When you’re still trying to get off the ground, office space is one of the largest expenses you incur. And if you only have a handful of employees, are you really maximizing the value of that space? Is an office lease worth the cost to a small company? We don’t think so. And we have a great alternative already in mind: coworking space.
In the business world, we are always concerned with value, because nobody wants to overpay. And when you don’t receive value for your money, that’s usually what’s happening: you’re paying too much. So how about coworking space? Is there sufficient value to justify the cost? What are you really getting for your money, and is it worth it?
Do you work for a startup? Well, if you’re reading this, you’re probably in the Bay Area, so of course you do! That’s a slight exaggeration, but honestly, there are a lot of startups around here. Hopefully you’re working at the next Facebook, and not the next Pets.com.
The 580 Executive Center has actually been around for a few years, but we started out providing dedicated office space. We still do, and also offer some remote office leases. It was only recently that we jumped into the coworking space market, and we’ve seen some great results. A coworking space makes sense for many folks – remote workers, start-up CEOs, stay-at-home parents. Heck, even entrepreneurs are seeing the value of shared office space.That might seem a little strange; a person who is starting their own business doesn’t want their own space? But listen to these three benefits for shared office space, and you’ll see why entrepreneurs are getting excited.
In a coworking space, you’ll have plenty of co-workers – they just aren’t working for the same company as you. Which also means you don’t have to socialize with them; unless you want to. Hey, we have an espresso bar for a reason. Maybe you need a little break for some idle chit chat. Some water cooler talk can be nice.
Are you one of the millions of people worldwide who work from home? Maybe you’re one of those individuals who starts work at 6 am, scrambling to get this one thing done before the kids wake up. Maybe you split your day up by working from your local coffee shop, or maybe you like to travel a lot. No matter your habits or the reason, you are a work from home employee.
When you reach a certain age, you stop worrying about keeping up with “hot trends.” They’ll just come back around, anyway. Pokémon first rose to fame decades ago, and yet here they are again, making young folks lose their minds. Pikachu has become an enduring cultural icon!
As your startup business begins to grow, there will necessarily be a lot of changes to the way you run things. Growth means more staff, and that means that you can’t keep running the business out of your home forever. Office space is not cheap, especially here in the Bay Area. More and more businesses are choosing to house their staff in co-working space, with Forbes reporting earlier this year that the number of co-working spaces has grown to about 7,800 worldwide. Let’s look at some of the reasons why this is an increasingly appealing option for startups.
There is an old saying in this world: “there is no free lunch.” It serves as a reminder that everything has a cost, even if it isn’t inherently visible at first. For instance, remember when Oprah gave away all those cars? It’s been immortalized across the internet and been fodder for comedians, but it also made news for unintended consequences. Turns out, the car recipients were on the hook for some hefty taxes. See: no free lunch. Or car.
Remote work is one of the hottest trends in the workplace, with 3.7 million employees (about 2.8% of the total workforce) working from home at least half half the time, according to GlobalWorkplaceAnalytics.com. Telecommuting jobs, that is, those that don’t require an onsite presence, are among the most sought-after positions in today’s job market. Many professionals are willing to work for lower compensation in exchange for saving time and expense on commuting, dry cleaning, and lunches out.
