These days you can’t talk office space without hearing “coworking” a sentence or two away. Shared office space is great, but it can only take you so far.
These days you can’t talk office space without hearing “coworking” a sentence or two away. Shared office space is great, but it can only take you so far. Having a 30, 40, or 50 person company in a shared space and expecting to have a collaborative or home-base culture is very difficult.
The reality is those coworking spaces offer companies with flexibility but that flexibility certainly comes with a price. When you’re just getting started, you can pay a few thousand dollars a month in rent and be able to accept that fairly easily. But try and upgrade to a private office or room and you’ll see quite a difference with your rent bill.
As you model out your growth, make sure you build in office space to accommodate that growth. WeWork lost over $700M the first half of 2018, but they’re continuing to get capital at huge valuations because people know how profitable these workspaces are for them. So make sure you explore the full suite of options. There’s a reason traditional office spaces have survived for so long and you should plan for that as you model out your company’s growth.