The impact of the sharing economy has led many leaders to reconsider which type of office space is best for their team. As coworking spaces, shared offices and flexible workspaces become everyday terms, the question arises: “Does it make more fiscal sense to set my business up with a coworking space?”
If you’re a new entrepreneur looking for workspace, the answer is probably “yes.”
Depending on the way you operate, becoming a member of the right coworking space can be a cost-effective decision that creates new business opportunities and even boosts your company’s bottom line.
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Better support and access to networking
As an entrepreneur, the value of fostering connections and good relationships is undeniable. And one of the most appealing aspects of coworking is the access to an entirely new network of entrepreneurs, especially since many of these spaces encourage cross-pollination and sharing of services among members.
Moreover, many coworking operators provide support and professional services aimed specifically at growing members’ businesses. This type of on-site support will save you time and energy, granting you more freedom to focus on your business.
With an array of talent and new connections at your fingertips, you’ll be able to more easily find the person who can help you drive your strategies forward — whether you have a coding question or require a full-scale rebrand.
Since more businesses are offering their staff the option to work remotely nowadays, flexibility is now one of the most critical elements of employee happiness.
A recent study by HSBC revealed that 89 percent of workers say flexible working motivates them to be more productive than they would be in a traditional office setting.
To further illustrate this point, a recent survey by Coworker of 7,500 international coworking spaces and their members found that 51 percent of workers say they’ve become more productive since joining a space.
Utilizing a coworking space for your team means:
- Greater job control for your staff, which will inevitably bolster retention.
- Greater autonomy, as each team member can choose the best way for them to work most productively.
- A sense of community. The flexibility of working from a coworking space gives your team the option of having a dedicated community to call their own, with just the right amount of discipline and structure.
With flexibility ranking so highly among employees, giving your team the option to work freely from a coworking space will likely increase their productivity and job satisfaction — which, as a result, will boost your company’s bottom line.
Major cost savings
When your goal is starting and growing your new business, paying for things like building maintenance, employee amenities, information technology (IT), and general office supplies will only detract from your total revenue.
Utilizing a coworking space means that it will no longer be your responsibility to worry about the price of utilities, the need for an office administrator, or keeping the office tidy. You can save on those costs while focusing on what really matters to your company’s growth.
Plus, rent at coworking spaces will almost always be less expensive than that of a traditional office lease, even in the world’s most expensive real estate markets. For instance, in a comparison of a traditional office (1,500 square feet) and a coworking office (250 square feet) in Manhattan, the approximate cost is $14,570 per month versus $4,500 per month, respectively.
This same level of cost-savings is largely representative of coworking costs across the globe, with the global average for an individual desk sitting at a feasible $183 per month, according to a report by Coworking Insights.
Boosting your bottom line
The demand for coworking spaces continues to rise, illustrating the many advantages of these shared office models for entrepreneurs.
By offering new startups the opportunity to save on costs, bolster employee satisfaction, and access an unparalleled network of support, renting an office at a coworking space is not only a great way to grow your business, but also a great way to boost your bottom line.