More companies are starting to flock to coworking spaces, and for good reason. They provide many of the same benefits of traditional private offices, but at a fraction of the cost. In fact, companies save an average of 40 percent on office expenses when they choose a coworking space.
Now, major companies and solopreneurs alike can enjoy their own private workspace without sinking their hard-earned profits into expensive overhead.
How much money can you save with a coworking space vs a private office? Let’s break down five of the most common cost-saving advantages that make private coworking spaces a profitable investment.
#1 - A Private Workspace Comes Pre-furnished
When you lease a traditional private office, you’ll likely walk into an empty space. Office furniture doesn’t come cheap. Multiply the cost of a desk, chair, and a file cabinet times however many employees you have and you’re thousands of dollars in the hole from the start.
Private coworking spaces come pre-furnished, and not with your typical thrift store finds. Rather, most coworking spaces seek out high-quality, highly functional pieces that look polished and professional.
#2 - You Only Pay for Space You Need
When you choose a typical office lease, you have little control over the size of the space. You may end up with an office that’s a little bigger (or smaller) than what you need because you can’t find the perfect fit.
In coworking spaces, you’re only paying for the desk space or private office you need. Things like bathrooms, break rooms, kitchens, and meeting areas are communal and maintained by the onsite coworking staff. This is a huge savings for businesses who would otherwise have to pay for the entire internal space.
#3 - Expenses Are Fixed
When you lease a regular office, you can’t always predict your expenses. A running toilet or forgotten thermostat can send your bills skyrocketing.
With a private office in a coworking space, your expenses remain the same. You pay one bill and never see separate charges for internet, power, water, or other fees.
As a result, you can predict your cash flow and control your budget with confidence.
#4 - Office Spaces Grow As You Do
Signing a lease to an office space can be risky. You don’t know whether you will grow into your new office, nor can you guarantee you won’t grow out of it. In either case, If you decide you need a bigger (or smaller) office space, you face the struggle of locating and moving into a different office when the time comes.
Private coworking spaces grow with your needs. You can rent the exact number of private offices or desks that you need at the moment, then add or subtract them as you grow or shrink.
#5 - Networking Can Help Grow Your Income
It’s clear that coworking offices help you save money, but can they also help you make money?
In a word, yes!
Being in close proximity to other solopreneurs and companies gives you a chance to network. Others can discover more about what you do, build relationships, and potentially become referral sources.
Comparing Office Space Cost to ROI
The cost of a private office in a coworking environment vs. a traditional office will vary by location and needs. However, given that you’re not paying for furnishings, maintenance, utilities, and wasted space, coworking spaces offer a cost-effective alternative that will help you keep more money in your pocket.
If you are ready to reap the rewards of private office spaces offered in coworking environments, find the Office Evolution location nearest you today!
Written by: Mary Ann Riker
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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.