The short answer? Yes. While coworking may seem expensive upfront, depending on the size of your company, renting a shared workspace is one of the many office cost saving ideas that can save your company from a variety of unnecessary expenses and overhead. Especially for small businesses, coworking provides an affordable option that will save your company money as you grow. Check out 5 ways coworking can save your company money:
Location can be central to business success for certain industries, and having a coworking space can be a cost-effective way to get the prime location without the expense of buying or renting real estate. This allows you to have an address that is convenient for your clients and puts you in the relevant business area without the high costs. Clients can easily access your business, your external communications can include a prestigious address and it all comes with the coworking package.
Coworking allows your company to pay only for the space it uses. Unlike renting an entire office and needing to provide furniture, amenities, etc., you only pay for individual offices in a coworking space. This also means you can expand further into the coworking space if necessary. Unlike a traditional office space which is fixed, a coworking space provides you the opportunity to size up or down depending on your needs whenever they arise.
This is probably the most cost-saving area of coworking. A shared workspace can include basic office amenities such as:
Business equipment, like printers and copiers
High-speed internet access
Conference and board rooms
Not having to worry about fronting the cost of these amenities yourself can save your company significant amounts of money. Think about how wasteful fronting the bill for these amenities for a small business could be? You’d be paying for equipment at full price to be used a fraction of the time. Instead, let the coworking space foot the bill and only pay for the amenities you use at a much lower cost. Additionally, not focusing your expenses on amenities allows you to focus on growing your business and putting your efforts into giving your clients an excellent return on their investment.
4.) Monthly Expenses
Rather than worrying about rent, internet costs, phone bills, cleaning fees, management costs, utilities, and maintenance expenses, a shared workspace allows you to pay for all of these things with a single, fixed cost. Sharing the space with other individuals means you are all pitching in to cover what would normally fall on a single company’s shoulders, so the fees will be at a much lower cost because they are split among everyone utilizing the coworking space. Not only does this save you money, but it also streamlines your bills, which can help you keep track of expenses and focus on other areas of your business.
In a traditional office space, you would have to wait for your lease to expire, find a new location and spend a ton of money on a new space if your company kept growing. These are not worries you’ll have with a coworking space. Deciding to hire a few new employees just means moving into the office next door. The flexibility coworking gives your company means you can be prepared for whatever happens. Even if you need to downsize, you can quickly cut costs by moving to a smaller office within the coworking space. No waiting for a lease to end and having to pay for space that isn’t being utilized.
If you want to learn about more office cost saving ideas, head over to our blog for more useful resources and tips.
If you want to learn more about coworking or check out a space yourself, contact Brix Coworking in Madison, Wisconsin. Brix provides affordable coworking and workspace solutions for small businesses, remote workers, entrepreneurs, and freelancers.