By: Ken Marshall
Considering coworking spaces for your business? They’re popular, they’re modern, and they’re growing in use. It’s a concept that offers benefits for entrepreneurs of all types – let’s look at how this synergy can work for your business model.
Lower Start-Up Costs
It seems like an obvious selling point when launching a new company, but there’s likely to be even more details you missed. In a shared space, you’re not only cutting down on the overt expenses. Renting a whole office or building comes with the usual utilities and furniture purchases. You know that you’ll be paying for the internet, electricity, and desks, for example.
However, there’s an array of items that can really chip into your bottom line. Coworking spaces share a whole list of those niceties that keep you productive. The need for kitchens, conference rooms, janitorial services, and even comfortable lounging areas are details that are easily overlooked in the rush of launching your business. At the same time, they can nibble away at your profits. Shared spaces allow you to share the expenses.
Access to Other Networking
Coworking spaces draw in diverse users, focused on success. For young businesses, it’s easy to become isolated during long work weeks. Networking? Who has time for that? Yet, it’s essential for growth in this increasingly connected age. It’s hard to meet new people in real life, on your schedule.
Shared workspaces make it easy. Not only are you making friends and acquaintances in the common areas, but you’re also growing your business. It’s not unusual to connect the dots with clients, who can cover multiple meetings at one location. Your graphic design work, for example, might be helping another freelancer’s website build. The common link? Your morning coffee ritual in the shared kitchen.
Reliable high-speed internet access is a necessity for most businesses today. Depending on your location, your ability to tap into this sort of connectivity can be limited. It’s not always possible to keep up your workload when you’re searching for free wifi and optimal speeds. Coworking spaces offer the speed you need – no extra travel required.
The use of a space-maintained printer, fax machine, and copier are also features that remove stress and expense from your business accounting. Would you really miss changing out ink and toner cartridges? Unlikely!
Another detail that’s often put off during the excitement of a business launch is the sheer drudgery of bookkeeping. Expenses like those toner cartridges we just mentioned, utilities, support services like janitors, and even depreciating business furniture is a reality. Unfortunately, it’s one that eludes a lot of new business owners until it’s time to prepare taxes.
A less obvious benefit of coworking spaces? One monthly invoice covers several accounting categories. So, not only does that cost efficiency work for your business expenses, you’ll save time and money when you’re tackling the books.
An environment that provides a quiet workspace, everything you need to get handle your business, and an atmosphere that’s focused on productivity is fantastic. It’s hard to balance all these things when you’re setting up an office for the first time, and a coworking space covers it all.
For most of us, access to others is a boost. Let’s face it – for many young businesses, the luxuries suffer. Affordable rents aren’t in the busier areas of town, you’re possibly working by yourself, and it’s easy to let your motivation slip when you’re isolated. Showing up at a vibrant common space is a big boost every day. Today’s coworking spaces have everything you need to accomplish your daily goals and the added benefits of congenial human contact.
Coworking spaces blossom in central locations. You’ll have access to more services that augment your business, and your clients will have better access to you. Instead of making special trips, a well-positioned shared space will have you near the action.
Parking, restaurants, shopping – centralizing your base of operations is likely to put you at an address you’d never be able to afford on your own. You’ll save a lot of time, and offer better customer service.
If you’re interested in coworking spaces, start your search with identifying locations that will work best for you. Amenities will vary, so take the time to compare prices and advantages of what each potential workspace will offer. 24-hour access can be great for some night owls, but might not work with your needs. Once you experience your first coworking environment, you may never want to go back to regular office spaces!
Ken handles all things related to content and online branding for Generation Homes NW, a homebuilder in Washington State with over two decades of building and design experience. Ken enjoys his home and all things related to organizing it for maximum comfort.