The culture of our office spaces has, in recent years, undergone significant change. As larger, city-central office spaces become more sought after and costly, it is increasingly difficult for smaller businesses to source and afford them. From this difficultly, a new culture of alternative office spaces has been created. Small businesses and those with less capital or staff to justify an entire office space are instead turning to coworking and timeshare spaces, which are growing in demand.
A timeshare space is, as the name suggests, the concept of multiple businesses sharing a single office space. Typically, this is done by renting specific days or timeslots within the office’s calendar, allowing a business to work within the building on a few days of the week or month, which is required and available. The costs of the office are then split between the businesses, making it cheaper for each one. In some cases, the companies begin sharing from the beginning, including decorating. They choose a good business site meant for a medium-sized business and immediately take up sharing operational and structural costs such as Black Engineered Flooring, lighting, and furniture.
Coworking is similar to the concept of timesharing except, instead of time, you share space. Offices can be divided into multiple departments, each delegated to small businesses that do not need to occupy an entire office. This can also include access to communal assets, such as printing equipment and phone lines.
When searching for ideal office space, you may come across other terms too, such as hot-desking and satellite offices, as there are constantly new concept spaces being opened to meet the needs of specific businesses and start-ups.
Before you begin your search and certainly before you begin spending money on an office, consider the needs of your business. How often will you meet with clients? How much would purchasing your own office equipment cost? You must weigh up the exact needs of your start-up and then decide which would be more cost-effective.
Once you have identified your needs and budget, you can then start searching for office spaces. Be sure to give great consideration to each potential space, asking important questions about costs and those relating to safety concerns, such as when their previous fire door survey was performed. If there is any hesitation in supplying such information, it should deter your interest in the building.
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Many reputable office spaces will also be forthcoming about trial periods, allowing you and your team to spend time within the office before committing to a set-term contract. When taking on this experience, be sure to use as many facilities as possible while maximising your time within the space. Coworking spaces, as an example, might be more affordable but could potentially be loud, preventing you from attending to video calls or hosting clients.
There will also be options for temporary spaces and short-term contracts, which may be more appropriate for your start-up as you can renew your contract once you have secured the funding or are certain you’ll be able to continue.
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As more start-ups find themselves in the position of needing office space, a greater variety of offers are created to meet the demand. Be sure to search the market and speak to other small businesses to ensure you find the most appropriate space to launch your business.
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