Co-working spaces around the world offer digital nomads, and freelancers’ workspace away from home. Before they emerged, freelancers and startups had the option of working at home or leasing an office. This was expensive and many startups ended up closing down.
For those who worked from home, it was hard to stay motivated due to the distracting comforts in the home. In 2018, there were 2,188 spaces around the world. Out of the 2,188 spaces, over 1,000 were in the US.
In 2019, there are new 696 openings in the US and 1,688 openings in the world. What this tells you is that the workplaces are becoming more popular.
In this post, we highlight how a co-working space can save your business money.
1. You Don’t Have to Pay Agent Fees
When searching for an office for your startup, you have to rely on the services of an agent. By doing so, not only are you able to find the best office that meets your needs but you get to save time. Also, the agent ensures that you get a fair deal.
Problem is, you have to pay for his or her services. The costs can be hourly or a percentage of your rent. This is expensive especially for a startup constrained resource wise.
When looking for small business co-working space, use platforms like Coworker. It is free. This saves you on agent fees.
2. Reduced Staffing Cost
If you lease an office, you have to hire receptionists and administrative staff. In such a case, you need to pay salaries and offer health insurance. As a startup, this is expensive and can eat into your profit margins.
With co-working spaces, you already have receptionists and administrative staff. When it comes to security, there are access controls on all doors. As such, you don’t have to pay salaries or offer health insurance.
This saves you on staffing costs.
3. No Rent Hikes
Renting an office means getting chained to lease agreements. These can last for many years. If your startup expands too quickly, you will have more employees translating to overcrowding.
An overcrowded office is not a conducive working place. You may need to scale down your operations. By doing so, you will end up with extra space you don’t need.
With co-working, you have monthly contracts. They offer flexibility, unlike rent hikes that may interfere with your budget.
4. No End of Tenancy Costs
When the end of your lease comes, you will be charged for dilapidations. These charges help in remodeling the office back to its original format before you moved in. For most businesses, these end of tenancy costs are expensive and they do not factor them in their budget.
Is co-working good? Yes, it is. For starters, businesses don’t have to worry about the end of tenancy costs and other hidden costs. Second, at the end of your lease, you get to leave without a huge bill.
5. Save on Maintenance
Leasing an office brings the extra cost of maintenance. That means hiring a support team to clean and maintain the office. In case you have plumbing issues, you have to hire a professional at your cost.
At a co-working space, such costs do not exist. Why? The provider caters for maintenance. This saves you money.
Choose Co-Working and Save Your Business Money
Co-working spaces save you money and time. Alongside that, you have a well-designed environment in prime locations – from Manhattan to Bali. As such, you will never fuss about the end of tenancy costs or maintenance costs.
Looking for a co-working space that will help you build your dream? We at LaunchHouse can help. Contact us today and have all your questions answered.