The world has been put under lockdown due to the spread of COVID-19. Millions of workers had to move to telecommute. This initially caused frustration and stress for business owners. After all, statistics on remote work show that 55.49% of professionals find it hard to avoid distractions when working from home. Coworking spaces are available. Does your business need a different arrangement than working from home? Is coworking a viable option for your business in 2021? Here we answer all these questions and also can your business save by switching to coworking.

What is the best way to cowork?

Coworking is a simple concept. Coworking is, as the name suggests, the concept of sharing a workspace.

Coworking spaces come in many shapes and sizes these days. You can find a space for your workspace in every size and shape, from coworking spaces that are covered with palm trees on the beaches of Bali to luxurious offices in New York.

Freelancers and telecommuters typically use a few desks. On the other hand, multinational corporations (MNCs) might have several floors or even an entire building to accommodate all of their workers.

Coworking’s most notable feature is its ability to scale, but that is only the tip of the iceberg. Let’s find out why coworking is attractive for many small and large business owners.

What benefits can coworking bring to your business?

There are many services offered by coworking spaces and arrangements can vary. It can be difficult to list all the benefits of coworking spaces.

You should have a workspace that is functional for you and your coworkers once you make the switch to coworking.

Coworking spaces often include other amenities. The arrangement may include access to a gym, conference room, or cafeteria. Coworking services that are high-end will provide you with a staff member, a mailing address, and other administrative options.

There are many perks that coworking providers can offer, but it all depends on their creativity. For instance, many coworking spaces have adjusted their layouts and sanitation protocols in recent weeks so that they are more virus-proof.

Coworking spaces can save you a few bucks, as well. Let’s find out what makes coworking an economical model for any business.

Cost reduction through coworking

If you run a relatively small team and you have less than 12 members, coworking can help you save up to $2,700 per month. Coworking is 60-70% cheaper than traditional office models for small businesses with 30 employees. Coworking spaces can be a cost-saving tool for MNCs that can reduce costs up to 25%. You can save by switching to coworking!

How is that possible?

Coworking space is a great way to reduce your financial burden. The down payment required to rent office space was likely to be a major expense in the beginning stages of your business. You can open a business by choosing coworking.

However, many shared workspaces already have plenty of filing cabinets, desks, chairs, and filing cabinets. This aspect will appeal to those who are money-conscious. You don’t have to pay for office furniture. Instead, join a coworking space and you can get on with your work without worrying about office furniture.

Office equipment also requires regular servicing and maintenance. This is in addition to the cost of hiring a cleaning company for the premises. You can save all of this hassle by coworking. All you have to do is pay the monthly space fee.

You don’t even have to worry about the utility bills, as the coworking space fee includes them.

Coworking spaces: Moving beyond cost-efficiency

Every dollar counts if you’re an aspiring entrepreneur. Thus, coworking facilities are a logical solution for many startups or small-to-medium enterprises.

Shared workspaces offer additional perks for your business. These benefits may not directly impact the revenue but are crucial in the long term.

Coworking spaces, for example, can increase productivity. It can be inspiring and motivating to work with like-minded people. Teams can improve the efficiency of processes and transform them.

A well-designed coworking space will increase the credibility of your company. Professionalism can make a difference in any business line.

Last but not least, a shared workspace is a paradise for anyone looking to connect with other brands or businesses. Networking is key to success.

Social contact is inevitable when you share your space with other organizations. You will eventually have the opportunity to work with other companies or offer your services. This element can have a huge impact on your balance sheets.

Final thoughts

In the last five years, the number of employers encouraging work from home increased by 40%. Remote work has been highlighted by the COVID-19 epidemic. The coworking model is an effective way to manage a distributed team.

While human health is always the top priority, cost-efficiency must not be ignored. You can lower costs and increase profitability by utilizing shared workspaces.

Coworking offers flexibility, interaction, as well as increased productivity. You should not hesitate to call a coworking company to rent the space. You can also save by switching to coworking. If you are interested in learning more contact us today to schedule a free tour of our co-working space.