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How Coworking Spaces Can Help Your Small Business Save Money

Coworking has emerged as a mode in which coworking space providers, various individual professionals, and small business owners cooperate and thrive together. As a rentee, you get to work in up-to-date surroundings and a motivating atmosphere and exchange ideas; renters capitalize on that. But also, entrepreneurs get to save significant amounts in the coworking deal. It’s been proven that coworking spaces can help your small business save money that would otherwise needlessly go down the drain. It is something no small entrepreneur should neglect these days.

No One Can Afford To Ignore Health

When people speak of possible savings made through coworking, its health benefits tend to slip by. We’ve been all aware of the detrimental impact of self-isolation and the need to fight its effects. Instead of covering therapy bills, know that coworking can help you overcome remote-work depression, aiding you and your employees. Socializing and networking boost motivation, productiveness, creativity, and employees’ attitude toward their work duties. But what happens when socializing stands in the way of workplace health and safety measures?

a room with a table and chairs

In light of the ongoing pandemic, coworking space providers have decided to readjust. Social distancing requirements have inspired them to develop outdoor coworking offices that, at the same time, ensure safety protocols and allow their renters to benefit from working together. This also shows a true essence of coworking – the ability to adapt. That is if you work in a climate that allows spending time outdoors year-round.

Fixed-Rate Utility Bills

Fluctuations in the property value and utility rates will not concern you anymore once you join a coworking space. This is simply because the workspace provider covers for these changes, allowing you to pay a fixed agreed price. Coworking helps you manage your funds better by offering reliable rates throughout your rental agreement. You get to budget well in advance and plan for further in the future than you could afford with traditional office space. In this sense, coworking brings workspace rental to a whole new level.

Flexible Leasing Terms

How can flexibility in this area help you save with coworking? If you haven’t rented traditional office space before, you might not know that leases often go with a three to a ten-year contract. Can you predict where your small business will be at that time? How many workers will you have, or how much space will you require? Most likely, you would not know the answer and settle for space that doesn’t fulfill your needs. Either it’ll be too small but affordable, or big enough to support growth but taking a huge chunk of your profit.

Coworking space, on the other hand, allows you a short-term, customized lease. You can change your rental agreement as your business evolves. In other words, you are saving by renting precisely what you need when you need it. All without moving your team from a well-established workspace that suits you, your employees, and your clients, every year or so.

A Balance Between The Rental Price And Access To Clients

There is a tight relationship between office location and access to customers. Budding entrepreneurs are too often facing a decision: starting up affordably in suburbia or cashing out for a downtown workspace. How much you’re going to pay for a rental office space can have a significant impact on your business, especially if it’s a startup on (still) shaky legs. As all business owners know, nothing beats foot traffic. And this is exactly where coworking comes into the spotlight. 

a laptop on a table

Coworking buildings are often found in prime locations and come with parking spots for rentees and their clients. Convenient access saves time for both parties. The fact that you won’t have to haul bulky furniture and equipment can help you reduce your business moving expenses and have an affordable transfer from the current office space. Coworking spaces can help your small business save money and grow, even in these uncertain times. Partly from significantly saving on the rent and paying only for what you use, and partly due to more reliable access to customers when it matters most.

Pay Administrative Staff On a Prepaid Basis

Aside from office furniture, WiFi, kitchen area, and toilets, a coworking space comes with another vital asset – receptionists and administrative staff. Hiring their services is not free but is affordable, compared to regular salaries. Often, it works on a prepaid basis where you pay a fee and have a staff member answer calls, receive clients, or schedule meetings for you. 

No Hidden Costs Or Any Added Costs Whatsoever

An agreement for renting coworking space is relatively straightforward. You choose what you use and pay for nothing more. You don’t have to pay for the opportunity to use a conference room whether you need it or not. The end-of-tenancy charges or deposits are not required from rentees which will help you save as long as you and your employees behave responsibly.

a group of women sitting in chairs

Another important way coworking spaces can help your small business save money is through maintenance costs. Whatever accident happens in the building, the office provider is responsible for covering the expense. Cleaning services are also included in the agreement. It doesn’t mean you should ignore simple coworking etiquette, though; always keep your workplace tidy.

A Few Additional Notes

While coworking boosts entrepreneurs’ creativity (and efficiency), the renters profit from full facilities. It leads us to conclude that traditional office space rental needs to evolve, just as entrepreneurship is evolving and adapting to the new circumstances. Coworking is becoming highly competitive as it offers benefits to startups and small businesses that they would never be able to afford otherwise.

Statistically speaking, over 90% of all businesses in the States are small businesses. A large and growing part of this percent are startups that have created over 3.1 million new jobs in the US in the last year alone. With that and the abovementioned benefits in mind, the bright future of coworking spaces is guaranteed.

The post How Coworking Spaces Can Help Your Small Business Save Money was first published on Coworkaholic.

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