A practical and affordable solution, the shared office space is a global phenomenon that has reached our shores.
Today, both startups and established small businesses are spoilt for choice. Even traditional serviced office providers are getting into the ring! If you’re torn between the swanky, hip or functional choices, these tips might help.
1. Networking Opportunities
In today’s highly competitive business environment, having a wide reach to potential customers is essential. Networking is one of the most powerful tools for this purpose. A shared office space creates the opportunity to network everyday at work. Whilst the number of users of the space is a necessary condition for a good outcome, it isn’t sufficient. The diversity of the community is equally, if not more, important. The more diversified the community, the wider in depth and breadth is your reach.
2. Improved Collaboration
Client demands are increasingly growing and varied. Their needs may occasionally stretch the boundaries of your expertise and ability to deliver. But, hey, the entrepreneur sitting next to you may just be able to do it together with you. It’s great to be able to network in a shared office space; but the opportunity to collaborate with others is the greater benefit of working in one. A homogeneous community, however, isn’t conducive for such collaboration activities.3. Building Your Referral Base
Working in a shared office space with other entrepreneurs means you’ll be known to their clients too. Your reach can potentially multiply. Word-of-mouth is the most cost effective sales and marketing approach for small businesses and startups. Do not assume however this will naturally happen in a shared office space. The larger the physical space, the colder it may get. The community may be one of familiar faces but lacking in relationships.
4. Nurturing The Right Mindset
It all begins with the right mindset. Working in a shared office space, you will be close to other entrepreneurs, to observe and learn from them. Furthermore, in a space where the founders take an interest in the well being of your business, you’ll have someone to be accountable to as well. Small businesses can fail because of a lack of accountability, less so because of a lack of funding.
Why would you leave the comforts of your home office or favorite coffee shop to get to your shared office space, when you will be caught in traffic or spending precious time and fuel circling for parking? Your productivity will suffer. It may be a deterrent for clients to visit you too for meetings. This fact is often overlooked for that prestigious office address or swanky new outfit in a congested part of the city. Regardless of the stage you are at on your entrepreneurship journey, remember the 4Ps – product, place, price, promotion, and now the 5th P: PRODUCTIVITY.
Starting up or being a small business is challenging; doing it alone in your garage, study or coffee shop compounds the challenge. The shared office space is a timely solution, not only because of it’s affordability but the support network it offers to small businesses.
Herein lies the difference – get into a shared office space that offers the variety and quality of support, not just the buzz or kaching! The Nest in Victoria Park.