Acquiring a private office space for your startup is one of the most significant initial expenses you can make. Apart from the rent itself, you have to pay for maintenance, furniture, interior design, and everything else in between. The bottom line is that not all startups have the money for their own private office space, and if this is your case, don’t worry. There are a lot of alternatives for you:
Shared office space
Shared office spaces or virtual offices are becoming more and more popular among startups and entrepreneurs because of the many benefits that they offer.
- Affordability. The rent for shared office space is often a small fraction of what it costs to rent a private one. This makes it an excellent option for businesses that have limited money to start with.
- Flexibility. Traditional offices usually have lengthy leases. And for many startups, committing to a long contract is simply not feasible. Shared office spaces, on the other hand, offer rolling contracts that make it easier for startups to stick to their budget and add things only when they can afford to, such as additional space, desk, or privileges.
- Amenities. Another reason why coworking spaces are so attractive is because of the facilities that they offer. Many shared office spaces have things like fast Internet, media studios, conference rooms, lounge spaces, and more, which might be inclusive in the rent.
- Networking. Because of the different entrepreneurs and businesses working in one place, coworking spaces are also great places to build your network and find good business connections.
Compared with having a physical office, working remotely has certain advantages:
- Location. You can hire people from all across the country, or even in different countries. This makes it easier for you to find talent that is suitable for your company even if they are in different locations.
- Savings. Operating your office remotely requires little to no cost. You don’t have to pay for rent, maintenance, hardware, and more. Hence, you can pass on those savings to your employees’ salaries, which can help you hire and keep the best people on your team.
- Productivity. This can be subjective, but some people work best when they are in the comfort of their own home. Moreover, many people in the digital age prefer working from home than in an office.
However, this option does not apply to all types of businesses. You have to consider a lot of factors, such as your company’s goals, communication needs, and the personalities of your employees.
A business incubator is much like a coworking space, but aside from providing virtual or physical office space, they help you grow your business from the ground up. Finding the best suitable incubator can give your startup the push that it needs to move forward, so make sure to consider this option when looking for an alternative place to start your business.
Given these alternatives, it should be apparent that traditional office spaces (while being the standard for most businesses) are not your only options. When building your team and your company, consider these cost-effective and possibly more advantageous things.