So you’ve developed a business idea and are looking for the perfect location to run it from. While it may seem like a straight forward idea, it’s actually a process that can be a bit trickier than it seems, and finding the right location can take a bit of time and effort.
Working from home may certainly be advantageous, however, even the most savvy company owners and their successful firms may outgrow the work from home environment.
When a small business starts to grow, it may require the need to hire more people and have additional space for trade-specific processes. The good news is that the traditional process of visiting a real estate agent to try and find the ideal workspace is no longer necessary, with many innovative and flexible workspace options now available to choose from.
For certain businesses, you require strict council zoning regulations – notably in agricultural and heavy industries – there are a plethora of imaginative new possibilities for entrepreneurs wishing to save money, expand their network, and partner with other small businesses.
Check out our guide to modern workspaces, ideal for your small business is ready to expand and take the next step.
1. Collaborative workspaces
WeWork and Wotso are two examples of co-working companies that have sites all across the country. These workspaces aren’t only found in cities. Spark CoWork opened in Port Stephens last year, while Sandbox, a multifunctional space for workshops, exhibits, film screenings, meetings, and performances, opened in Alice Springs last year.
Apart from saving money on overheads like meeting rooms, printers, WiFi, and cooking facilities, one of the biggest lures of co-working spaces is that businesses instantly become part of a network.
Business owners may cooperate by exchanging ideas, connections, and information by working with other SMEs, startups, and entrepreneurs. To assist establish and educate their communities, many coworking spaces will even arrange for expert speakers, seminars, and networking drinks for renters.
2. Spaces for shared usage
While shared use spaces are not solely coworking spaces, they are becoming increasingly popular. Two Space, for example, is a coworking space by day and a restaurant, bar, or venue at night. Tashi Dorjee, a Sydney entrepreneur, founded Two Space to give an affordable co-working space alternative while also assisting venue managers in making extra money by activating underutilised areas.
3. Storage on demand
Did you know that there are storage facilities that will provide storage boxes? All you need to do is pick them up after they’re packed, keep them safely, and then return them when you’re ready. This service is provided by companies like Yoyo Box and Smart Box 2 U, so whether you require storage for papers, surplus product inventory, or seasonal things, this is a good alternative.
4. Entrepreneurial hubs
State governments around Australia are investing in startup centres that house company incubators and accelerators to help support the innovation economy. Sydney Startup Hub is an innovation hub that houses Stone&Chalk, a fintech incubator, The Studio, co-working spaces, and corporate incubators including Microsoft, Caltex, and Optus.
5. Lobbies of hotels
Hoteliers that understand the value of energising their lobby areas with cafés and bars often provide free WiFi, community events, and workspaces. When guests book straight online, Ovolo Hotels leads the pack with their freebies programme, which includes a social happy hour, super-fast WiFi, free laundry, snacks, breakfast, and mini-bar delights.
When it comes to insurance coverage in coworking spaces, most owners have business and liability insurance policies as needed by their lease, especially if they don’t own the building outright.
What about insurance?
The operating model you pursue and where your business operates from can have a direct impact on the level and type of insurance you will need. Different business are exposed to different risks, and these individual business factors will impact the type of business insurance you
You may want to consider protecting items that aren’t provided by the coworking space like your personal computers and gadgets, sensitive company and customer data and other business assets with Portable Equipment insurance*.
Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
Tailored small business insurance coverage may be a helpful safety net if you are faced with a claim that may have resulted from an accident, theft, or natural disaster. You’ve put in your blood, sweat, and tears into growing your small business, so it’s important that you also think about the types of insurance you’ll need to safeguard your investment.
At BizCover, we can help get your small business insurance sorted without the drama. From IT guru’s to online retailers, number crunchers and marketing masterminds, we offer a variety of insurance solutions to suit your small business. Get a quote today and experience insurance made easy today.
Remember that locating to the right place for your company doesn’t have to be a difficult task. Just be sure to do your homework, ask questions, and check all the boxes that apply to your company’s requirements.