In the midst of the startup boom, office space has been a problem for many new businesses. Ideally, when entrepreneurs first launch their business, working from home or a coffee shop would suffice. However, as the company grows and more employees are hired, not only is the space the problem, productivity could suffer as a result. In a metropolitan city like Toronto, rent is often expensive proportionate to the floor space, but a office space in Downtown is key to attract the most young and talented employees.
To solve this problem, entrepreneurs came up with a solution to offer “Shared Office Spaces” or in other words, co-working offices. These places allows small business owners, freelancers, and startups to transition out of their home offices to run their business in a real work environment. Spaces are available for rent by the hour, day, or even months to best accommodate the needs of the company. For startups, saving on overhead costs like rent means more resources can be directed towards growing the company, which is a huge competitive edge over its competition.
Much of the benefit does not come from the reduction of operating cost, but the work environment itself. Working alongside motivated and creative individuals across diverse companies can drive productivity and quality, and enjoy work while at it. Many co-working offices provide many resources to its members, ranging from consultations to arcades, pool tables, and networking sessions to keep the community engaged and supportive.
Many startups and small businesses fail without realizing its full potential, and its usually the ones who are isolated and don’t believe in their business enough to be proud of it. These co-working spaces can give the extra push, whether it be inspiration, motivation, or collaboration, it fosters a better entrepreneurial community that can help you grow to your full potential.
If you are a Toronto small business or a startup looking to expand into an office, you have many places to choose from.
Few of the top mentioned offices are: