Are you someone with a fire inside to create something of your own and leave a mark behind?
For young entrepreneurs like you, starting up a new company is quite a bit of both. Now, the business circuit is one that has some of the most intense cutthroat competition among the others. The whole hustle is to prove a point and reach the top spot in this hierarchy. And we appreciate it!
Building a business won’t be easy, for sure. Before anything, a new enterprise needs an address to call its HQ. But that’s where the problem lies too.
Office spaces and rents for newly launched startups
In the USA alone, a whopping 71,253 new startups were launched in 2022, almost 49/% of which started as home businesses. Still, the remaining 51% went full-on corporate mode with Human resources, a designated staff team, and certain office space. Only 10% of all these startups are projected to make it big, aka to be valued at 1 million USD or more, one day. So the difficulties are there, but the reward is quite clear too. Now it might sound cool to tell stories, but you can’t run every sort of business from your garage.
Even the most basic online companies need a designated warehouse or godown to store and handle their products intermittently. What you need is some sort of office dedicated only to work. After all, if you’re serious about the company’s growth and want to run it like a proper commercial, professional venture, then you will have to gather your employees somewhere so that the exchange of ideas and discussions regarding the workflow can be held face to face, even if it’s just 5 or 6 people in the beginning. And with the limited capital, you have under the freshly launched company. It’s certainly going to be a tough challenge.
The real estate market has seen some of the most unbelievable changes these last few years. As a report by Forbes says, urban housing inflation promptly rose to 4.47% year-on-year in December 2022. And that’s quite some inflation compared to the rate of 3.61% in the same period a year ago and even going further back in time, 3.21% in December 2020. And this picture stays almost the same over the commercial space too.
How much space do I need?
According to ‘Office Finder,’ a renowned corporate blog – it’s probably best to accommodate about 175 square feet of space for each employee. Now, team heads and top executives usually require a bit more, at least between 200 and 400 square feet. If your business needs open office workstations, then that should occupy about 100 square feet per person. Say, you run a company with your friend and have 5 employees who work for you. Then the approx estimated space requirement is 1300-1500 square feet. This is the basic minimum, as you can assume. Now, how much does it cost?
As per current average rates for commercial spaces, in the USA, it costs almost $21,000 per month; in Australia, the sum total will be quite the same at approx. $16,000 in Australian dollars. Whoa! That’s probably even bigger than your first month’s turnover.
Shared office spaces: the ultimate affordable solution that is going to blow your entrepreneur’s mind
The numbers above are not to scare you away. These are just real-life facts that you have to learn, in one way or another, to grow and survive. But not everything about this is hopeless or bleak. You just need to look into the right places.
Shared office space is a comparatively new concept in the market. It’s a shared workspace with facilities on par with any large corporate office at a much lower cost.
These spaces are shared by several individual workers of different businesses working as separate and independent units. From hourly charges to monthly subscriptions or yearly premium membership, a wide range of leasing options are available.
Shared office for rent has certain distinct advantages like-
- Collaborative
A social environment is created in these shared offices where two or more startups with similar goals and target sectors work together. Even if they might just coexist independently still, from time to time, collaboration happens between the workers and benefits all.
- Cost-effective
The unit price for office spaces is certainly high, but when you share with another enterprise, it doesn’t need to double the floor because there would be lots of common space like a conference room and open workspace, while you can split the rent into equal halves. You can make agreements with other enterprises and pay for only when and how much you use the space – it might be just one cubicle, once a week, for example.
- Flexible
24-hour access is available in most shared office spaces for rent. You can work any hours as it suits you.
- Fully equipped
Shared office spaces usually come with all facilities pre-installed, like – furniture, wi-fi, interior, and even electric and water supply, all done and ready to use right when you get the keys. No time was wasted doing the setup. Pay up and start working directly.
So it’s needless to say, co-working spaces are a smart choice that requires time. You must adapt and survive to go far, go well, and excel.
Why wait for months to gather your large sum for renting offices? Pay the upfront fee today and start working tomorrow in an office, ready to welcome you in working spirits.
