The perils of a startup business are not few. However, one of the biggest challenges that startup companies face is finding affordable office space that doesn’t burn a whole through their savings. While larger businesses with fatter wallets and even loftier investors find ways through loans and the like to purchase expansive permanent offices that they lavish with expensive and fancy mahogany desks, startup companies struggle simply to find a hole-in-the-wall office to rent that don’t eat up the little money they have struggled to procure in the first place.
It is no secret that today’s economy has made taking big financial investments and loans a huge risk. With layoffs a regular occurrence and businesses going bankrupt, startups are becoming more and more tactful in how they spend their money with the knowledge that there is no guarantee on a return for any investments they make in the current economic climate. One way that startup businesses are saving money is by avoiding long term leasing contracts. Instead, many are opting for shared space with other startup businesses.
Shared workspace offers unique advantages for startup businesses because it allows the startup to split the leasing cost between themselves and other businesses. This means the startup is paying even less than if they were in a short term space. Because the workspace is shared in this situation, the office equipment such as fax machines, copiers and kitchens are often also shared meaning there is little need to invest in the purchasing of large office equipment. In cases where the businesses sharing the office are in need of specialty equipment that someone else in the office possesses, an arrangement can be made to share the equipment at a small fee. This can also ultimately save the startup business even more money.
However, if shared space is not desired, startups can take advantage of short term workspaces as well. Though this will cost more than a shared situation, it will still save the startup money over a long term lease commitment. Many short term spaces provide serviced offices which are already furnished and equipped with the basics needed to get your business up and running. This is particularly advantageous for a startup that is unable to make the initial investment toward large office furniture or equipment or simply does not want to make such purchases until settled in a permanent location in a more stable financial situation. By entering a short term space, startups can begin working in their own space building a staff and begin the paperwork and processes needed to secure small business loans that can help them move into a permanent location when ready.
While many find it necessary to have a dedicated office space to run a startup effectively and efficiently, many feel as though they can fully function through a home office. In these cases, setting up a virtual office space is likely the best option. Virtual office spaces are simply a collection of programs and devices that allow business owners to communicate with their clientele and staff through their computers or telephone lines. Dedicated meeting software is available through the Internet, allowing for many people to join and discuss issues related to the business. Dedicated invoicing programs make it easy to ensure staff is paid and robust programs provide the tools needed to create and share presentations and productions via the web.
For startups on a budget, there are a variety of options available when it comes to finding the prime office space for your budding business. Careful research and a clear understanding of what best works for you and your pocketbook will help you locate the best place to set up shop and build your empire.