Shared offices: An ideal upcoming thing in corporate spaces

A corporate space is a working area wherein the employees perform all the tasks to support and realize the goals of the respective organization. In law, a company or organization has an office in any place where it has an official presence. So here we could conclude that an official premise that is also known as corporate space would be anything from a small office for SMEs that opt to rent shared office space or home office to entire building offices dedicated to a single organization. Various options can be availed nowadays for short as well as long duration like training room rentals/meeting rooms apart from a fully furnished office for rent in Chennai, Mumbai, Delhi and other big cities. When it comes to startups, new ventures, SMEs; it is always advisable to invest more in business than in occupancy. As years have passed by people have discerned that and many options are being gratified for the benefit of such start-ups or SMEs like renting a shared office space for a short/very short or even for a longer duration. Shared office spaces are being hummed by the small organizations a lot these days because of its collaborative working environment.

Pros of shared offices:

·         Motivation: An environment where equal or more ambitious people work gives one a boost to perform well or achieve more in business. Group of good co-workers also provide one another a good support system as and when required.

·         Amenities: All the amenities required for a normal regular functioning of a business can be availed in a co-working space; be it Wifi, scanning machines, Xerox machines, decent seating arrangements, etc.

·         Less cost more flexibility: At a fraction of a cost than renting, one could avail a decent working environment as all the utilities such as Wifi, scanners, electricity, etc are shared among a number of professionals.

·         Networking: Networking becomes easier and quicker as one would be surrounded with similar minds and even sometimes similar business fields which could be related or interrelated. Other talented and business driven people can also connect and expand their businesses effectively.

Co-working or shared office spaces are breaking most of the barriers to set up an upcoming business or for small ventures to reduce their costs and invest in the core business rather than renting or buying a corporate space. As time is passing by, more and more people are considering shared office spaces and the hesitancy is fading away. It is important for small and new ventures to move forward with financial caution because shared offices help in decreasing the financial burden that is faced in such ventures to avoid troubleshooting issues and raising capital for more significant things.

Shared office spaces: An upgrade to work from home

One faces a constant struggle while keeping pace due to never-ending overheads in a start-up/SME/corporate offices, etc. Now, with growing market demands along with our economy, that is growing rapidly, various small businesses are opting for shared office space for rent. It is a viable option for businesses of all sizes wherein they could have it rented use them as meeting rooms, conference rooms, training rooms etc. To gain a crevice to expand one’s business operation, shared offices could provide an ideal working environment for small-scale businesses.

List of some benefits for shared office spaces:

·         Wallet-friendly: If one has to establish a new commercial space, be it temporary or permanent, it is very expensive. One has to also look after the new furnishings and all. The burden is lessened in a shared office space as one could easily avail for many facilities along with it like furnishings, good infrastructure etc.

·         Good location: A location which can be easily reached and has plenty of transport options available should be preferred. A good location would even make a good impression on the suppliers and investors.

·         Reduction in overheads: Co-working or shared office space is the best way to take off a young business. The duration of hiring such spaces could also be decided, be it for a few months or a few days, etc. This releases a lot of financial pressure.

·         Networking: Working alone or working from home creates boredom and loneliness. If we have people of different backgrounds around us, there is always something new to learn, to do and in this, in turn, it gives an opportunity to open-mindedness. Enabling oneself in a co-working environment where you have nowhere to escape but meet your co-workers of different kinds and having different businesses gives a lot of exposure and would make a lot of difference in one’s own new business.

Productivity could be created only if there is a change in the scenario or situation. A new relationship is established with co-workers which without even knowing is mutually beneficial. The outflow of cash could be controlled whether the business expands or fails. This gives the mind some peace and helps one to focus on actual business rather than spending his/her effort on focusing on office spaces.

Shared Office Spaces: An Ideal working place

In order to gain a foothold for establishing a new business or expansion of existing new business, shared office spaces provide one with an ideal working environment. The flexibility of short-term lease provides the ease in the process and functionality of any establishing business, start-ups etc. The decision making for co-working or to find shared office spaces should be made after considering the pros and cons of shared office space rental/s.

Cons to consider before you rent shared office space:

·         Different co-workers: One cannot gauge what kind of fellow co-workers would be there in the shared office space like their frame of mind or noise levels or their working environment/level of hygiene, etc.

·         More Competition:  As start-ups, one may face competition or somewhat similar business in the same co-working space. There could always be days where when you are speaking around and you don’t want to be heard.

·         Different work culture: It is difficult to have a work culture that you would specifically want to create for your own business to flourish i.e. is business specific. It is very difficult to have such an environment in a shared office space.

Pros of shared office spaces:

·         Meet new people every day: You meet different co-workers each day. Though it has its limitation, you also get to interact and know more about different types of people around you which may also help in conducting market research for your brand.

·         Low overhead: Establishing a new office—even a temporary one—can be a costly and time-consuming endeavour; while in a shared office space, everything is already set up for you. You just need to reach there and start working.

·         Flexibility: There are a lot of flexibilities availed for shared office spaces such as no deposits, no upfront fees, flexibility and early availability of shared offices.

·         Networking: Shared offices provide to network with new start-ups people who enthusiastic having different views, ideas, methodologies etc.

·         Short term lease: Co-working gives that budget friendly satisfaction and the lease structure could be availed for a short period at a subsidised rate and also at a low price.

·         Access to many facilities: Access to many facilities like conference rooms, fast internet, conference rooms, printer/scanner etc.

These are just many of the few things to be considered in this new age of business. As every coin has 2 sides, it's important to book office through reliable service provider where there is no ambiguity and freedom to compare and choose what best suits your needs.

Workspace is an implied professionalism on display

When one enters an office, reviews a workspace – it should reflect professionalism, good vibes, and uplifting aura that encourages productivity. A working environment is one of the most impactful factors that influence efficiency in the organization. A clutter-free, vibrant office environment that fosters teamwork, alertness, ease and comfort is essential to keep employees uplifted.  A monotonous space may result in saturation and decrease efficiency; but what’s the solution? After all, one cannot invest in having multiple offices. The solution is that one can hire conference room or meeting space for rent or even go for shared office space rental.

Following are some more reasons to support this arrangement:

Less responsibility: The responsibility of maintaining the office, infrastructure, bills, and security issues etc. is not yours when you hire a meeting room.   

Paying for Actual cost: One pays only for what they use when hiring a meeting room. The number of hours, the add-on, the amenities – all are charged per use.

Flexibility: The size of the offices would be based on the needs and wants of the hirer. One could scale down or up in accordance with the capacity required. While if one owns the property one would have to accommodate in the space owned.

Location: A good location forms a good reputation and also ascertains customers and clients to find you and also governs the commute of your employees.

Less financial burden: No capital cost or investment made to attain the property. Only the rental cost involved.

More working capital: It gives in more financial flexibility ana d greater amount of working capital for your business. It, therefore, gives more room for encouraging hard working employees and also making the necessary adjustments to your overall business model.

Go ahead and book a meeting space that suits your requirement and budget.

Training, a win-win situation

Training is communicating the purpose of conducting and getting an output to stimulate the very purpose of a meeting. One faces issues with adequate resources for curriculum development, conducting training facilities and also arranging the downtime associated with pulling employees/trainees for a good period of time in order to learn new skills. Good corporate training facilities guarantee employability. Nowadays to create a good training environment people rent a training room. It’s always better to rent training room than conduct training within the four walls of the office premises.

Benefits of Corporate Training facilities:

• Lower turnover: Organizations investing in training programs fear that employees may not stick around long enough to see the return on investment. But thinking inside out is the key and by research, it has been concluded that this reduces the turnover of employees. Training makes employees feel invested in and trusted. Hence they are encouraged to do better and be more productive.

• Quality: Proper corporate training and development would lead to positive results. It would help the organization generate good qualitative results. An interactive training session helps employees to clear their doubts and yield more results.

• Diversity: Different individuals having different views and perspectives come together exchanging their views and ideas for the same.

• Human relations: People could vibe with one another, clear their conflicts, doubts etc. it helps people to get along in their workplace. It fosters communication and idea exchange.

• Less supervision: If the employees are given proper training, the responsibility of supervision is reduced. Hence, the HOD’s and Managers can invest their time in achieving a bigger purpose for the organization.

The morale of the employee increases after proper and adequate training. They feel valued and it moulds their approach towards the organization which in turn benefits both the employee and the organization.

Why is Conference room hiring increasing day by day?

The trend of holding an off-site meeting is increasing day by day due to many reasons like not having enough space for expected attendees, trying to give a good impression on your existing and potential clients etc. A conference meeting is not conducted on a regular basis which is why people look for conference rooms for rent basis and the conference hall rentals are not that high for the conductors because they prefer it rather than owning it. There are numerous things that could enhance your conference experience such as a variety of new technologies, comfortable and spacious surrounding which would not only enhance your presenting style but it would also ensure that the attendees are captivated throughout the meeting.

What should one make sure while looking for a conference room?

Space: Is there enough space for all attendees?

Facilities: Are there enough facilities required for conducting a conference like internet, laptops,

                  Projectors, display screens etc.

Location: Is the location easy to locate and is in a decent area to conduct the conference?

Benefits of hiring a conference room:

Reduced expenditures: The capital expenditure to own, the maintenance costs, repair and renewal costs etc. could all be eliminated. Only the rent, electricity, internet charges etc. would be paid which is actually utilised by the organization.

Designated environment: If one hires a place to conduct a conference away from a normal course of business a more productive and creative environment could be created which in turn would provide better results.

Technologically equipped: All the latest technical facilities like computers/laptops, good internet, projectors, conference call facilities etc. could be easily hired and availed while hiring the conference room.

Choice of location: One could hire the conference room in a good location being accessible to all the attendees and setting a good environment hence leaving a good impact.

Layout:  There are various layout options available so one could set the conference room exactly the way one needs as per the type of meeting and the attendees.

Others: There are a variety of other facilities that one could avail like receptionist, catering services,

Other administrative services etc.

The style and the environment of one’s conference could lead an everlasting impact on the attendees. The environment should be such that it leaves a good positive image which would lead to a great impact and a very good outcome from their end.

Why is office leasing a more flexible option nowadays?

While being a small businessman or entrepreneur all of them dream big of owning a commercial space but the fact is that nowadays even big companies opt to lease their commercial space/s. It helps to reduce the ongoing expenditures or upfront costs wherein giving the business a greater flexibility for its expansion and diversification.

Advantages of renting commercial premises:

·         Reduced risk of property rates: If one owns a commercial property he/she would earn massively if the property rates rise but if it falls one would be a great loss keeping time value of money into consideration. Whereas if one would rent a property one could shift in accordance to one’s convenience as per the business conditions like if the business is growing one could shift into a bigger and better place and if not one could shift into a smaller space a reduce the costing.

·         Leasing spaces for a specific purpose: One could not only lease a commercial office space but also other sorts of rooms for specific purpose like office meeting room, training room, conference room etc. which would help the organization to hire such places as per their specific needs and requirements as per their own duration with reduced and non –recurring costs. One could lease out property even with all facilities in the most prime cities as well like for example fully furnished office for rent in Chennai or well-equipped commercial property in Mumbai etc.

·         Reduced inevitable costs: If the property is owned the owner is bound to pay the inevitable costs such as maintenance costs, fixtures and fittings, security etc. whereas the renters would only have to pay the rent and charges like electricity, telephone, internet etc. which is well utilised by them.

·         No or low Capital Expenditure costs: To combat ageing and obsolescence one requires a constant reinvestment of capital. If the property is leased as soon as the lease term expires one could move to a new place or extend the lease term as per the agreement of both the parties involved.

·         More Capital: Since renting doesn’t flow out too much of the business’s cash flows so that could be utilised more in dire matters such as human resource, raw materials, supplies etc.

Renting, in turn, gives the business more ambidexterity to adapt to the never lasting changes in businesses. Renting allows one not to be hung up in one spot and giving it the flexibility to move nearer to the market/suppliers/competitors etc. helping in faster growth and expansion of a business.