MBA1966 Does Having an Office Space Make Sense in 2022?

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Hey oh. Welcome to the Hundred Doll RMBA show, the only business podcast you need to build the business you want every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014. And in today's lesson we'll discuss does having an office space make sense in 2022? With pretty much most of the world working remotely from home, it's Is it even worth it to be paying monthly for a space for a desk for an office? With the new normal, will people go back to the office? Will things start to change? Will things transition out in 2022? Are there benefits that we're missing out on by working from home? And if so, are there some affordable options that will make sense for our businesses in 2022 and beyond? We're going to discuss all that and more in today's lesson. So let's get into it. Let's get down to business.

You've made it on time for the McDonald's breakfast menu. You think to yourself, finally, I could start my day with my perfect breakfast. But what if breakfast could be even more perfect with the hot honey sausage, egg biscuit it finally is. This won't last forever, so go to McDonald's and get it while you can. Ba da ba ba ba.

I want to start today's lesson with a little bit of transparency. From the moment I became a full time entrepreneur, I've been working from home. Most of my work activity is done from my home office, way before the pandemic we're talking about over a decade ago. But I still have a office. I have a workspace outside of my home, and I plan to continue to have one in 2022 and beyond. And I'll explain why in today's lesson. First of all, right off the bat, you need an actual physical address for your business. When you register your business, when you're receiving mail for your business, for tax purposes, for banking purposes, for all that kind of stuff. Yes, you can use your home address, but you don't want people showing up to your door customers because this address is public domain, because it's a business and will show up on newsletters, will show up in directories. Most people don't want to have their home address out in the public. So alternatively, a lot of people use some sort of P.O. box or business mail for their business address. And that's fine and everything. But what I found is a desk in a coworking space is actually one of the best values. And in my opinion, this is the best form of an office, quote unquote or desk outside your home. Especially with the way things are going in business. Remote work, hybrid work. And I'm gonna go deep in this and explain why this is probably your best option. First of all, the cost difference between having a hot desk, what is called in a co working space, like a WeWork or a local coworking space that's maybe geared to your industry or your type of business, like if you're in tech or is even just more cost effective, is often not too much more expensive than having a business address or PO box or having a mail service for your business. For example, WeWork offers a virtual address, which is basically they'll collect your mail. You can use your address for business and it depends on where you are in the world, but roughly it's about $150 a month. In my local area, you can get a hot desk in a pretty nice co working space for around 250 to 300amonth. So it's not that much of a difference and you get the address included in your hot desk. But why? Why would you want a space in a co working office in the first place, the first reason is community. Many coworking spaces, like WeWork or fish burners in Australia or your local coworking space has a thriving entrepreneurial community. People just like you building businesses in different markets, in different industries. The value of being part of a community is immeasurable. Why? Because you become the person that they know that does what you do. For example, we run a webinar software company, Webinar Ninja. I'm top of mind. Any questions they have about webinars, they come to me. If they want to run a webinar, they're going to use our software because they know us. If their clients are looking for software, we're top of mind, they'll recommend us. But more importantly, you get the support network, you get feedback, you get people that are going to push you, you get friends. And if you're an introverted person, this is so valuable because it makes it so much easier for you to meet people, even. Even if you never step foot in the office. Most of these coworking spaces have virtual communities on Slack and forums and Facebook groups so you can network and chat and share your wins and your challenges within the community. Right online. Many people pay thousands of dollars a month to be part of a entrepreneurial community, a mastermind group. This kind of just gets built in as a value add to having a desk at a co working space. So even if you never go into the office, this is a great win. But I do plan to go into the office. Coronavirus is a real jerk, right? It's really ruined a lot of our plans and our lifestyle. But just like any pandemic, it will peter out at some point. It's going to have its ebbs and flows. I'm not a scientist, I'm not a doctor. I'm just speaking out of what I've seen from history. So there will be times where you can go into the office and network with people and talk to people and go to parties and meetups and pitch nights and get new ideas and network and find co founders and find new hires and teammates. The value of this is immeasurable. Like I mentioned, another reason why I highly recommend getting an office space and a coworking environment in 2022 is sometimes you're going to need to meet people in person when it's safe. And it's quite expensive to rent out an just for a few hours. And a lot of these coworking spaces include access to a boardroom, to meeting rooms. Say, for example, you want to meet a client or you Want to meet with a lawyer or an accountant, or you want to interview somebody locally, or you and your small team want to just do a local brainstorming day where you brainstorm great ideas to improve your business. I even seen small teams run their retreats in coworking spaces for some of the time, doing some team building activities and then they go out and have drinks and fun later on. So physical space outside your home is really, really valuable when it comes to these activities. Now, I talked about events and you know these events will come back. But as your business starts to grow, these are opportunities for you to give your business exposure. A lot of these places allow you to pitch your ideas on stage or even sponsor an event by giving out some swag, some T shirts, some stick, your business. And these events are often open to the public, so you get people even outside of this community learning about what you do. And the interesting thing is that when you become a quote unquote prominent member of a community, you become a household name. People know who you are and they know your business, they know your startup. This opens up opportunities for you to get PR and articles written about you, interviews, write ups, partnerships, and even investors and funding. Another reason why I like to have a desk, an office outside of my home, is that sometimes you just need a break from the home office. You need to step away from those four walls, even if it's just once a month where you just go into the office, change things up, get a coffee. It's actually a pretty interesting productivity hack because when you get into a new environment, it kind of shakes things up and you start to be a little bit more focused on what you have to do.

Okay, does this happen to anybody else? You sit down with a juicy QPC, some McNuggets, and those golden fries from McDonald's. Then you take a long sip of your Sprite because you can still hear your mama saying, don't fill up on that drink before you eat your food. But you're grown now, so you do what you want.

Share and share alike with the 20 piece McNuggets from McDonald's for just $6 limited time only. Price and participation may vary. Cannot be combined with any other offer. To wrap up today's lesson, I got a couple more reasons why I think you should have an office space in 2022. Again, I recommend you go with a desk or a hot desk in a co working space because it kind of does the job. Another benefit that you might be overlooking is when you do have the chance to go and work in your office, you get to network and meet other companies and businesses, but you also learn how other people take on similar challenges, how they do certain procedures, certain strategies, how do they handle hiring and firing, how do they handle launching new marketing campaigns? You're going to overhear conversations, you're going to jump into conversations, you're going to start conversations. None of this happens in your home office. Finally, now is one of the best times to secure a space in a co working space because they are lowering the prices. They're willing to negotiate, they're willing to give discounts because, hey, let's face it, everybody's kind of struggling in the real estate market in terms of office space. So let's say, for example, you sign a year deal, they're happy to give you a discount. I've negotiated plenty of times. In fact, the co working space I was working at didn't charge us when we were in lockdown. And when we got out of lockdown, they just started the billing again. So they're very accommodating to make sure they hold on and retain their residence. And they're going to have some flexibility when it comes to price. So now's the best time to grab the best price you can. That wraps up today's lesson. I hope that gives you some insights. Of course, this is my take on things. I personally think if you're spending 3 to 4 to $500 a month on a co working spot, it's well worth all the benefits I mentioned today, even if we're just talking about being a part of a community. Make sure you hit, subscribe or follow on your favorite podcast app so you never miss an episode. In tomorrow's episode, we talk about how to increase profits with lower prices. Hmm. Tune in tomorrow for that. Before I go, I want to leave you with this business is about relationships. Your relationships with your customers, your relationships with your potential investors, with your community at large. And the more you invest in those relationships, the more they serve you long term. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care.

They put hot honey sauce on the snack wrap. McDonald's outdid themselves again. The classic snack wrap we all know and love paired with the sweet heat of hot honey sauce. Just what we needed to make it even more perfect. You know the drill, so go to McDonald's and try it today.