By Bond Collective Staff
Businesses of all types and sizes are discovering the benefits of the shared workspace.
Whether it’s to accommodate a few new employees, an entire team, or the whole operation, this novel work option can save your company the expense, time, and stress of purchasing and maintaining its own space.
In this article, the experts at Bond Collective tell you everything you need to know about shared workspace so you can make the right choice for your business.
What Is Shared Workspace?
A shared workspace is an office or other environment in which self-employed individuals or individuals employed by different businesses share equipment, ideas, and knowledge for the betterment of all involved.
Additionally, the concept of shared workspace extends beyond the physical — space where diverse individuals gather — into the realm of a community based on mutual trust, common values, and the synergy that comes from working alongside other like-minded professionals.
Shared workspace goes by several different names, including:
Some even refer to it as a virtual office because it’s an easy way to establish a mailing address without the expense of leasing and staffing your own office.
How Does Shared Workspace Differ From Office Sharing?
Another common name you might hear in connection with shared workspace is office sharing. On the surface, these two terms may seem synonymous, but they’re actually very different concepts.
Office sharing is an arrangement wherein a company that owns or manages a large space rents redundant offices to a smaller company.
So, for example, imagine that Intel leases a large office space but, for whatever reason, only uses three-fourths of that space. Intel might sublease the other one-fourth to an architectural firm or an advertising agency or a consulting group.
Thus, they share an office with another business.
Intel receives income on an unused asset, while the other business gains access to a professional office environment they might not otherwise be able to afford.
This lies in contrast to a shared workspace managed by a third-party company (such as Bond Collective) in which Intel, the architectural firm, the advertising agency, the consulting group, and others rent offices or desks and work together in the same space.
Thus, they all operate in a shared workspace with many other businesses.
Does Your Business Need A Shared Workspace?
Does your business need a shared workspace? Without knowing your unique situation, we can’t answer that precisely, but we can say, “Probably.”
Companies large and small can benefit from basing individuals, teams, divisions, and even the entire operation in a shared workspace. Even if your business already has a place to work or leases its own office, there are many ways to use a shared workspace to your advantage.
Here are just a few scenarios:
Outgrowing your current office
Setting up a satellite team
Meeting with investors
Hiring seasonal or project-based employees
Working while traveling by utilizing a day pass
Expanding your business to a new state, coast, or country
Renting conference space
Utilizing temporary office space during construction or renovation
Housing your business while moving
Hosting an event
With a shared workspace, you don’t have to worry about lost progress and revenue when one of these situations — or any number of others — affects the way you work.
Your team and your business can keep doing what they do best: providing the best product or service to its customers. All without the interruptions that cause productivity to fall.
Benefits Of Shared Workspace
1) Crisis Management
In a conventional lease arrangement, crisis management falls directly on your shoulders. For example, if the internet goes down or a pipe in the bathroom breaks, you have to divert your attention from your business to restoring a conducive work environment.
That can mean lost time, lost energy, and lost revenue.
But when you base your business in a shared workspace, infrastructure emergencies won’t distract your team from the task at hand.
2) Inspiring Design
The best shared workspaces — such as those at Bond Collective — are built and decorated with inspiring design in mind.
That translates to inspiration for your team, a professional image for your business, and a “Wow!” factor for customers and clients who might visit you there.
When you base your business in a Bond Collective shared workspace, you instantly gain access to tons of amenities that are available whenever you need them.
Whether it’s printing at 2 a.m., prepping for a large conference the next day, or lining up refreshments for your next board meeting, Bond Collective always has your back and is ready to help.
We even offer amenities the others don’t, such as amenitized showers with towel service, mothers’ rooms, and a streamlined billing and booking portal for your convenience.
Collaboration is about working together in a mutually beneficial relationship to provide the products, services, or guidance each party needs to get ahead.
In a shared workspace, your team works side-by-side with professionals from a wide variety of business types. This close proximity allows you to collaborate with CEOs, writers, marketing reps, graphic designers, editors, digital artists, photographers, and specialists of all sorts.
Taking care of infrastructure such as electricity, water, gas, internet, tech support, and daily supplies that your team depends on can occupy a good portion of your workday.
Even if you’re focused on a project, there are always minor jobs (e.g., refilling the toner and paper in the printer) that must be done before you can make any progress.
But in a shared workspace such as Bond Collective, infrastructure is taken care of for you. You can cross those items off your to-do list and dedicate your energy to making progress in your business.
6) Location Flexibility
The cornerstone of modern work environments is the ability to work remotely, especially when work paradigms and practices shift dramatically overnight.
Basing your business in a shared workspace that has multiple locations in the city where you work — or even across the country — means that your team has access to location flexibility like never before.
7) Freedom To Expand Or Contract At Will
One of the many unique and beneficial aspects of a shared workspace is its flexibility — not just across multiple locations, but within a single location as well.
With a shared workspace, you can expand or contract your physical footprint to fit your business needs at a moment’s notice. For example, your team can work from reserved desks in April, move into a private suite in May, and back to hot desks in June.
Doing so can help you save money and adapt to fluctuations in productivity, revenue, and the market at large that are inevitable in the business world.
8) Decreased Overhead
Benefits aren’t always measured by how much work you get done in a single day. Sometimes, your business benefits from how much money it can save in the process of getting things done.
Shared workspaces reduce the cost of overhead to almost nothing. That allows you to focus your time, energy, and hard-earned capital on the more important aspects of building your business for the future.
Shared Workspace At Bond Collective
Whether you need a private office, a suite of offices, or just a place to set your laptop, you’ll find the best shared workspace at Bond Collective.
It doesn’t matter if you’re a solopreneur nurturing a startup into existence or you need space for a team of 50 or more, at Bond Collective, everyone enjoys the same expertly designed interiors and industry-leading amenities, including:
Guest reception and greeting
Conference rooms for 2 or 20+
Private meeting and phone booths
Nightly office cleaning
Unlimited black-and-white printing
Fast, reliable WiFi and internet
Mail and package handling
Fresh fruit, snacks, and weekly breakfast
Complimentary spa water, craft beer, and coffee
All of this (and so much more) makes Bond Collective a true turn-key solution to all your business needs.
Visit any one of Bond Collective’s many locations in the United States, including shared workspace in California, New York, Pennsylvania, Washington D.C., Illinois, Tennessee, and Texas.
Or call us today to find out more about everything we have to offer. And while you’re at it, schedule a tour to experience first-hand how the boutique shared workspaces at Bond Collective can benefit your business.