The shared workspace phenomenon is a growing trend that offers an alternative to conventional office space. Flocking to this new business idea are start-ups, entrepreneurs and freelancers looking for a reliable workspace that is affordable and can accommodate their business needs. Shared workspaces are not only for companies looking for a temporary space to conduct business but also for those that need an ongoing arrangement and the resources that such a space offers. Shared workspaces can provide different companies and business owners with certain advantages. Before jumping aboard the shared workspace trend, it’s best to know all you can about the benefits that can be enjoyed.
What is Shared Workspace?
A shared workspace can be described as a common office space that is often physical, but can also be virtual as well, and supports employee from the same company. Employees work together in the same shared space. This workspace features typical amenities, such as copiers, fax machines, printers, computer equipment, and office furniture. In a virtual shared workspace, online tools are the primary resources for communication and collaboration. Conference technology and communication apps, such as Basecamp, Join.me, Slack and Skype are some of the top online resources used in a virtual workspace. Numerous shared offices commonly serve as executive suites with amenities that may include a kitchen, entire reception services, and private offices.
Shared workspaces emerged from economic uncertainty that many companies were facing, and the challenge of managing budget constraints and overall spending. As the trend grows, one of the factors that are forcing companies into shared workspaces is the rising cost of renting a commercial property. Additionally, a large percentage of millennials are building entrepreneurial careers, or developing and joining startups and are the main force behind this workspace trend. A shared workspace can foster business growth and certain activities that include, collaborations, virtual meetings, events, lectures, team meetings, conferences, and workshops.
Benefits of Shared Workspace
Shared workspaces allow companies to enjoy a certain degree of flexibility that is beneficial to growth and productivity. Companies don’t have to be committed to year-long lease agreements that renting a traditional space often requires. Instead, it’s typical for companies to enjoy month-to-month memberships that are budget-friendly. You avoid upfront fees or security deposits, which cuts costs, and you can select a plan that supports your unique business and its needs.
Great Amenities and Services
There is an ease about getting started in a shared workspace. You don’t have to worry about getting a moving van or people to set up your office space for you. Common office amenities will already be established in the shared workspace, where you only need to show up, settle in and start working. You don’t have to fret about setting up the internet or phone, moving in office furniture or making parking arrangements for employees. When using a shared rental studio place, for example, it’s typical to find that administrative and operational tasks are included in the selected plan.
A Shared Workspace is Cost-Effective
A traditional workspace can take a huge chunk of a company’s budget, and that can be tough for any company that has a limited amount of capital. Shared workspaces are a more affordable option for leasing a commercial space, where the cost for internet service, electricity, heating/cooling, and cleaning and maintenance service add to the cost of using the space. Some overhead costs can be eliminated by having a shared workspace and can save you money.
A Modern Workspace Model
Shared workspaces are the 2019 workspace model that many millennial entrepreneurs and startups are using to cut costs, launch and grow their business. It’s a flexible option, with the amenities of a conventional office space, at a cost that you’ll be able to afford. You and your company could benefit from using a shared workspace to do your business and grow.