Renting or buying your own permanent office space is a big expense and not always realistic for companies just starting out. Fortunately, the way people do business is changing and there are plenty of cost-effective choices for startups. These range from working virtually to hotdesking and coworking spaces. You can choose the solution that best suits your team. Here are some different workspace options for startups
Working from home
There are pros and cons to working from home. It’s a good option if you want to keep your employees safe and avoid commuting. You’ll need to ensure your team has a proper ergonomic setup at home, however, and follow certain strategies to maximize productivity. Hold regular meetings and check in with your employees. Working from home is a good solution if you work with a remote team in different locations.
Hot desking is becoming a common trend for business as it’s very convenient and can help boost collaboration. There are several other benefits of hot desking. You can rent a desk for a low price on a short-term basis. You’ll have access to all the amenities you need and may even have the opportunity to network and collaborate with other businesses.
If Starbucks is getting too noisy and you’re looking for a new coworking space, you can rent a shared or private office on a short-term basis. This way you’ll have access to technology and equipment in the comfort of a modern office, without a long-term commitment. If you’re growing your team and you need somewhere you can work together in person this could be an ideal solution.
Virtual business address
If you set up a virtual address for your business, this means you will have somewhere for post and correspondence to arrive to without renting the property itself. It’s essentially renting an address. You and your team will still work remotely. Having an address for your business makes you appear more legitimate, and you can use this on your Google My Business and for other local SEO strategies.
Apply for a business incubator program
A business incubator program is a type of strategy in place to help startups. You need to apply for one, to see if your business qualifies. They will help you out with business advice and office space while you set up your company. Often business incubators are run by academic institutions such as colleges with the aim to offer support to young entrepreneurs and sole traders. You may also find a venture capital firm or private third-party to invest in your startup that will organize office space for you.
If you’re just starting out, you need to bear in mind your business goals and what’s best for your team. Temporary office space could be what you need to boost productivity and collaboration. Many companies have made the shift from permanent commercial property to coworking spaces or remote working. It’s an effective way to cut costs while you focus on growing your business.