Coworking Spaces have been around for quite a while now, and their popularity all over the world has increased rather rapidly in the last two decades. It doesn’t just give small businesses a comfortable and flexible workspace, it also presents an opportunity for large businesses to save up on costs.
The market for these working spaces is still relatively new, gaining popularity back in 2017 yet taking the world by storm. When the idea was in its infancy (2007), there were no more than 14 coworking spaces in the US, a figure that stood at 4,043 in 2017.
With the idea now starting to find its roots everywhere, especially after the COVID-19 pandemic, a question arises with regards to whether the concept is nothing more than a trend or whether it’s here to stay.
Coworking Spaces as a Trend
The concept of coworking spaces has gained popularity not just because of its cost-effectiveness, but also the increase in productivity the concept brings with it. However, despite being such an attractive option, there are many companies that had started using coworking spaces just because it was trendy.
The idea of renting an executive office suite just to show off to clients, shared desk spaces only to make corporate videos, and show the world how their company was becoming more and more popular.
Furthermore, the ‘shared’ workspace meant that fewer resources were being used, effectively reducing the carbon footprint of the company. While a commendable cause, not every company used it that way.
You might remember, ‘green’ was a trendy topic not too long ago – the remnants of which still remain. Yes, the idea is a good one, but using it solely for marketing purposes or to sell items at a higher cost is something else entirely.
Coworking Spaces – 2020’s Way of Reducing Costs
2020 has been a rough year for everyone – that is no secret, but once nature’s ‘hard mode’ setting gets reverted and the pandemic ends (or at least slows down), businesses will be hard-pressed for making reforms in order to cover the losses they faced due to the lockdown.
We’ll get into the details of how coworking spaces can play a vital role in lowering costs in our next blog. Here are how coworking spaces can help you reduce business expenses.
Better Locations; Lower Expenses
With the popularity of shared office spaces increasing every day and businesses looking to cut costs in any way, shape, or form, it is only natural for the demand for these places to increase as well. And as that happens, supply is also increasing - basic demand and supply.
More office spaces to choose from means that businesses will be able to choose between different sites, saving up on costs in terms of commute, deliveries, etc. For example, an accounting firm close to the IRS head office or a law firm two blocks from the court will save up on commute not only for your staff but for your clients as well.
No Maintenance Responsibilities
Having your own office means that you have to suffer through having to pay maintenance fees and overheads, including but not limited to:
- Utility bills
- Internet
- Fixture and fittings maintenance
- Support staff
- Rent (if applicable), and more.
In a coworking space, you only have to pay rent for the desk, chair, or room you’re going to use. Shared desks end up saving a lot in rent and other overheads for your employees, and if you wish to have a dedicated desk, that is also most of the time cheaper than having to pay maintenance fees.
Plus, having to pay just the rent amount means that you don’t have to worry about all the other bills, i.e. when they will be levied, when you have to make payments, the amount due, etc. That’s all the owner’s responsibility.
Encourage Creativity & Co-Creativity
In a coworking office space, your employees and even you get to meet other small businesses as well as freelancers working under the same circumstances as you. This gives you a clearer perspective over things, and perhaps the chance to share ideas with those people to get an independent view on things.
This sense of ‘comradery’ doesn’t just improve creativity but also co-creativity, as people learn to work together on projects.
Do you know about Tuckman's stages of group development? The forming, storming, norming, performing? Well, in a coworking space, teams form, yes. But since there are so many players involved in a project and other independent people in the same situation as your employees (figuratively), teams sometimes altogether skip the storming part or have reduced impact.
Instead, teams perform better, leading to increased revenue and less time lost. Small business owners and freelancers need to take every step possible to reduce costs so that resources can be diverted elsewhere, such as toward growing the company.
All this shows that coworking spaces are no longer just a trend, but a way to save up considerably in terms of operating costs. It might not be as cozy or private as a personal office, but it’s well worth it if you’re looking to grow rapidly.
If you’re looking for a Dallas flexible office space with a shared or dedicated desk, or perhaps a dedicated executive office suite in Dallas and save up on costs, we recommend that you get in touch with us.
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