Renting an office or event space full-time is hardly the most feasible option for new business owners or start-ups looking to enter the market.
That’s why the concept of hourly rentals has gained immense popularity, as it comes with a range of benefits which are not limited to saving costs.
So if you’re considering budget options for hosting a conference or meeting or need a compact office set up for a small team, going hourly is a great alternative.
Budget is a primary concern for most budding entrepreneurs and small-size companies while hunting for office or event space. Renting by the hour can substantially cut costs as you have no obligation to stay past the booked time slot. Also, the company is free from the financial commitment of maintaining a full-time working area.
Furthermore, you can save on several dollars you would otherwise have to spend on security, cleaning, and miscellaneous day-to-day expenses. Besides, there’s zero down payment on the lease as you only pay for the time you need the floor (or a part of it).
Therefore, accessing office or event space on-demand for a fraction of the cost is not a bad deal. You can host as many events, seminars, and private meetings as you want without the burden of paying a hefty rent at the end of each month.
Another significant advantage companies can enjoy is they can do away with the practice of stocking bathroom supplies, inventory, and other hassles like printing needs, etc. Unlike conventional office spaces, co-working set-ups include everything you need, as the hourly charges cover these expenses.
So there’s no need to maintain a stock of these daily necessities as it comes with the package. Other than that, since you’ll be renting by the hour, there’s no need to regularly clean and organize the space as the property caretakers usually do that.
So all you gotta do is run the show as the space comes ready and equipped with all the necessary items for the smooth functioning of work or events.
You may not have the funds to run a full-fledged office space at the moment, but for any business to flourish, it’s essential to keep things professional and organized. That’s where co-working spaces come into the picture, as you now have the option to meet clients in an office that costs you only for the hours needed.
You don’t always have the opportunity to meet clients at their homes, so it’s best to interact with them professionally, especially while discussing business. Not only does that create a good impression. Overall, it also reflects your seriousness regarding work.
Also, you can bring in high-profile guests for a particular event or conference without worrying about arrangements, as everything is in place from the get-go. All you have to do is show up as the space is available for use and does not require elaborate reorganization.
Another major plus in renting space hourly is that these properties include almost all amenities, furniture, and other utilities to run an office. Long story short, co-working space users have to sign a membership agreement that sets out rent, space usage rules, and any other legal conditions that govern the provider-member contract
Furthermore, this agreement includes a list of all the amenities users can access while occupying the space. Therefore, this concept is especially appealing to start-up firms as they can now acquire space for the required time while also providing employees with facilities like:
- A private cubicle or a dedicated desk (depending on the membership level)
- High-speed internet
- Access to a shared printer, scanner, fax machine, and copier
- On-demand tea, coffee, and kitchen facilities, including a coffee maker, fridge, and microwave
- Using the space for hosting events on an hourly reservation basis
Furthermore, the all-inclusive nature of these spaces streamlines accounting and tax preparation, as all the services are billed in a single monthly invoice. Besides, once you have a dedicated space for work, you have the opportunity to add more team members accordingly.
Collaboration and Synergy
While setting up a business, it’s crucial to establish a consistent and unobstructed workflow. And honestly, managing every bit from a remote location can lead to communication gaps, delayed responses, and a lot of ball passing. It might work out initially, but it’s hardly a long-term solution if you want to expand and take things further.
Therefore, by renting a space for a limited time of the day, you can bring your team together and work in complete collaboration with individual employees. Also, it simplifies interpersonal communications as any issue, technical or otherwise, can be addressed and resolved then and there.
Promoting Work-Life Balance
Providing a work environment separate from home ensures increased productivity and time management and ultimately helps employees maintain a work-life balance. Therefore, even hourly, investing in an office space is a great solution to keep professional and personal engagements mutually exclusive.
Furthermore, working from home might not be the best approach if you have to deal with constant distractions that hamper concentration and efficiency.
While assessing hourly office options, it’s important to weigh the factors that are instrumental and can reflect in a company’s overall productivity. So it’s essential to choose a space that’s advantageous from a professional standpoint and helps you take the business ahead.
Having said that, it’s not a full-time option and only makes sense as long as you have a small and easily manageable team. As your team starts to grow, it’s best to look for more stable options like monthly or quarterly rentals.
On that note, we hope we could shed some light on the positives of renting office and event space by the hour.
Let us know in the comments section if you have some insights about hourly rentals.
Till next time!