How to Cut Business Expenses with Modern CoWorking Spaces

If you are starting a brand-new business or you are currently running a business, it’s likely that you are regularly looking for new ways that you can cut costs. Having some extra freedoms for your business can help to make sure that you can access resources when you need them. It’s often difficult to have employees working out of the home or to rent out a full office space if your business is still scaling. Choosing modern coworking spaces can often be the happy medium. You get access to everything that you need without having to pay a hefty deposit to rent out an office space or equipment costs. Your employees also get access to a professional and well outfitted workspace with all of the touches they need for productivity.

Many companies are relying on modern coworking spaces in order to help them out with the scaling process. With and office space being one of the largest overhead expenses for a business this is exactly what you might need. There are facilities growing in number across the world and shared office spaces are becoming one of the fastest growing trends in modern business. 

There are many advantages to choosing a coworking space over a traditional office. As well as cutting costs for your rapid expansion, here are some of the top reasons to choose a coworking space:

It is a workplace designed for efficiency:

CoWorking spaces are often designed for the utmost in efficiency. You can enjoy all of the modern touches that you need for a quality office space. You get access to a modern design, furnishings, high-speed Internet, desks, front desk reception, mailing address, upgraded phone lines and more. All of these are provided as part of a membership fee that adjusts based off of the size of your business as well as business needs. You will always have the option of adding new employees or scale back when needed and enjoy a space that is designed for a collaborative experience.

A prestigious address:

It is never cost-effective for a business to rent in a prestigious address. A prime location comes with an expense and buying or renting this real estate. As mentioned, this can often be one of the greatest expenses for a business that wants to be centrally located. Having a coworking space in the same area can be a cost-effective way that you can get access to the location, without the high rental costs. 

Amenity costs add up:

The cost of retrofitting a space can add up. When you really consider the overall costs of signing a full year lease for an office space, furnishing it, paying for the electricity, utilities and any technology and more, your costs can rapidly grow. Working at a coworking space means that there’s no need for an investment. You will be able to access all of the décor, technology and furniture that is provided in the membership fee. You will have access to private areas for conferences and you’ll never have to pay a cleaner. 

Some office spaces even come with the option of an answering service or additions like mail forwarding. Accessing all of these additional services could really cut into your budget as well. Some of these are included as part of your monthly cost with a coworking space. 

Just your Wi-Fi and technology costs can often run into several thousand dollars per year for a small company. Having technology available and someone to maintain the network can be well worth the flexible cost of a coworking space on its own. 

Perfect for a growing business:

If your business is in its early stages, it could be roughly 70% cheaper for you to run it in its early stages in a coworking space. Having your own office space may take several years and if you have a team of under 30 people, it’s much more efficient and cost-effective to run in a coworking space. 

Flexibility for your company:

Scaling your business without all of the pressure of having to pay a hefty rental fee is helpful. You’ll have access to some extra capital to scale up your business as it needs to expand. You can alter your coworking space contract on a month-to-month basis to add new desks or even remove desks based off of the needs of your company. This can help you to even hire on temporary staff quickly to meet peak demands.

Improve your network:

In order to expand your business, you’re going to need to network. I know it sounds like a no brainer. By working with like-minded businesses or even locating yourself centrally, you can access a fantastic network for your business to expand. You have access to all of the meeting spaces that you need in your coworking space and you can often find other professionals to work with in your coworking space that will help you expand your company. 

If you’re running a startup and you thinking about renting out a professional workspace to house your team, you may want to consider the modern option of going with a coworking space. Choosing a coworking space could be a wonderful alternative that could help your business to save money while experiencing a number of advantages for rapid growth. Contact us today for a free tour and consultation of one of our several coworking  facilities!