Many entrepreneurs and small business owners have spent years working in an industry and then years building their first company. Using both your know-how and your industry contacts you have made many wise choices that led to your business’s success. Making the right choices is not always easy, but for the most part a diligent approach to cost and resolving issues goes a long way. Resolutions are easier if the business has more liquidity. Financial flexibility leads to a more secure future for a company in its early stages. That is why many entrepreneurs value short-term, flexible office space arrangements over traditional long-term leases.
Liquidity is the central reason why many small and medium-sized business owners choose shared office spaces and why many others utilize virtual offices. A shared office space provides the room, amenities and marketability for your business to grow without the commitment and added maintenance expenses of traditional offices. A virtual office space is a great low-cost arrangement for a business, which provides a prestigious address, mail box, personalized phone services, day office space and modern meeting and conference rooms when the need arises. These office options allow business owners to save capital and put it toward growing their business. Compared to traditional 3-10 year leases that come with penalties if discontinued, flexible office space allows entrepreneurs to focus on the needs of their business when it comes to their physical space.
Virtual offices and shared office space are home to many companies in a range of sizes and industries. In a shared environment, you may find many companies going through similar stages as your business. Networking with other employees and owners can create lasting bonds and result in sales, leads, or other mutually beneficial outcomes. When the other company owners and employees in the shared office are familiar with you and your products and services you become a part of their solutions portfolio. When they need a service or consultation in your industry, they know that they can turn to your company. You become an integral part of the flexible office space culture and often your neighbor will recommend you if one of their contacts has a need for your services.
Add Space as Needed
Your first office is an important step in the process of growing your business. You have consolidated your team, you have all the administrative support you need, and your image has been polished. You have a prominent address to invite your customers and perform your best. You will be generating more leads and have better chances at closing them. You want to have the flexibility to grow your team and expand your office space if needed, without having to renegotiate a new lease. In a flexible office space environment, you are likely to be able to add more space as necessary. Also your new team members can work from the common business lounges until you organize the expansion. This kind of flexibility helps you seamlessly facilitate growth at a relatively low cost.