The benefits of a shared office space
Second only to staff, for the majority of businesses it is premises that are the second biggest outlay. Of course, staff are an essential part of any business and we would never recommend cutting back here unless absolutely necessary. But we would advocate exploring the options available to you in terms of a shared office space.
Cutting rental costs
Renting office premises can be tough but by splitting the contract with another firm you will boost your spending potential. As this will allow to afford more office space, you will still have enough room to accommodate both companies. Sharing communal areas like the kitchen, reception and toilets, you’re halving the cost and losing none of the facilities.
As well as reducing costs, you can also cut back on expenditure on infrastructure. This could include everything from IT networks to phone systems and even safety equipment. Everything from fire extinguishers to evac chairs are bought and maintained communally, meaning you’re not solely responsible for the outlay.
The same goes for keeping the office safe and secure. Rather than buying your own alarm system, share it and it’s more affordable. If you need to hire security guards, the same logic applies.
Together with other companies you will be in a better position to secure a shorter lease. The fact more than one is sharing the space means it is also easier to extricate yourself from a costly contract if things don’t work out in the future.
Of course, it’s not all about saving money. It also provides you with the option to grow your business. You can network with likeminded professionals and also share expertise to tackle projects together. You might just find yourself sharing a space with a company or individual that fits like a glove.
These are just a few of the myriad ways that sharing an office space can benefit your business. If it’s not something you’ve considered before, now could be the perfect time to give it a go.