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Investing in Co-working Space vs. Executive Office Suites

Posted on Feb 11, 2019 9:00:00 AM by Ryan Ring

Investing in Co-working Space vs. Executive Office Suites | 580 Executive Center

Renting an office when you own a business has been the way things are done for a long time. In the past, if someone decided to start a company, one of the first things they would do is figure out where they’re going to operate out of. Anyone who’s been in that place knows that this can be a difficult struggle.

For one, when you’re just starting out, you might be low on funds since you haven’t actually started bringing in any money yet. It can be a big deal to spend any of the money you have put aside for the business because you don’t know when the next check is going to come through. Every decision you make needs to be well thought through until you have a steady stream of income.

Secondly, you have to choose an office space that will work down the road, without even knowing what that entails. You might be alone now, but what happens if you hire employees in the next year? You can’t work from home with all of your staff camped around your kitchen table. We’ve seen business’ like that, and it’s not usually conducive to productivity. However, renting an office space that can accommodate an entire staff is wasteful until you’re actually ready to hire them. Imagine paying the high cost of a monthly rent on an office space that you only take up a tiny fraction of, with you and your laptop. It’s such a huge waste of funds.

So what is the solution? Up until a few years ago, unfortunately, there wasn't one. You were forced to choose between wasting your money on extra rent until you hired people, or working from home or a noisy cafe. Luckily, now there is an answer to this problem. Enter: coworking spaces.

A coworking space is a professional work environment designed for people just like you. Business owners who are starting a new company, or even run a company that doesn’t have a  big staff set up here and run their business using the many amenities and designated areas to accomplish their daily tasks. Everything that you might have in an office space, you’ll find at a coworking space: desks, private areas to make important phone calls, a strong wifi connection and even coffee.

Investing your money in renting a coworking space is a great option for a small business. You get all the benefits of having an executive office suite, without having to waste money on all that extra space. And down the road, if you do hire a small staff, you can have them join you at your coworking space. More and more often we’re seeing entire businesses with a handful of employees run completely out of coworking spaces, which saves a ton of startup capital but still allows a professional impression to any clients or investors who meet with them in our conference rooms.

In the different phases of your business, you’ll have different needs. It’s important to find solutions that fit the needs of your company at the stage it’s in now, and not waste money on extras that you don’t require yet. A coworking space is a great solution for the needs of a small business, and can make a great investment for your future.

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Topics: Virtual Offices