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.

Shared Office Vs Home Office - 5 Benefits to Consider

Shared offices are the best alternatives to traditional office spaces, but some people may argue that home offices are a better option. Although home offices do have their share of advantages, shared offices tend to be a more practical and sustainable approach. Home offices do help in lowering transport costs and other liabilities. But what happens when your kids don’t respect your working space or you constantly have guests over during office timings? 

Such disruptions can result in low productivity and concentration. This is when you require a flexible shared office environment like Bangalore Coworking Hub. Our coworking office space helps start-ups, independent consultants and emerging businesses to increase their productivity and business efficiency while lowering their business costs. Though home offices seem very tempting at first, you eventually realize that your home and work life must be kept on two separate pedestals.

Shared offices have various attractive benefits that will surely make your work life more comfortable and focused. To give you a clearer picture here are a few reasons why working at home can be a menace:

• Interruptions – When you are in your house working, there are bound to be constant distractions like unexpected guests or screaming kids. This can make you lose focus and time. 

• Loneliness – You will be working alone without any social interactions about the work. Doing this can cause loneliness and result to low productivity. 

• Lack of amenities – At home you will not have much storage space, conference rooms and any such facilities. This can cause you to limit your growth and inconvenience your company. 

Shared offices offer you a lot more benefits than home offices. They will boost up your confidence with the surrounding and help you focus more on your work. Check out these benefits to be convinced on this statement:

1. Networking – When you are surrounded with colleagues of different professions, you can form a big network. Shared offices have people working from all sectors so you will be able to make more contacts, which can come in use for your future. In business, creating a network is very necessary if you want to put your company right out in to the market. You may just find your next client or investor sitting next you. 

2. Group Solving – If you are stuck on a business problem, you can speak to a diverse number of people from your shared office space about it. This offers you the opportunity to informally collaborate on business issues. You even run your ideas by them to get honest criticisms about it so that you can modify it for the best. This would definitely not be possible in your home office. 

3. Amenities – Shared offices offer you professional meeting spaces such as conference halls. Instead of setting up a clean background at home while video conferencing, you can sit face to face in a professional environment and discuss with clients. You may also end up meeting professional clients at your office. 

4. Environment – With shared offices you will have the best working environment with minimal distractions. You can isolate yourself during work and get the opportunity to collaborate with different business owners. It will be a big relief for you considering the constant distractions at home. 

5. Opportunities – A shared office space can spring opportunities at you at any time. For instance you might be offered a bigger job than your current one from the other business at your office. You will always have the chance of encountering huge and beneficial opportunities that will give your career a boost. 

So instead of locking yourself up in a closed environment and working you should consider an open and professional shared office space like Bangalore Coworking Hub for your business operations. The wide array of benefits will make your shared office experience worth all the trouble!

Business Cost Management with Shared Office Spaces

Every business has one prime area to consider when they begin their business operations: Constructive cost management. Viable solutions to reduce costs allow the company to avoid large overhead expenses and cash drain of capital. Your primary area of concern when it comes to cost is the office space. Ever businessman’s dream is to have an office in a prime location with all facilities and lower in cost. Well such dreams can be extremely heavy on your pockets unless it is a shared office space. Shared office spaces are relatively cheaper and come with all the amenities necessary. At Bangalore Coworking Hub, you will be able to best manage your business costs with our professional, cost-effective shared office space in Bangalore.

Being a smart, creative and cost effective option many people are actually opting for shared office spaces. Such an arrangement is most effective for a start-up due to their low capital amount. Let’s break it down and analyse how shared office spaces reduce our costs:

Prime Location- If you need to buy an office space in a prime business center it costs a lot of money. When you choose the shared office option, the cost becomes way lesser and you have the advantage of being situated in a prime area. Many offices choose a business location so that it is easier for clients to find them. Therefore, a shared office space can be very advantageous in this situation.

Share Facilities- In a shared office space you have many amenities such as lounge area, conference room, receptionist, kitchen and so on according to what you choose. So getting these facilities in an individual office space would drain out a lot of money but in shared office spaces you split the money with other companies.

Flexible Lease- In shared office spaces; you can pay the lease on a monthly, yearly or short term basis. When it comes to an individual office space, you will have to meet the requirements of the landlord and pay on time.

Apart from these cost related advantages, shared office spaces have various other benefits associated with them as well. Such added benefits increase the prospects for higher profits for the company too giving it quite an edge.

Marketing- Sharing a platform with other sectors of business, gives you the opportunity to market your business and in the process gain potential clients. The awareness of your company in the business environment will increase too. When your employees mingle with the other employees there will be conversations pertaining to the company, therefore indirectly branding your business.

Inspiration- As you work with a large and diverse crowd, you are bound to find inspiration and ideas for your business along the way. Even your employees will be inspired to work better, which will increase the productivity.

Productivity- When you tend to mingle around with a crowd consisting of people with different backgrounds and sectors, you will gain fresh perspectives on your ideas or work. It is always nice to run your ideas by fresh set of faces, so that you can receive a constructive opinion about it. By doing the employees will gain a better momentum and work ethic which will eventually benefit your company.

A shared office space like the Bangalore Coworking Hub will prove as a win-win concept for both you and your employees. So why not opt for this concept and reap the benefits on the long run? Not only is it a great cost management method but it is also a practical solution for your business.