Is shared office space right for your small business?

When you own a small business or are amidst plans of setting one up, you need to pay attention to the layout of the office space. You can even consider the possibility of coworking spaces. The concept of shared office space in Mumbai is getting a thumbs up and for all the right reasons. Here is what you need to know in order to decide whether shared office space in Andheri or anywhere else in India is a good idea and whether it is right for your business.

What is it all about?

A shared office space in Mumbai is basically a space that users gain access to call their own from an entire large office space. The space is offered to a user for a monthly fee. These individuals working here obtain access to tables, desks as well as offices. This usually occurs on a first come first serve basis. So if you happen to come to work early, you obtain a desk in the best place. For an extra fee, you even gain a designated space of your own. Here is how to understand whether a shared office space in Mumbai is meant for you. 

Gain an understanding of how many employees you possess

You need to know about the number of employees that exist. If there are only a few employees on board, you can conveniently go in for a shared office space in Mumbai.

Understand how stable the business is

If the shared office space in Navi Mumbai is asking for five or ten-year leases, you have to know whether your business is going to last that long. Understand how viable your business is from an objective point of view and accordingly decide. 

How much is the cost of the office?

The moment of truth that decides whether it is better to go in for a shared office space in Andheri or go for a more traditional approach is the cost it comes at. This usually depends on how much office space costs in your market. If you are going to have, say, 20 employees, it is going to be more cost-effective to work in a shared office space. 

How much are you going to utilize the working space?

If there is a chance that your employees are going to be using the shared office space in Navi Mumbai for long, tiring hours, it is better to go in for a private space. However, if you are constantly traveling for networking events, conferences, and raising funds, a coworking space is a better option. 

So there you go. See that you take into account all these factors and accordingly come to a conclusion on whether you want to go in for a shared office space or not.