It is no secret that most startup businesses have a limited budget. The first few months of their operation is very critical because one mistake concerning their finances can lead them to closure. For this reason, decision-makers take the time to think about how to spend the company’s money. One of the most common dilemmas that they face is finding affordable office spaces.
Startup business owners can always choose to have their office in their home since it is economical, but there is no denying that having an office in a strategic location is paramount since it gives opportunities to the business to become well known. The good thing is that business entities with a limited budget can make use of shared working spaces.
For starters, a shared working space or more commonly known as coworking space is an idea of sharing office space with several organizations. This means that the individuals working in a shared working space have different employers. This concept is ideal for a business startup because they can save a significant amount of money since they no longer need to rent their own office. It has other benefits as well which will be discussed below.
This is probably the most significant advantage of choosing a shared working space over the conventional type of office in the Bay Area. Since you are sharing the office with other businesses, you are not obliged to pay the whole amount of rental. Instead, you will share the expenses with other tenants or other companies renting the coworking space. You can also save money in terms of maintenance fees since the costs will be shared.
Another benefit of shared working space is that you can quickly build a network since you are sharing a space with other professionals. For instance, a person who offers SEO services can market his or her expertise to other businesses who also rent the shared working space. Alternatively, the other companies can market themselves to the SEO expert. Hence, you are hitting two birds with one stone since you can save on the rental cost while being able to avail a free form of advertisement.
You will also obtain ideas on how other industries work if you work in shared working spaces. This is because you will be befriending other professionals who happen to have knowledge in their own fields.
Assuming there are other organizations which offer the same products or services that you offer, you can encourage your employees or yourself to work extra hard to be on top of the competition. The other business will likely do the same. Hence, it will create a friendly competition which will eventually be to your advantage since it will result in an increase in productivity.…