Shared Office Space: The Incubator of the Internet Age

There was a time, not too long ago, when every business that dared to call itself legitimate had an office. This necessity created many of the images that we associate with business success today. Who doesn’t imagine the friendly secretary in the lobby, the coveted corner office, or the wood-paneled boardroom when they think about what it must be like to have a successful company? These are nearly universal images, but they have less and less to do with business now that the information age is reaching maturity. 

Many modern businesses don’t have offices, and more of them are being founded every day in coffee shops, libraries, and living rooms. An internet connection is one of the only barriers left between a merchant and a consumer, and the global recession has encouraged even large companies to re-examine what a traditional office actually offers them. There are several distinct advantages to abandoning office space.

First, there are very few communication problems left. Even the most complex teams can be easily managed with collaboration software, and these teams can now be located all over the world. Second, most interactions with both customers and clients will occur online, anyway. Finally, office space is a major expense considering both the previous points. It’s certainly too much of an expense for most start-ups that are still trying to get off the ground.

That said, there are many advantages that an office offers. Most significantly, it is a place for people with similar interests and expertise to connect and develop. The kind of spontaneous collaboration that happens in offices is hard to replicate when communication is done online. However, there is a way to capture the best of both worlds through shared office space.

Those who run internet businesses probably don’t have enough employees to make office space worth it. That doesn’t mean they won’t enjoy a space dedicated to work, and being around people who share the same interests and industries. 

What is Shared Office Space?

Shared office space comes in many different forms. Typically, when someone who owns office space has trouble renting the property whole, he or she will experiment with selling access to space within the office instead. Sometimes, businesses will end up with more space than they need, and try to use up the rest of the space by sub-letting it to other small ventures or individuals. Other times, the office space will be specifically designed so that it can be used as shared office space.

The result is the same. Many different people, affiliated with many different businesses, will end up enjoying the same office space. In most cases, only a few businesses will be represented. However, some offices will be shared between dozens of different people working independently on their own businesses. The shared office may be organized so that everyone has their own enclosed room, or as an open space where territory is only defined by the position of the desks.

This arrangement can sound very confusing to those who haven’t experienced it, yet. However, shared office space offers several serious benefits to the people who take advantage of it. 

What Benefit Does Shared Office Space Offer to Start-Ups?

There are several important benefits that shared office space offers to startups and other small businesses. For many people, shared office space is attractive because of the cost. Shared office space is very cheap, often only a fraction of the price of normal offices. This makes a huge difference in major hubs like New York and London. Most start-ups would not be able to have any space where they could meet people professionally if they were not able to take advantage of shared office space.

The most significant benefit of sharing office space is likely the opportunity it offers to meet forward-thinking people who are in the same industries. Many shared office spaces try to develop a “culture”. That is to say, they try to lease shared office space to people that share the same interests. Some shared office spaces are populated almost entirely be people who are running social media businesses. Others may be focused on accounting or finance.

It was never easy for small business owners to meet one another. It can be a very lonely life. Shared office space is one of the first modern developments to allow these business owners to meet and work with each other on a daily basis. Many people who have tried shared office space say it works like an incubator. It’s much easier to learn and develop in an industry when you are surrounded by people who share both your interests and your motivations.

It may not be easy to find shared office space where all the tenants are in the same industry as you, but it is at least easy to find shared office space all over the world. 

Where Can Shared Office Space Be Found?

Shared office space can be found in almost any major city, and it is also showing up in a lot of smaller towns as well. Shared office space can be found through traditional classifieds like those on craigslist, but there are also some websites that now specialize in matching people who want office space with those that are setting up shared arrangements. 

Should You Consider Shared Office Space?

Shared office space might be a good fit for you depending on your situation. If you only have a few employees, it can be a great way to save some money on full office space. If you are self-employed as the only person in your business, you may benefit from having a change of scenery and somewhere you can focus only on work with no interruptions.

You should also consider what you have to gain by meeting other people who could help you with your business. It can be very hard to find mentors and people who share your vision. Sharing office space could give you that opportunity.


About Simeon Howard

Simeon G Howard, born in Hampstead London, started his first business at age 21. By age 25, this serial entrepreneur had founded Your City Office Ltd, a Virtual Office and Office Space brokerage firm. Drawing from his past experiences, he and his partners have quickly built and developed one of the UKs leading organizations in this industry.

Related articles

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• The Importance of Serviced Offices in UK for Businesses (savealittlemoney.com)

Steps to Getting in Control of your Finances

For many people, personal finances are a worry - with credit card debts, the worry of mortgage repayments and fear that incomes will fail to keep pace with the cost of living. It's essential to be in control of your finances in these difficult times. We look at ways to stay ahead.

Assess the situation.

The first step to dealing with problem finances is to face up to them. This means taking a deep breath and adding up your debts, from all sources. Once you have done this, categorize them. If you have a mortgage debt, this is less of a concern because it is held against an asset; your home. However, you may still want to check that you are on the most competitive mortgage product that you are eligible for and that your repayments are affordable, as you can make substantial savings just by shopping around.

Personal debts.

If you have non-secured debts, these are your focus area. Non-secured debt is held in many forms; credit cards, personal loans, catalogue debts and overdrafts. They are called unsecured debts, because there is no asset held against them. For example, if you have a car loan - then it's against a car. If necessary you could sell this asset to recoup the loan, or part of it. However, credit card debts usually have no assets attached that could be sold to pay them off, especially if you have an unchecked spending habit.

Do a budget.

When you can see your debts on paper, work out your monthly budget. Assess your income and work out which bills you have every month. Go through your direct debits and see if any can be cancelled. Assess how much money you have after bill payments for your living, shopping, entertainments and other costs.

Decide on a repayment plan.

Your budget will show you where you can save money. Cancel non-essential services, shop around for better deals and downgrade your brands when doing the weekly shop. Set aside a sum each month to repay your debts bit by bit, starting with the most expensive. If you can't find income to do this, work out ways to increase your income or further reduce your outgoings.

Stay motivated.

Nothing feels as good as being debt-free and if you are working towards this goal, you will find plenty of support from national debt charities, online forums and other debt support groups. Seek help if you can't find a way out of your debt and speak to others with similar goals to you. As well as finding great sources of fellow support and motivation, you will start to identify ways of socializing and meeting new people without spending money. 

Once you can change your behavior patterns, switching shopping for new and absorbing hobbies and meeting friends with common goals, you will find new impetus and enthusiasm for your new objectives and be far less inclined to fall back into debt again. With planning, organisation and self-discipline, the freedom of a debt-free life can be yours.

AUTHOR BIO:
Jackie Graves writes regularly on personal finance, debt support and tools such as prepaid credit cards for a range of websites and blogs. She strongly believes in the ability to rebuild a bad credit score.

The Best and Worst Strategies for Gift Shopping on a Budget

Gift Card (Photo credit: 401(K) 2013)

Shopping on a budget can be a pain in the butt. However, if you are smart about your shopping strategy, you can get amazing gifts for very little money. Be careful out there; the world of shopping can lead to pitfalls.

Don’t – Open Lines of Credit 

When you are shopping on a budget it can be tempting to open a line of credit. However, this is a bad idea for your long-term finances. Opening a line of credit can help in the short-term, but it can lead to an over-extended budget and if you have a tendency to over-shop this is never a good idea. 

Do – Go Online For Great Deals

Online cheap shopping is the way to go when you have to stick to a budget. Checking out sales and discounts online is a great way to save money. Did you know you can get coupons online? Some of these can be printed to take to the store, while others are coupon codes that can be used on websites. 

Don’t – Overspend Because You Want to Impress

Have you ever had to buy a present for someone who just seems to have everything? Are you trying to make a good impression on your in-laws? No matter the reason, many people have the tendency to try to impress others with gifts. If you are on a tight budget, this is not a good idea. If you have many people to shop for, buying extravagant presents can lead to disaster. 

Don’t – Overestimate Your Creativity and Drive

If you pick up pieces to make a gift, make sure that it is something that you are capable and willing to make. Otherwise, the money you put into it is gone with nothing to show. This is a trap many fall into. Even if you have the ability to create the perfect present, make sure you have the time and are willing to invest that time and energy. 

Do – Make a List Before You Start Shopping

If it is a big holiday, such as Christmas, it is a good idea to make a list of everyone you have to buy for. On top of that, think ahead and jot down some ideas of what you might like to get each person. This will keep you focused, which will also help you save money. The more focused the list, the more likely you are to stick to it.

 

Don’t – Disregard Gift Cards

Sometimes it is really difficult to find the perfect gift. In these cases, a gift card may end up being exactly what you need.

Making a budget and sticking to it is difficult when shopping for gifts. Get great gifts and keep your budget happy, and you’ll have the best present of all.

Areas Where Your Small Money Drains and You Lose Hundreds and Thousands

budget (Photo credit: 401(K) 2013)

Normally, we do not think of the situations and possibilities when we spend a lot of money but soon we realize that we have made a mistake that is leading us towards major monetary losses. Some of the ways we spend without thinking are:

·         Physical Shopping vs. Online Shopping:

Suppose you go to shop physically and like something. You decide to purchase the items you want. You hurry up, take your wallet out, and purchase them instead of thinking just for a second that they might be useless to you. Later on, when you go home you search for the same product on the internet and find that these products are available cheaper. It's best to search online first before making your purchase because you may find it for less online.

·         You Do Not Use Services You Paid For:

Sometimes, we purchase services that we want to use but do not get the time to use them. For example, you have purchased the HyperOffice app for your iPhone, as you have plans to do your office work at home and for this, you need to use you smartphone. Keep in mind that you are paying $7 for this app on monthly basis but you did not find time to use that app on your phone. What is the purpose of paying for this app? Just think, $7 may not be a big amount to pay on monthly basis but on annual basis, it is a lot of money.

·         Waste of Perishable Food:

If any of your family members are a diet conscious person, they will prefer to have organic food. To save time, you stock up for a month without considering the fact that fruits and vegetables are perishable in nature. As a result, you have to buy them again in the same month, which is why your monthly budget fails to save anything. Buying fruits and vegetables is not expensive but buying them again and again will cost you a lot of money in the long run.

·         Relocation:

Just think for a second that you are moving from one place to another. For your convenience, you did everything possible for you to save money. For example, you hired a home mover. It may benefit you at this time to sell many of your possessions you do not need any more. Less possessions may lead to a smaller living space needed

If you don't, you may have to rent a larger house to place your belongings, which will effect your budget. 

These are a few areas which will help you understand that by spending less you can help in making your income stretch further. 

Author’s Bio:

Husain joined Opendoorloan as a Finance Consultant in June, 2011. He is accountable for all aspects of payday loans online. Visit his website to see how it works.

10 Important Business Laws

There are different policies and rules that must be followed when you are going to start your own business. You have to know these things in order to operate smoothly. In this article, you will be given an overview of the 10 most important laws related to business.

1. Customer Information

The law provides that you should be keeping customer information securely. There is a limitation when it comes to this. You cannot give out any information about your customers to anyone. This rule applies to all types of businesses.

2. Protection of your customer’s identity

There are different victims of identity theft. You may not determine when someone has taken something like your customers information. But this can be avoided when you know the law about customer’s identity protection. You have to exhaust every possible way to make sure that hackers or other identity theft will not be able to take anything from you; this is one of the most important rules.

3. Credit information

When you are going to accept payment through credit card, you need to ensure that the customer’s credit information will not be put in stake.

4. Business permit

You need to have all the documents needed before starting the operation. You need to understand the importance of ensuring that you have everything you need before starting or you will be sanctioned.

5. Tax Identification Number

You need to have your TIN; this is a very important requisite because you are part of a State that can legally demand for taxes.

6. State and Local Taxes

When registering your account, you need to arrange your taxes. You may be asked to pay for local and state tax. In order for you to know the tax that you are going to pay, you need to ask the assistance of the people from the taxing department.

7. Hiring Employees for Your Business

When you are going to hire employees, you need to know your responsibilities as an employer. Make sure that you know the different benefits that they must be receiving. Study the Labor Law for you to understand this part.

8. Business name

When registering the business name, you should make sure that you are not taking somebody else’s registered title. It would be safe if you were going to choose a unique one. Register it so you can ensure that you own it.

9. Business Area

The location of your business is very important; you must be choosing the best area. In this part, you must know the different ordinances and zoning law in the place you have chosen. This will allow you to operate smoothly.

10. Business Structure

You should also be registering the business basing it from its legal structure. Decide if it is going to be a corporation, a partnership or a non-profit organization. You must settle this while you are on the process of registration.

Author Bio:

Burton Copeland is highly recognized with over two decades as leaders in the defense of corporate and commercial fraud allegations. Our team of expertise criminal lawyers will help you to resolve your problems regarding business crime. We provide a full range of legal services to clients ranging from fraud & regulatory crown court advocacy general, serious crime police station advice, prison law professional disciplinary proceedings, to road traffic and motoring offenses."

Save Money by Staying on Top of Your Bills

Every month those official looking envelopes keep rolling into your mailbox demanding money for the services and purchases that we have received. Nobody likes to look at them, and we certainly hate to part with our money. But you can really pile on the debt and get into a lot of credit trouble if you don't keep up with your bills.

Who has the time to deal with bills?

It can be a real hassle sitting down and writing a check out each month to pay the car note, the water bill and all the other creditors that keep sniping at us for the money we owe them, but not dealing with it can come with lots of bigger hassles. Try taking out a loan or getting store credit when your credit score shows that you tend not to make payments on time. Sometimes you can even have trouble renting a new house or apartment if the landlord does a credit check. But there are ways that you can stay on top of those bills and turn your situation into a positive one rather than a negative one.

Time for an attitude adjustment!

The first thing to think about is your attitude. When you think about how much you hate paying bills, are you really being fair to the creditor. They just want what they are owed for whatever they have provided. Wouldn't you? Are you enjoying whatever it is that you bought or service your received? That money isn't yours. When you can think about it in the right light, that you are enjoying the benefits of having been extended the credit, it can make it easier to sit and write the check or send the money online.

Start developing good habits now.

Come up with a regular routine for paying your bills. One of the reasons we let bills pile up is that we say we will get to them later. All too often later never comes, at least not until the collection agencies start ringing our phones on a regular basis. Develop a strategy that works best for you for paying bills and stick to it. One way might be to pay every bill as soon as it comes in, whether that is in the mail or in your email inbox. With this strategy, you get into the habit of dropping whatever you are doing and breaking out the credit card or check book and making a payment right then and there. This way you know all your bills got paid.

Do it once, enjoy the rest of the month!

Another strategy is to pay all your bills on the same day. This works for a lot of people because they don't want to have to think about bills every day or week. The one catch with this method is that you have to keep in mind the due dates of your various accounts and make sure you pick a day that won't make you late on some of your payments. This will probably mean that you will have to make some payments before a bill even comes in, so you'll have to have your account information somewhere. This is a great way for getting into a regular routine without letting bills take up all of your time. For example, you know that on the 3rd of the month you always pay your bills. So you don't have to worry about missing a payment, or forgetting, because you'll always have something to remind you.

Try automatic payments!

Another option that many people find convenient, especially those who are busy or who tend to be forgetful, is to have bill payments automatically deducted from your checking account. What's great is that most banks provide this service and some even offer discounts if you sign up for bill pay services. The one drawback to this method is that you want to make sure you always have enough money in your account to cover those bills. You don't want to be surprised that your account is suddenly in the negative and your car note hasn't even been paid yet.

So, you see, there are lots of ways to make sure you can keep those creditors at bay and hold on to your own sanity. Who needs the stress? Find a way to stay on top of your bills, and you will be able to breathe easier every day.

Author Bio: Darren Carter is currently a resident blogger at http://www.ppiclaimco.com covering topics such as budgeting and personal finance as well as commenting on the recent banking scandals.