Regardless of what service or product you’re offering, one commonality across all CEOs near and far is that they must be cognizant of costs. For a time, as they build their businesses, they can get by without certain key employees or access to expensive industry software. Opportunities to invest in these areas come with time, and success. But for what can often be many years, they’ll have to bootstrap and lead their companies with an emphasis on both growth and on keeping costs down.
However, one area that can feel like a non-negotiable for a founder is to carve out a dedicated space for the team to gather. Even in this era of remote-friendly work, nothing can replicate the collaboration and communication that takes place when a small team gathers together and hammers out some solutions on behalf of clients. The comfort and familiarity that (the right) office setting provides has long been an asset.
Coworking spaces can make things easier in the early days of starting a business, but they come at a premium. When the bill hits, you may start looking at how to cut office costs.
That tradeoff does come with signing a lease, something that early-stage founders might be reluctant to do for various reasons. As a company grows, this could turn into a more viable option than it might have seemed an a different stage of the business. No two companies are identical, and not all founders seek the same things. They must make the right decisions for their teams and to reassess how those decisions are going on a regular basis.
Leasing your own office space let’s you control which perks and amenities you want to provide for your employees and cut office costs at the same time.
When it comes to office spaces appealing to people at this stage, there needs to be a middle-of-the-road solution. That’s why earlier this year SquareFoot, the company I founded, acquired another company called PivotDesk, where is like Airbnb for office space. Some companies, aka hosts, have extra desks in their offices they’re looking to sublease, and other companies, aka guests, are looking to drop in and to share an existing office with others. This type of relationship, which can be negotiated on a monthly or annual basis, has offered more company founders to get back to work more quickly on what they love to do – grow their businesses.
SquareFoot Founder and CEO Jonathan Wasserstrum has worked for over a decade in commercial real estate. SquareFoot is a new kind of commercial real estate company that helps companies win at finding their next (and next) office, providing transparent access to inventory, brokerage services, and a flexible space offering. SquareFoot brings together technological innovation and human expertise to solve clients’ needs.
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