Is Coworking Space Right for Your Startup or Independent Professional Business?
Independent professional services firms and startups need the flexible terms and variety of workspaces that coworking spaces provide. These groups also often have limited financial resources and different needs when compared to larger more established companies. Take some time to consider what your business needs in an office space and why a more flexible option like a shared office or coworking space is likely the best option. Coworking spaces give you more control when deciding how you will use an office space. There are several options regarding the type of space, amenities, and contract terms.
Startup companies can greatly benefit from co-working spaces as they establish themselves and work to grow. Many simply don’t have the cash necessary or business certainty to sign a long-term lease, especially in expensive real estate markets like New York, New Jersey, and San Francisco. Co-working spaces provide all of the benefits of a traditional office with greater flexibility. This is especially important for a startup company to consider when you take into account that 90 percent of startup companies fail and it is hard to predict how much more space will be needed as they grow. By choosing a coworking space for your startup, you also gain access to other ambitious, creative professionals. You may even find new employees, mentors, and strategic partners just by sharing office space with them. Even if you don’t find a genius coder sharing your coworking space, your employees may benefit from sharing ideas with the other patrons of the space.
Independent professionals can benefit from shared office spaces in some of the same ways as startups, but they also gain a unique set of advantages that don’t necessarily apply to startup companies. At Office Evolution Hackensack, typical independent professionals include accountants, attorneys, financial planners, mediators, insurance agents, real estate agents, and consultants.
Many independent professionals work from home and decide they need more separation between their personal and professional lives. Coworking spaces are a cost-effective way to accomplish this. It’s likely that you’ll benefit from the professional environment and increase your network as you meet and collaborate with other professionals sharing the space.
Coworking spaces also save you from having to purchase and maintain equipment and materials necessary to run your business. This allows you to spend your time and money making your business successful rather than the logistics of setting up an office. As an added bonus, many of these shared office spaces provide amenities like networking events, classes, and complimentary coffee.
Shared office space helps small professional service firms compete with larger competitors. An accountant, for example, that works from home and meet clients at his kitchen table because he doesn’t want a long-term lease or the hassle of running his own office can create a significantly more professional image at a coworking center like Office Evolution Hackensack. There his clients could meet in a fully equipped meeting room or private day office after being welcomed in reception, his phone would be answered as if he has his own assistant, and his business address for Google Maps and mail is a prestigious address. This accountant would be well positioned to win more work and increase his fees—driving profits higher.
The clear winner here is shared office space. Unless you are part of a large or established company, it makes little sense to sign a long-term, expensive lease and deal with all of the logistics required to set-up and run a traditional office. Startups short on cash and independent professionals can both benefit from the flexible terms offered by these coworking spaces. As your needs change, you can respond quickly without penalties. And don’t forget the periphery benefits like access to other talented professionals! You never know who you may end up hiring or working with.
At Office Evolution Hackensack, we provide virtual office, coworking, and private office solutions. We offer meeting rooms, offices, a coworking lounge, a shared reception, a business address, and virtual receptionist services. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.
Whether you live in Teaneck, Bergenfield, Maywood, Teterboro, Hasbrouck Heights, Moonachie, Little Ferry, Rochelle Park, Dumont, Bogota, River Edge, New Milford, Hackensack, Englewood, Paramus, Tenafly and other communities nearby in Bergen and Essex counties, choosing Office Evolution Hackensack in New Jersey will help you be more professional, productive, and profitable.