For early-stage companies reliant on outside funding, the massive up-front costs of acquiring your own office space can prove a seemingly unsustainable burden. When trying to exercise as much financial prudence as possible, the last thing you want to do is take on a long-term liability, but with a traditional lease, you’re left with little choice. Your company has to work somewhere, but how can you manage cash flows appropriately while still getting the environment you need? Shared office space can prove the perfect solution for startups, keeping costs low over time, and even lower up front.
Low up-front costs
Forget about outspending your IT allowance or having to provide burdensome security, shared office spaces come pre-built, ready to occupy, and with much lower financial requirements to secure space. The turnkey solution means you can show up and get to work right away, without losing productivity to construction or money to building out the space. Having a lower security deposit also means you end up with more cash on hand, keeping you liquid when you need it most.
Minimize your burn rate
The benefits extend beyond the up-front costs however, as shared space means you can keep costs low in the long term. Rather than paying for the cost of an entire conference room, kitchen, and reception area, you split these costs with the other clients in the space, making sure you maximize return on every square foot you occupy full-time. Shared workspace also protects against unforeseen issues like IT meltdowns or systems failures, which in a traditional lease mean you could be out thousands of dollars overnight.
Shared office space also keeps you protected as your company grows, making sure you don’t have to bite off more than you can chew from the onset. You can scale as gradually as an office at a time, or even ramp up your space for the busy season on a short-term agreement and then let it go once things die down. The bottom line is that you maintain the maximum amount of control over your space and your costs, letting you plan more reliably for the future.
There is no better workspace solution for startups than shared space. Offering you low up-front costs, consistent costs over time, and ensuring you don’t have to worry about infrastructure emergencies or failures, there is no better way to stretch your investment capital to its maximum while still providing a top-quality work environment. Click the button above to see how AdvantEdge can provide the ultimate workspace for entrepreneurs.