Can’t Afford Office Space? Select Shared Office Space for Your Business

Starting up a business and worried about the cost implications of renting an office space for your employees? We all know that office space can be a real drain on resources for most new and emerging businesses. 

With the 11 to 12 months lease terms and advanced security deposits required while leasing or renting an office, it becomes very difficult for startup companies and even emerging businesses at times to provide such long-term commitments. Even well-established companies today think creatively and out-of-the-box  to come up with smarter and better saving options for their business in terms of office space.

The Solution

A great and innovative way to avoid any such added costs to your business is by opting for a shared office or coworking platform like Bangalore Coworking Hub for your company. Being flexible, such office spaces allow you to opt for membership with the minimum commitments – even by months.

Added Benefits

It's true that one of the biggest benefits of such coworking office spaces is the reduction in liabilities and low cost. But that’s not all! Today, coworking spaces offer companies and professionals much more than the mere physical space from which they can function. It provides a great platform for companies who are looking to increase their business footprint and network with other professionals and like-minded people. With more and more companies identifying the many benefits of shared offices, they have become the ideal platform for fostering collaboration within the business community.

Another benefit is that such spaces enable you to foster a productive work culture for your staff and employees. You get motivated by being in the company of other startups who are constantly working to take their business to the next level. You will also be able to share and exchange ideas with their other companies and create stronger working relationships that is essential for the growth of your business.  

This also allows smaller companies to cut down the time required to find space and make it fit for working like setting up internet, phone lines, security and cleaning services and also maintain these services as everything is included in an office package. Furthermore, you also have access to other benefits like conference rooms and meeting rooms. All you would need to do is connect your computer or laptop and start working.

From getting to know your fellow coworkers to getting a referral and hiring an efficient employee – the possibilities of business development are endless while working from  a shared office space like Bangalore Coworking Hub. So, interact, collaborate and leverage your business by associating with a shared office space.

Different Ways to Use Coworking Office Space for Business Cost Management

Cost management is a prime focus area for start-ups and businesses to improve efficiency, slash any hidden costs and boost your bottom line. One of the key areas that companies need to address is looking for alternate ways to manage their infrastructure costs.

With real estate prices on the rise, often new and emerging businesses are faced with the challenge of deciding how to manage their office infrastructure costs. Addressing this very concern are coworking spaces like the Bangalore Coworking Hub – a unique way to help you plan your business expenses according to your specific requirements.

Unlike working from home, coworking office also provides additional benefits to the independent workers, freelancer or start-up company such as opportunities for collaborating, networking and mentoring. These benefits, coupled with the flexibility available at such shared office spaces, have, in fact, facilitated the growth of the start-up culture.

Check the different ways you can use coworking office space for managing your business costs:

Expansion Without Added Commitments: One of the many perks of using a coworking office space is flexibility. Such a facility enables you to manage a team in a professional work environment while you set-up a business from home. You don’t have to worry about arranging for facilities like power backups or internet connectivity or office furniture. 

All these are taken care by the coworking space, thereby freeing you from all these added commitments. You also have the flexibility of expanding your team whenever you want to without having to move to a new territory.

Setting New Branch: If you’re looking to expand your operations to a new location, you can take care of the hassle of initially setting up a new office by opting for a coworking space. This will not only assist you to curb your business costs, but also manage your employees remotely while they work from a professional shared office platform.

Outsourcing: For companies looking to outsource their work to a new company or a freelancers in a different location, using a coworking office is the best option. By setting up a shared work environment, you will be able to easily lower your business liabilities, while at the same time, monitor the work being done remotely by the outsourced agency or consultant.

It is a known fact that the practice of coworking or sharing office space has boomed among the startup and working community in recent years. This is mostly due to the different companies looking for ways to cut down on overheads and get a chance to brainstorm with their peers. However, these very firms are also starting to put new spins to the concept of using coworking spaces to get greater traction, boost profitability by lowering costs.

11 Lesser Known Advantages of Shared Offices

If you are looking for low overheads, speedy set-up and great networking opportunities then shared offices are the clear winners here. Shared offices are known for their variety of advantages that not only reduce costs but also increase your profits. Common benefits itself seem to attract business owners towards this option but along with these benefits shared offices such as the Bangalore Coworking Hub has many lesser known advantages as well. So have a look at some of these advantages which make this option even more beneficial for your business.

·   Working from home tends to blur the line between home space and work space due to the many distractions. In a shared office you can enjoy the flexibility of your home as well as the professional environment of your office, therefore creating a balance.

·     At shared office spaces, furniture such as desks and chairs are already provided. This conserves time for you and helps you get your other work done.

·         If you are a freelancer working from a shared office, you get the opportunity to meet people who are travelling in the same boat. This helps you become a part of the community and increase your network.

·         The environment in shared office spaces is very flexible compared to traditional offices. You can enjoy socializing when you are too stressed with work or you can work productively in a quiet work environment when required.

·        At shared offices, you don’t really have a long term work commitment. If you are having problems in the workplace with other people or don’t like the vibe, you can quit at your own convenience.

·        Most co-working spaces hold fun seminars and workshops for all the employees which will help you learn something new. Some of these workshops may help enhance your working skills as well.

·         The availability of conference rooms to meet with clients is another great benefit. If you are an independent consultant or a freelancer, you have the availability of a meeting room to discuss with your clients. These meeting rooms can be booked as and when required.

·         The fact that a number of offices from various industries work under one roof makes it easier for you to know people from all sectors in the corporate world. You tend to engage with more people from different walks of life.

·   Shared offices provide flexibility in terms of rent which can be extremely convenient for companies that are looking to expand in the near future.

·         Such co-working spaces are generally located in prime business locations which are really helpful for start-ups and emerging businesses. Generally individual offices at such locations would cost a lot of money and put you in a spot.

·         Access to your workplace at any time and security is another good reason to opt for shared office spaces.  These places are generally guarded 24/7, which means security of your office and its valuables is something you don’t have to worry about. 

Shared office spaces like the Bangalore Coworking Hub are an economical and practical way to control costs while benefiting from the prestige associated with a fully managed business center. But these lesser known benefits act like the cherry on top of the cake. Now making the choice shouldn't be too tough for you!  

Benefits of Using Virtual Office Spaces in Bangalore

Termed as the Silicon Valley of India, Bangalore is a favorite location for new start-ups and other established companies from all over the world. With the considerable increase in the number of companies, demand for office spaces and other expenditure has increased considerably as well. It has become quite a task for new start-ups to find suitable offices at good locations for a reasonable price. The key to success here is to find an alternative solution for these problems where you can reduce your expenses and enjoy more profits. This is where virtual offices such as the Bangalore Coworking Hub play a major role in the corporate world today.

Virtual offices are for all those businesses that don’t really need a physical location to function as a company, but they still have an office address to give to their clients in a prime location. With the real estate prices in Bangalore booming, virtual offices will cut most of your expenses. Your whole business can be done through internet, phone or video conferencing instead of you spending your money on rent and employee wages. Consider these pointers which tell you exactly why virtual offices are a much better option:

1. Flexibility – There are no leases and long term commitments you have to make with the landlord. You can rent the space by the hour, day or month. 

2. Save Money – Your overheads get reduced to large extent because you will be saving a lot of money on physical office space. You will eliminate the need for large security deposits and investments on office equipment. 

3. Receptionist and Administrative resources – Virtual office facilities offer a receptionist and amenities such as conference rooms. You can use these amenities when required and your clients will receive professional help from the receptionists. 

4. Save time – Instead of wasting time looking for office spaces in prime locations or any other equipment, all these things will be available with virtual offices. 

5.  Impress Clients – Virtual offices are generally placed in prestigious locations which can create a positive impact on your clients. Beautiful workplaces with conference rooms can improve your image as a business. 

6. Employees – With virtual offices you can employ people from anywhere across the world. This is because your business mainly takes place through communication on video, phone or email. 

7. Low Start-up Costs – Virtual offices offer a lot of savings especially for start-ups. Most of the costs are shared in terms of services and infrastructures. 

8. Get Additional Space – Virtual offices provide additional space to hold training sessions, seminars and any other office activities. 

By reaping so many benefits with almost 50% lesser costs, virtual offices seem to be the right option for any new start-up in Bangalore. With all the money and resources you save, you may even come up with new business ideas for start-ups. At Bangalore Coworking Hub, we help you to meet your office requirements so that you can run a smarter and profitable business. In addition to virtual office services, you can also be a part of our professional coworking or shared office community and interact with other startups and emerging businesses for new ideas, contacts and networks. So in case you are wondering how to progress in this technological hub of different sectors, you can start by opting for smart solutions such as virtual offices. 

Who Can Benefit from Co-Working or Shared Offices?

With the dawn of the contemporary age in the corporate world today, co-working or shared offices have become a more common and well-known term. This concept offers ample benefits which attract new start-ups and established businesses like bees to honey. It won’t be long before the word traditional office is erased completely out of the corporate dictionary. Co-working or shared offices like the Bangalore Coworking Hub are this attractive mostly because of their cost effective nature.

Every business whether new or established is always looking for ways to cut down their costs and what better way can they find apart from this option. But of course there are certain types of people who benefit a lot more than others. Have a look at some of these entities who sow the most rewards from this option:

Freelancers

Many a times companies prefer to outsource their work based on short term projects to freelancers. Most freelancers have the flexibility to work at their home or at a bustling coffee shop. In both situations there can be a lot of distraction due to the distracted environment with kids at home or the loud noises of the crowd in a coffee shop. This is the exact reason why freelancers opt for co-working or shared offices. In this environment, you will be more focused on your work therefore more productive. Apart from this, you have the option to meet new people from the same field or different fields and build a strong network. You may never know when the next opportunity for a job pops up in your office.

Start-Up Companies

For start-up companies, discovering solutions to reduce costs is like celebrating the festival of Diwali early. All start-up companies usually begin with a tight budget, so considering the fact that buying an office space creates the biggest hole in their budget, shared offices are like a breath of fresh air. Their costs reduce to a large margin and they get the benefit of working alongside different companies from different sectors. Besides these companies get to market their products within their own office space! So you may never know if your next investor is sitting just two seats away from you. It’s eventually all about networking and building up your contacts for future business ideas.

Corporate Houses

When corporate companies which are well established already decide to opt for a co-working space, you know that it’s something worthy. For corporate companies, co-working helps you mingle with other new or established business and maintain a harmonious working environment. If you really open your eyes you will find potential business partners or energetic investors walking around everywhere. It’s a room full of opportunities in your own backyard! Not only that but your employees will be energized with the fresh faces all around that their productivity may just shoot up to a 100%.

Independent Consultants

As an independent consultant you get to choose your own clients and working hours to decide your company’s goals and direction. The only problem here is that you will mostly have to work out of home which results to many drawbacks such as not being able to meet clients in a professional environment. In a co-working space all those worries are put to rest with a conference room available right there for you. What’s even better is that you may just find a whole bunch of clientele right there in your small office space. You will also be able to build your network and profit from the sales you get out of the additional business. 

So if you come under any one of these categories, then you know exactly where to start from. Half your worries will vanish just by opting for a shared office space such as Bangalore Coworking Hub. Before you lose out on this incredible option, start looking for a co-working space today!