Traditional commercial leases require many tenants to sign up to long-term leases with 24-month commitments not an uncommon condition. Such agreements are generally for more space than is required and at a cost that is more than most early stage businesses can afford or really need to pay. By sharing a space small business can cut down on their initial expenses and free up some money to increase cash flow.
Networking accounts for 87% of business in the marketplace. Shared office spaces do away with the homogeneity of a traditional office and bring together different businesses, all with networks of their own. The likelihood of getting the key introductions or strategic partnership you’ve been looking for increases significantly in a shared office space.
Most shared office space platforms offer bookings by the hour, day, week or month, which is ideal for business trips, short term engagements or simply for the peace of mind that comes with flexibility. Businesses only pay for the amount of desks that they need, when they use them. The flexibility that comes with the space also means you can work from different spaces and expand your network even further.
Innovation doesn’t happen in a bubble. Sharing office space means you always have somebody to bounce ideas off or get insights from. Don’t know your SEO from your PPC? Chances are somebody in the office, particularly those with established businesses, would have asked the same questions at some point and gone through the same challenges.
Business can be tough and running one can be tougher. Sometimes all you need is to share your experience with others that are going through the same thing and the sense of community that comes with a shared office space helps to facilitate such conversations. Simply going to a common place of business puts you on the same page and makes it harder to throw in the towel when the time gets tough.