Shared Office Workspace - A Radical New Way Of Doing Business

With the restructuring of offices and businesses across the world, there was been a silent shift in the way individuals and organizations are now working too. Since a lot of business has now shifted online or is driven online, companies can afford to cut back on premise and manpower costs, effectively allocating resources to develop the technological front. Often, the costs that arise from fixed costs are high and often threaten to cut or take over a company’s profitability. As millennials continue to reform the business scenario worldwide, they bring a new style of working with like-minded professionals known as Shared Office Workspace.

Shared office workspaces are basically places where individuals from different organizations engage together to work towards their individual goals. In the process, they share vision, expertise, resources, networks and sometimes, act as places for social interactions since the average age group working in shared office workspaces is very young. These places are rented table/ office wise depending on the individual/ organization’s need and charges depend on usage of basic and premium business offerings like conference rooms, telephones, stationary, special equipment etc.

There are multiple benefits of operating a business from a shared office workspace. They are:

1. Low Costs

Buying or leasing a premium office space can cost a lot of money that a growing organization may not be able to afford. Often, it translates into unaffordable investments. Shared spaces have an advantage in that the costs are much cheaper and the benefits, manifold in sharing business premises. It helps curb overall costs to a great extent and helps divert finance to other places of prime importance for growth.

2. Smaller Commitment

Buying or leasing a property is an investment that most individuals and organizations may not be able to afford in the initial stages of business. A shared workspace is a smaller commitment and can be uprooted or scaled at any point of time depending on how well the business is faring. It reduces the risk of a long financial commitment and enables better profit margins on the balance sheet which is important when the business needs to be scaled.

3. Start-up Support

Most start-ups are bootstrapped and therefore require the most minimum amount of investment to be added to an already struggling business. With the rise of millennial work culture, lot of start-ups have mushroomed, with some of them getting global recognition for their work. Shared office workspaces are a boon for start-ups as they enable lower costs, networking opportunities, peer support and help balance an already uncertain future.

4. Breakdown of Structures

Traditional offices have hierarchies that can often be imposing and detrimental to quick working and out-of-the-box thinking. As businesses change globally, traditional offices are silently witnessing the end of hierarchies in the form of shared workspaces. The structure is typically flat and the doors are open for everyone to choose a place of their liking to work and have meetings or discussions.