One of the most significant costs involved in running your own business is renting office space for staff use, especially if your business is in the early stages of maturity. In business, reducing expenses is often high on the to-do list, and that’s where co-working spaces come in. These open spaces are designed to accommodate more than one business and cut your rent right down in the process, but there are other ways this option can help you save.
Test out a growing trend
Co-working spaces are really taking off in some countries, and as an early adopter, you could be on the business end of a powerful tool before the rest of the world catches on. The offices are designed to emphasize cost-effectiveness and collaboration, eliminating the need for private business offices in the process, and businesses in several countries around the world, including manufacturing superpower, India, have found the initiative to be effective. What was once a sector strongly dominated by the IT industry is now seeing an increase in demand across other spheres of business, like telecom, healthcare, biotech, real estate construction etc. If you haven’t before, now is a perfect time to try a co-working space near you and start forming new connections with other great minds.
Find a better location for less
As co-working spaces become a more popular option, an increase in the number of companies offering space to businesses is likely, meaning you’ll be able to pick and choose one that suits your business needs. Like many corporate businesses, you probably have a city-center location in mind for your ideal office, but you may find the monthly rent blows your budget out of the water. The good news is that as co-working spaces have blossomed into a trendy alternative to private business offices, you’re likely to find a space in the location you want, but without the exorbitant price tag.
Spread your budget across multiple locations
If you’ve ever thought about expanding your business into overseas markets, co-working spaces could help make the idea that much more feasible. With more affordable office space available, expanding into untouched cities or countries becomes an option even for budget-conscious business owners. Of course, you’ll need to consider the cost of hiring or delegating staff to run and work in the new locations, but if you’ve been looking for a way to branch out, co-working spaces present you with a golden opportunity.
Get into an office faster
Much like new homeowners trying to scrape together a deposit, it might take a while before you’re able to afford a private office. To rent a private office will cost you many thousands of dollars each month, whereas co-working spaces will enable you to share that cost with other businesses, freelancers, and like-minded people. It’s the perfect option for those with a growing business, and you’ll end up paying about 40% less on average.
Lose the maintenance responsibilities
In a private office, the responsibility for maintaining areas of your office like the kitchen and bathroom would be all yours. Not only does maintenance and cleaning take up precious time, but it can also eat into your monthly budget by as much as $200 per person. The savings you could make by sharing those responsibilities might make you question whether you really need a private communal area.
Simplify your expenses
Renting a private office takes into account more than just the size of the building in square feet; you’ll also foot the bill for insurance, furnishings, and utilities, including Wi-Fi. Co-working spaces, by comparison, charge users one membership fee for the use of the space, which could knock zeros off your electricity and internet bills, for a start. This arrangement can also take your particular business needs into account and adjust your bill accordingly; for example, some companies offer flexible payment plans based on how often you’ll use the space and the commitment term you sign up for.
Sharing office space with other small businesses or freelancers opens your team up to a variety of influences which could make all the difference when you’re huddled over the drawing board. It’s not unlikely that you’ll come up with better ideas as a team and improve your output in the long run. Co-working spaces also open up a world of untapped opportunity when it comes to partnering with other businesses. The connections you stand to build by taking on a shared space are just an added bonus, and when you do make plans to partner with another business in your space, you’re eliminating the need for costly travel and communication.
With more co-working spaces emerging regularly, it’s a great time to invest in the future of business. Whether you’re interested in reducing your monthly office rent, cutting down on other regular expenses, or developing your business with the help of outside collaborators, a co-working space could help you do it all.
About the Author
Hi, my name is Robert. I am digital nomad running a couple of my own online stores. I am traveling around the world to meet new people and exchange business ideas. I like to share my knowledge with other people, help them to increase their business, save money and to spread good energy.