Starting your own business can be an expensive venture that requires flexibility and ingenuity. Business owners are always looking for ways to save money that is better funneled into development and expansion.
Coworking spaces started as primarily a place where freelancers and independent contractors could fight the isolation of remote working. In the past few years, many boutique office spaces have been adapting to accommodate small business and startup owners. Offering unique and affordable office space has changed how coworking can benefit many small companies.
Affordable office space can help business owners to establish a professional reputation while staying on budget. Let’s take a look at just a few ways that startups and small businesses benefit from using coworking spaces.
Scalability
It’s hard for small business owners to find office space that is affordable and also short-term. In many cases, traditional office leases require a commitment of 3-5 years. This type of long-term binding contract can make it difficult to fit into a budget and an expansion plan.
Coworking spaces offer business owners a way to get the office space they need while allowing them to scale up or down. Most coworking spaces can work with owners to arrange a flexible month to month lease that is an attractive alternative.
Productivity
Many small businesses have modest beginnings, with most of their dealings being handled at home. Although this kind of working arrangement can help keep a startup budget on track, it doesn’t lend to the best productivity. Working from home or at the neighborhood coffee shop can be full of distractions.
Many people already taking advantage of coworking spaces report that they feel more engaged and productive than when working. Being a part of a broader community of people at work can motivate you to stay on track and get more done.
Networking
When you work in the isolation of home, it can be challenging to connect with other people. Professionals from all industries take advantage of coworking spaces. The opportunity to be surrounded by people working in many different business niches can give you many networking connections. You will be able to get advice, exchange ideas, and even collaborate on many projects. Coworking spaces are also a great idea to find available freelancers and independent contractors with whom they can work.
Amenities
Setting up an independent office space is expensive. Beyond the cost of rent, you will need to outfit your office with everything that you need and those costs can add up. Furniture, copiers, internet connections, and some support staff are included in your coworking contract.
When you rent a coworking space, you get to take advantage of all the onsite amenities. Each space is different, but most include all the basics to get you started.
Small businesses and startups have a lot of opportunities to gain when they rent a coworking space. Saving money on an inflexible lease, increasing your productivity, and expanding your networking circle are great benefits that many small business owners get from today’s coworking spaces.