While most businesses have maintained the traditional office as a constant, freelancers and solopreneurs have found a secret weapon in coworking spaces. These short-term office rentals give them the luxuries of an office without taking on the costs of ownership or long-term investments.
Now, smaller firms are taking notice of the benefits of the coworking space and claiming them as their own.
Take a look at some of the most common reasons why small businesses are shifting toward a coworking space concept.
#1 - Keep Overhead Costs Low
Renting a traditional office usually requires signing a lease that ranges anywhere from two to 10 years, along with a deposit. You’ll also have to outfit the office yourself with furniture, which costs on average about $4,200 per employee. Utility bills, upkeep, and other expenses create enormous overhead that quickly eats into your profits each month.
Commercial leases are also difficult and expensive to get out of, and your office needs may change before your lease is up.
Coworking spaces offer a more attractive price point for smaller firms with smaller budgets and uncertain futures. Typically, there’s no lease or other high upfront fees, so you can pay for what you need as you go. As your company grows, you can adjust your office space to fit your needs.
It’s also ideal for budgeting. You pay one set price each month, which includes utilities and amenities, and never see a separate bill for things like maintenance, landscaping, or other little costs that will kill your bottom line.
#2 - Build a Sense of Community
Need a designer for your new website or someone to help with your bookkeeping or social media presence? You might find the perfect person in your coworking space!
Working in a coworking environment means you’re working alongside other companies, which can provide powerful networking and collaboration opportunities. Connecting with other businesses on a daily basis can be one of the most cost-effective ways to earn word-of-mouth marketing and gain new business.
#3 -Gain a Flexible Work Environment
Smaller firms tend to watch their spending more closely, and using a short-term office rental can help curb expenses. In essence, you’re only paying for what you need, so as business needs change, so can your office environment.
#4 - Get Access to High-Level Amenities
Most coworking spaces offer more than just desks and chairs. For example, you might find a coworking space that has a conference room, A/V equipment, a coffee or snack bar, printers, and other features that add value to your company but would be too expensive for you to maintain on your own.
How Will You Use Your Coworking Space?
The number of coworking spaces continues to climb, particularly in startup-heavy cities and areas with young professionals. Studies predict at least half of the workforce is expected to be self-employed, freelancers, or independent contractors within the next year. They’ll need somewhere to work, which bodes well for the number of short-term office rental opportunities.
Who knows? Your small firm might just find a few valuable freelancers in your coworking space that can help take your company to the next level. To experience the true benefits of well-designed coworking spaces, find the Office Evolution location nearest you.
Written by: Office Evolution
Office Evolution has more than 70 locations open, 140 units sold in markets across the country and is poised for further growth as the demand for affordable and safe, workspace close-to-home continues to rise.