For most of us, choosing our workspace isn’t the sexiest business-related topic around. It’s not like branding, investment strategies, conversion rates, lead magnets, developing a beautiful website, and increasing social media engagement. Yet, in reality, our choice of a workspace could make or break our business.
Why? Because anyone who starts a business or organization (unless they’re already wealthy or have lots of external funding) soon realizes, one of the most important things we need is time. We need time to build the business BEFORE we run out of the little money we have. We have to keep it going until we hit that moment that let’s us know we are succeeding. While we’re trying to reach this place, however, our money is going fast. Real fast.
If we sign a long-term, expensive lease on a wonderful, beautiful, high-status workspace, our money will go much faster, and if the business ultimately fails, we may also still have many months left on our lease. It’s a high-risk choice and for many of us totally unnecessary. And yet, business and organization founders sometime do it because we think it’s just how it’s done.
I’ve been there. In my first business, I leased a private, good-size space, and although I didn’t go all out, I signed a lease for more than I could afford, and ultimately the business didn’t succeed. While I needed the space for the type of business I was in, many founders do not need that kind of space.
My advice: If you look at the type of business or organization you are starting and really need an expensive private space, that’s fine; however, if you really don’t need it now, don’t waste money that could help keep you afloat and give you more time to achieve success. Don’t take that unnecessary risk. There are many great alternative workspaces that you should consider first.
In the 2015 movie Walt Before Mickey, Walt Disney starts his first studio in a barn. That’s right, a barn—and not a nice, renovated barn either. Just a barn. Whether it’s true or just a corporate myth, it says a lot about the economics of founding a business.
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As another example, in the 1980s, Cathy Hughes, founder of the media company Radio One (now Urban One), began living in her radio station with her young son after she got divorced, suffered financial problems, and lost her home. Ultimately, however, after these early struggles, Hughes would go on to become the second- richest black woman in the United States.
And, of course, you probably know about the humble beginnings of the worldwide technology behemoth Apple.
According to business legend, the multibillion-dollar company was started in Steve Jobs’ parents’ garage or Steve Wozniak’s bedroom—more than likely both.
When the Situation Isn’t Perfect
Like Disney, Urban One and Apple, many organizations and businesses start out with little cash, and, although we’d all love to work in the best office or studio, it isn’t always possible or even necessary. Like many, you’ll probably need a low-cost place for your first workspace.
It isn’t a question of what we want; the question is what we can afford and what we need for success. And that could be very little for some. You might even require the most minimalist office to get your stuff done. I mean, writer Dalton Trumbo wrote in the bathtub. That’s about as minimalist as you can get, other than doing it in cold water.
The choice you make for your specific situation will likely depend on such things as the amount of space you require for any staff you have, storage and equipment requirements; your need for privacy; your need to meet with the public; and whether you need a place that represents your brand. Just keep in mind that anything you save on these expenses can be used to build your business or organization.
Options, Options and More Options
A Home Office or Studio
For some, a home office will be the easiest and least expensive solution. If you have an extra bedroom, a corner of a room, or a usable garage that you can dedicate to it, you have an office or studio.
The pros of having a home office are that you don’t have to go anywhere, which will save you a lot of travel time; gas, bus or train money; and wear and tear on your car. Just wake up and go to work. You can probably work anytime night or day, and you can eat at home, saving you money that you might otherwise spend eating out. All good.
There are, however, some drawbacks. First, you’ll be using part of your house, which you could be using for something else. You also might have a spouse or kids who will perhaps feel that it’s OK to interrupt you whenever they like—and that you should be available to them even when you should be working. You might also find it difficult to separate your work and your personal worlds, which you’re probably already struggling with as a founder. Some who work at home may also miss the camaraderie of the shared office and feel less motivated. And some might not be disciplined enough to work when they are alone. In most cases, unless you have a dedicated and presentable space available, you won’t be able to use your space to have business meetings there.
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“I put up a large tent inside my garage as a dedicated office space,” recalled one home-based entrepreneur. “It provided a clean, separate space from everything else in the garage and was private—the things I needed at the time. The problem, however, was that it was an unheated, unfinished garage and was so cold in the winter that it was difficult to work there. In the end, I left it as a place to store work equipment and work product. If it had been more comfortable, I would have used it longer.”
A Coworking Space
These offices or studios where several people from different companies share a space may offer a variety of benefits such as nice meeting rooms, furniture and internet service. In addition, they provide the opportunity to work in a professional environment without long-term commitments. In some cases, you may be able to opt for weekly, monthly or yearly memberships—or even day passes—which make them quite affordable.
While some of the biggest advantages are opportunities to network and present a professional appearance when needed, some of the cons include distractions, the lack of privacy, and additional costs for added benefits.
A Shared Space
Sharing an office or studio can offer you a large and more private workspace than a coworking environment while you still have others to split the costs of the space, the utilities, and, in some cases, office equipment. If you have a private room, you may be able to lock your door for privacy and security and may be able to avoid some of the distractions and noise of a coworking environment. Depending on your agreement with the other tenants and the facility layout, you may also share a meeting room, a kitchen and other benefits.
The cons include the potential for problems with those who share the facility and unethical people sharing your space. Also, these spaces will likely be more expensive than a coworking environment. In these arrangements, having your name on the lease can be a pro or a con, depending on several factors. If the other tenants skip out on you or cause damages to the property, you could end up being responsible for more than you bargained for. On the other hand, having your name on the lease could protect you from being kicked out by another tenant for unfair reasons—and it can establish a leasing history for your business.
The best advice is to
choose your office or
studio mates carefully.
A Virtual Solution
For some founders, a virtual office could be all that is needed. If you don’t require an actual place to work but want or need a professional-sounding address and phone number, a virtual
office could provide these benefits. Some of these “offices” also offer phone-answering and mail-handling services as well as meeting rooms. They may be especially beneficial to those who travel for their work. This kind of setup can be very affordable.
The cons of these arrangements are that they don’t give you a physical space and, if others know about them, they can hurt your professional image. For many types of businesses, a
physical presence may be needed to build credibility and to establish your business identity and brand. Also, unless the place offers meeting rooms, you’ll need to find another solution for those if they’re needed.
A Few Untraditional Solutions
These days, people are finding innovative solutions to their requirements for a workspace. One of these setups is shipping container offices, which have the advantage of being customizable and moveable.
Another such solution that seems to be finding more popularity with digital nomads is converted buses and vans. Some advantages to these nontraditional setups are lower monthly expenses and the ability to also use them for travel and work at the same time. In addition, some digital nomads live in them, cutting even their home expenses. For a person with a simple lifestyle, these arrangements could be ideal. (For more information, visit https://www.youtube.com/watch? v=OTeaQQPljpU)
One of the freelance magazine writers I used to work with lived in an RV and traveled the nation. As long as she had an internet connection and her computer, she was good to go.
Another interesting solution-finder I recently learned about from a YouTube video was young artist who used a storage unit as her art studio—after getting permission, of course. And it was only $150 a month! (https://www.youtube.com/watch? v=0HWmx8jCtU4). Here’s another article that discusses some of the pros and cons of this type of setup: https://www.sparefoot.com/self-storage/blog/1892-5-ways-self-storage-makes-a-great-art-space/
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Stretching Your Space
If you choose to go with an option that limits your space, you might want to rent a storage space for most of your stuff so that you can function in much smaller environment and still have access to your things. Be careful though. I recently rented a storage space at a price that I felt was quite reasonable. Then, after only three months (and after I’d spent a lot of time and effort moving my things to the facility), I received a note that the company was raising its rates approximately 60 percent! After only three months! I could either accept it or go to the significant trouble of moving again. I refused to encourage their bad business strategy. I moved.
A similar option might be to purchase a storage building to work in and/or store your things outside your house. While this might be a good option for some, depending on your situation, you’ll need to ensure that the indoor climate is acceptable for your purposes.
In the end, you have to decide if one of these options works for you or if a hybrid of more than one might be better. A small room at home, for example, with a rented storage room nearby might be a great solution. Or, if you want to travel or minimize your costs, a van that you can work in with a virtual office for your business address and mail service could be all you need.
Whatever you decide, keep in mind that the solution is for now and could dramatically change in a short time. Today, you just need the workspace you need. Tomorrow, you may be able to have something much better—your dreamspace.
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