry about such small and time-consuming issues. The owner holds the liability of taking care of the entire space making it easier for you to focus more on your work.
Good scope for networking
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As you are not the only business working in a shared office, you will be able to meet new people and businesses which would surely be good for your networking.
This is one such place where no business stays put forever; meaning, there are higher chances that you’ll come across more and more companies in a co-working place. Maybe you could find a client in any of your co-workers; and if not clients, you could surely turn them into your referrals.
Easy for start-ups
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Nobody would like to shell out their entire money simply on rent when they’ve just started a business whose cashflow isn’t yet steady. Well, this is reason enough for millennials to look for ways through which they could spend as less as possible in the initial stages of their start-up. Moreover, these spaces are considered to be the best option since a newly started business doesn’t have too many employees to accommodate. Plus, they can grow their network, ask for referrals and promote their products easily in shared offices.
So overall, these offices spaces are surely a go-to option for newly started businesses as they get multiple opportunities to grow.
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Most of the companies prefer to set-up their business in an urban-centric location, as it is easily accessible for their customers, clients and employees. Also, an added advantage of such spaces is that they have complete access to the mostly required places, such as restaurants, public transport, entertainments, supermarkets etc. And guess what… this is what makes shared offices a perfect fit for any and every business.
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Hardly any business prefers to make a long-term commitment, especially when it comes to renting a place. Also, buying a building or business space is an investment that will surely take entrepreneurs a couple of decades to cover the money they have put in. So, it’s better to pay monthly rent instead of locking a lump sum amount from your capital for a longer period of time. By doing so, you can ensure that the remaining money (that you are most likely to spend on lease) is being used to expand your business.
So, that wraps our reasons as to why shared office places have become the talk of the town and are appealing to more and more companies.