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The rapid mushrooming of the startups makes it indispensable to contemplate the limitations of these promising entrepreneurs when it comes to financial liabilities like leasing an office space. These bootstraps already endure high risk financial palettes compared to the old market players. It’s preeminent for them to disengage themselves from the old-fashioned baggage of renting a workplace like longer lease terms and hefty security deposits. This is usually not an ideal for young and new companies who are looking to grow and avoid extra liabilities.

Moving away from traditional mindset and opting for creative approaches to office space can be a great way to save time and money. With the proliferation of digitally-based companies, co-working environments can be great solution for a wide range of start-ups to large companies that don’t require a big on premise footprint and want to interact with other like-minded people.

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The first step to creatively deal with the need for office space is to introspect, why do you need a traditional office space? Can’t you share? Once you make peace with these two questions you are on the path of choosing a shared office space. With the increase of digitally-based companies, co-working environments can be great solution for start-ups that don’t have a big footprint and want to interact with other like-minded people.

While looking for co-working space following criteria should be considered

–          Does the shared office offers flexibility on lease term, i.e. allow you to lease by the hour, day, month, or year?

–          The key to co-working spaces is that they foster collaboration. Are there like minded companies around?

–          How convenient is the location for all your team members?

–          Do they have IT support facilities and conferencing?

Shared office space also is yet another great alternative to leasing that encourages collaboration and provides opportunities to share your ideas with others. There are dozens of way to take advantage of sharing office space with other companies. That is why companies like Cokarya got started. Cokarya was designed to cater to the needs of a freelancers from “pay per use” model to support small businesses with spaces they need. They work with larger companies to look into their space that they actually need. You essentially get to rent a desk or a cubicle for a fee. The nice thing about the arrangement is that is can be completely customized.

At last, there is no one solution for office space needs, thus would encourage you to be creative when thinking about office space. Saddling a start-up business with a huge liability like a high deposit fee can be tough when resources are limited. Especially when there are so many alternative solutions available.

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