Alternative Office Spaces: The New Wave

 
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Here is our comprehensive overview of all three: 

Co-working Spaces

Co-working spaces are innovative, open office spaces which allow entrepreneurs, remote workers and freelancers the exciting opportunity to all work under one roof. The set-up typically involves sharing furniture, conference/board rooms, break areas, Wi-Fi and other amenities.

The growth of ‘co-working spaces’ has truly been phenomenal. According to figures by DeskMag, there were more than 2000 co-working spaces around the world in 2013. The rise in popularity of co-working spaces is perhaps unsurprising for some, considering how affordable they are in comparison to office leases. They are also incredibly flexible in the way they operate; membership fees are usually based on a weekly or monthly bases. The vast networking opportunities which also arise make co-working spaces really attractive. The ability to discuss problems, assess ideas and throw around concepts with a range of individuals and business groups from different industries.  

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Business Incubators 

Business incubator programmes provide flexible office spaces, in combination with valuable networking and mentorship opportunities. These programs generally last six months to a year. Business incubators are not widely available in all areas; it is best recommended to contact the local council or nearby business development groups to find out if there are any active business incubator office spaces in your respective area. Further on, business incubator programmes typically offer discounted rents and provide a range of incredible resources for tenants. Generally, business incubators provide a stimulating entrepreneurial friendly environment and make an excellent fit for a young ambitious company at its inception stage. 

Executive Office Suites

Executive offices suites give entrepreneurs and start-ups the opportunity to rent as much or as little space as they need and more importantly, can afford. They provide the separate office spaces of business incubators, but with a range advantageous additional perks. Perks which typically include a dedicated receptionist, admin support and access to tech specialists.

The availability of smaller sized offices and greater contract flexibility when compared to business incubators could make executive office suites a shrewd choice. Similarly, it could also assist tenants with projecting a professional image – especially when inviting potential and existing clients for meetings and events.  

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Conclusion 

The three ‘alternative office spaces’ discussed all provide great options, with each having their own unique selling points. Which option to go for therefore can be a tricky decision. What entrepreneurs and start-ups need to importantly consider is whether a possible option can successfully encompass and embody the culture and values they want to build for internal and external stakeholders. As well as taking into account their financial and strategic positioning.