6 Ways Shared Office Space Grows Your Small Business

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Business Station

6 Ways Shared Office Space Grows Your Small Business

If you’re a small business owner in the market for an alternative to working from home, shared office space or co-working is a perfect solution. It’s less risky than signing a commercial lease, it’s low-cost, and it comes with a built-in community that can provide advice and support. But did you know there’s another option that provides even more benefits? This is where business incubators come in.  

Business incubators combine the benefits of private offices or co-working space with advisory services and resources that support your business to grow. Rather than outsourcing expensive support or second-guessing important choices for your business, you can access expert guidance that’s covered by all-inclusive costs.

If you want shared office space in alongside the right resources to nurture your business, an incubator is the right choice for you.

Benefits of business incubators and shared office space

Low cost and low risk

Business incubators offer a more affordable option without the high cost and risk of signing a commercial lease. You can also ‘rent’ an office for a much shorter period, so if your cash flow circumstances change or you no longer require the space you can leave without unnecessary stress.

Advisory and support services

Business incubators don’t only provide a built-in community; they also provide advisory and support services that nurture your business. Services that you’d typically have to outsource or search for online are accessible and often included in your membership. Rather than pay high costs or suffer from making uninformed decisions, you can benefit from guidance and tailored business advisory that makes sure you’re on the right track and ready to maximise business growth.

A better work life balance  

Working from home can lead to overworking, whilst household chores or distractions can also result in lower productivity and focus. Shared office space in an incubator creates boundaries between work and your personal life and adds structure to your workday.

Our Wanneroo incubator member Barbara Hartley from OCD Brilliance says,

“It’s good to be out of the house. It makes life a lot easier – I’m able to separate my home life from my business life. Whereas before I was always in the home office, and I could always pop in there and do something.”

Interested in boosting your productivity, whether you’re working from home or in the office? Find strategies that can help here.

Business growth

When you’re growing your business, you might hire a new staff member. Because incubators offer shorter leases you don’t have to spend up to a year in a space that can’t comfortably accommodate your team. If your chosen incubator has larger offices available for lease when you want more space, it could be as easy as moving within the facility rather than to another building altogether.

Take Graham from AGuyIKnow – he runs an online learning content creation business and wanted to grow his local team to help manage his offshore staff. He had already become a part of Business Station’s ECUBIC Incubator when he hired his first junior Sarah. When his daughter Kiera joined the team and he was looking to hire another local employee, he needed extra office space. He took the leap and moved to a bigger office at ECUBIC.

“It was literally double the rent. Shall I? Shan’t I? We’ve got room to grow, but money’s not great. We did it – best decision we’ve ever made.”

Graham’s team has since grown to include five local employees.

Community

Building a business community is essential for small business owners. An important benefit of incubators is the built-in community it provides for each member. Having people to turn to when you need advice, learning from other people’s experiences and sharing your own knowledge are important to overcome the isolation that small business owners often feel. Strong relationships can also result in resource sharing and important introductions to new business connections.

Yvonne Pirie from GXR Plumbing and Gas was a previous incubator member at our Gosnells facility. She says,

“Having that support, meeting other tenants, forming friendships and business relationships has been fantastic. If we weren’t incubator members, we wouldn’t have those business relationships now.”

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Business incubators often hold networking events for their members, so you get even more chances to build your business connections. Photography: Michael Goh

Co-working opportunities

Incubators are more than just private offices. They also offer co-working spaces, if you’re not ready to commit to a private office or want to ‘try before you buy’, you can spend a day or a week working in the incubator. This can give you time to test out the different amenities, meet the other business owners you could be sharing an office with and understand the benefits of having a separate workspace from your home. 

Perth shared office space and co-working space

Ready to make the move and experience the benefits of a business incubator? Business Station has three facilities in Perth with private offices and co-working space. This includes:

Each of our incubators include all-inclusive pricing and flexible, risk-free license agreements with cancellation available at any time with 30 days’ notice. You’ll also get access to one-to-one business advisory, workshops, and networking opportunities so you can grow your business with expert help and a supportive community around you.

Ready to reap the rewards of a Perth business incubator? Our state-of-the-art Wanneroo incubator currently has 10 private office places available for businesses in any industry starting from $299 per week. Find out more here.

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