As someone who has had office space in all shapes and sizes there are a few things I have learned over the years:
- Stay flexible because you can grow out the space (that is a good thing)
- Don’t get space based on filling it at some point in the future (not a good thing)
- Having a fussball tables does not mean your company is hip and cool (you decide)
In the past I have been in five year leases which are great if you are an established company that understands its needs. But if you are a new company or a rapidly growing company, staying nimble is essential to growing your business. For years the concept of the “Executive Suite” was a shared office space that you paid for to get a receptionist, a conference room and a professional presence to meet with clients. It is expensive and for many small businesses that are virtual, mobile and cost conscious, not an option. Those who know me know that I am a big fan of coworking. Coworking is were people pay a membership based on usage from walk-ins to full time tenants. It creates a very flexible and collaborative space but can be noisy or problematic if you have security needs (document storage, locking an office).
One other concept in between has been the office incubator that is for new companies to grow and hopefully graduate a program to go into a regular office space. While that may work for tech companies, many other business models, like retail have been at a disadvantage.
Recently, I came across this article in Entrepreneur magazine on this company called POOL Together that is a combination of a marketplace and business incubator. Here is an excerpt on the concept:
Brad Weinstock got the inspiration for POOL Together–a combination marketplace/small-business incubator–from other popular public markets and shared workspaces such as the Embarcadero in San Francisco, the Brewery in Los Angeles, and Pike Place Market in Seattle.
At its core, POOL Together is a business incubator. It offers local entrepreneurs affordable leases in a shared commercial space, and its owners provide assistance with business planning, marketing, space customization and cross-pollination as part of a comprehensive lease agreement.
You should start to see similar things like this in a city near you and if you haven’t this might be a whole new way to expanding your business. By owning the space and creating a community of small businesses around you.
