Given the rise of sharing economies nowadays, business owners, entrepreneurs, and startups face a wealth of options for leasing workspaces. There are a number of factors to consider when choosing a suitable workspace for you and your team, including company size, resources and operation costs. So before signing that long-term office lease agreement, it’s best to weigh the advantages and disadvantages of opting for short-term, shared, or temporary workspaces.
Is it the right fit?
One of the first things to consider is the size of both your company and your prospective space. For independent freelancers and small teams, a conventional office simply isn’t necessary, though you might still need a physical place to work from, to hold meetings and to perform daily operations. What kind of workspace would be the most favorable? Which offers the most convenient location? Many shared spaces offer the same stability and security afforded by conventional office space with the promise of modern comfort, along with a broad range of office amenities. From spacious and scenic to vibrant and energetic, offices now cater to a variety of personalities.
Permanent vs cost-efficient
The flexibility provided by short-term workspaces is often a crucial element when making a decision. A main drawback for those setting up a conventional office space is the high overhead cost, which, besides the rent, includes furnishing your office, utility and upkeep. The time and effort poured into finding, building, or renovating a place could better be directed toward more important endeavors for your company. Not to mention the struggles associated with moving in.
Short-term spaces minimize that burden by being ready to accept tenants immediately. Moreover, they are already fitted with the amenities and infrastructures businesses need. Whether something as simple as a reliable Wi-Fi connection and a pot of coffee, or dedicated tech support, many shared workspaces already cover these costs for you, and offer the shared use of their resources as well.
For example, MoneyMax.ph held its Coffee Sessions at O2 Space last year, where the area used for the event was a common area for co-workers. They held a personal finance talk and the shared workspace proved sufficient to accommodate more than 20 people. It also served as an alternative function room for the event.
When choosing the best space, pay attention to the many membership plans and package deals these different spaces offer in order to find the most appropriate setup. There are hourly, weekly and monthly rates, temporary hot desks, and even closed spaces. Do an ocular with your team and talk directly with the people who are already working at the space. Inquire about particular concerns, from available parking slots to important building policies.
What are the added benefits?
Besides cost efficiency, shared office spaces often present other valuable opportunities. We often mention the networking potential abundant in co-working spaces. Any company could gain from the input and feedback from like-minded individuals, peers, and professionals of different backgrounds and spanning various industries who share the office space. Opportunities to connect with other dynamic business ventures could lead to collaboration, innovation and rapid development for all parties involved.
The numerous advantages of short-term workspaces allow businesses young and established to achieve growth and learning unique to the constantly changing modern landscape. Just like the many workspace options available to them, companies are able to stay agile and adaptable. Besides the affordability and practicality inherent to shared spaces, co-working often results in the kind of business progress that is anything but temporary.
Nicole Adarme manages brand development and marketing for FlySpaces. FlySpaces is an online marketplace, booking engine and advertising platform for short-term workspaces across South East Asia. It empowers startups and SMEs by matching them with spaces that work for their businesses.