We all accept that office space has been at a premium for some time now. Very often this can make it really difficult to take your business in the direction that you really want. Many companies will benefit from more room, but just cannot afford to commit the expenditure to cover the costs on their own. A solution for many is sharing office space with others.
As a result of this sharing, many office blocks are now being utilised. Previously they would have stood empty waiting for a single large company to move in; unfortunately a difficult economic climate has made that happen less and less.
Take pretty much any London borough and there will be a shortage of affordable office space. This is especially acute when looking for office space in Soho or other nearby areas. A growing number of companies have found that shared office facilities can answer their requirements.
This blog post will take a look at some of the key benefits that a shared office space can produce.
Group Problem Solving
Many of the organisations that use a shared office space don’t necessarily conduct the same type of business; however this doesn’t mean that ideas and solutions can’t be shared. Informal collaboration between organisations is often a very effective way of dealing with issues. An example of this might be when you need a new payment processing system; someone in the shared office might already be working with one that they really like.
One of the very best features of shared offices is that there will be other likeminded organisations on your very doorstep. These might be groups that you may never have thought about speaking to. The simple act of going to work in a shared environment will mean that networking happens immediately and often without you having to put any real effort into it. You could already be sharing space with a future client or someone else who can make a strong third party referral on your behalf.
Professional Meeting Space
Nearly every shared office environment will feature some kind of dedicated meeting area. This can be the perfect venue for meeting with clients. It will really help to stand you head and shoulders above many of your competitors, many of which will be forced to hold meetings at public places like coffee shops or similar. Making use of a professional meeting space will demonstrate to your clients that you are serious about their business.
The Water Cooler Experience
We have already established that the other companies that use your shared location might well turn into future clients or recommend you to their network. Another aspect of a shared environment can be those quick chats by the office water cooler; this can be another powerful co-working tool. The traditional office experience is replicated, bringing its own benefits as entrepreneurs have the opportunity to mix with others. No home or public based working environment can ever match this valuable office function.
Thrive in a New Environment
People that work from home will say that there can be many distractions, very often these distractions can get in the way of doing serious business. The shared office experience will allow you to regain focus on exactly what needs to be done, day in day out. There is still an element of interaction with others, the networking and water-cooler experiences prove almost invaluable to many. However, you have the opportunity to have your own area and set about attending to your business needs.
Easier Expansion Opportunities
It is not always easy to predict a rate of growth for businesses. This can be problematic when a company buys or leases a small standalone unit. Whilst things can appear to be great at the start, if you are successful and grow fast then it is only a matter of time before it becomes clear that a larger base is required. Shared office space can offer a great solution to help avoid the issue. As and when a company needs more space they can very often acquire it, without having to go to the expensive of trying to find an alternative location.
This is especially noteworthy if the office is based almost anywhere in London. For example, for an office space in Soho needs to be thought through before investing in as you must look at the kind of costs involved if you had to locate a bigger standalone property in that particular area, even if you could indeed find something suitable.
The Wrap up
Accepting that a shared office environment might not be perfect for every business, using one can really help to expand on networking opportunities and keep costing’s sensible. These factors are considered two of the most important ones for any new start-up business, whilst a lot of existing business can help to reduce overheads.
Shared office space will continue to rise in popularity as many companies seek ways to cut their costs. When you are looking for office space Soho is a great place to start your search.