Having been invited on a selection of office tours recently, there was one office set up which instantly caught my eye. Four small creative businesses had decided to rent office space together, instead of going it alone and renting one office each.

I was intrigued by their reasons for making this choice and decided to ask what made this modern working practice the better arrangement for them all?

What I discovered was a practical and more efficient way of working, which I would thoroughly recommend to those smaller of business setups thinking about making such a move.

Shared Office Space Works Out Cheaper

The most apparent reason for sharing office space is to reduce rent, business rates and any other financial costs associated with running a business.

The group of businesses I studied had a contract drawn up for them at the very beginning of the venture. This detailed all charges in black and white that each company was responsible for.

To make it fair and straightforward, all charges were divided by four. This meant a vast reduction compared with what they’d have paid for individual office space.

Shared Office Space Encourages Networking

If you have a shared office space with businesses who are like-minded but offer a different niche to yours, there are significant opportunities for networking here. Best of all, you don’t need to leave your office, or advertise your services to get such contracts. They all come to you!

I watched as a marketing agency, graphic design business, writing service, and bookkeeping company all worked together to promote the other one’s services to their own clients where possible. The effects of this meant their work schedule was often booked up months ahead of time!

If you’re looking for a practical, cheaper and more inspiring work environment, why not look and see if a shared office space could work for you? One thing’s for sure: as a small business, you’ll never be lonely again.

Tips for Choosing an Office Space

While sharing an office space can offer a range of benefits, that’ll only be the case if you pick the right one. You shouldn’t simply pick any office space for rent purely because it’s available.

You’ll need to consider multiple things when you do. Location will be one of the more important. You should focus on this before picking a space.

Will it be easy for you and any employees to get to? What about your customers; can they get to you? These are all large considerations to focus on before considering.

You’ll also need to consider the price of the office space. You should make sure that it’s something you can afford. You wouldn’t want to go into the red purely because of your office.

The amenities that a particular office provides will also be a significant part of this. You could have certain necessities for your office. Make sure each of these are met.

You can also have optional extras to help narrow down your options. Be warned that these can often add to an office space’s cost, however.

Focusing on your necessities and then the optional extras – if your budget allows for them – should be a priority. Once you do, you’ll benefit much more from having a dedicated office space.