Whether you’re starting a new venture, freelancing, or looking to grow your established business, flexible office may offer cost-savings. New report by Dallas Park Cities coworking
Coworking spaces have a lot to offer new businesses. As any would-be entrepreneur knows, starting a business is a costly endeavor. This is probably why workplace experts predict that half of the workforce in the United States will consist of freelancers and on-demand workers by 2027.
Is coworking right for your business? Whether you’re starting a new venture, freelancing, or looking to grow your established business, coworking may offer cost-savings and other advantages. Here are six things to consider.
1. Reduce Real Estate Costs
The traditional business model calls for renting office space or some kind of brick and mortar location. Unfortunately, commercial real estate leases tend to be quite long, with many landlords asking commercial tenants to commit five or 10 years.
In an area with a great deal of demand, these costs can be a major deterrent to new businesses. However, moving to a different, more affordable location may be unfeasible, as the business won’t be able to reach its target customers in a different area.
With coworking, businesses can have a presence in the communities they serve without paying sky-high prices. Instead of committing to a long-term lease, coworking spaces work on more of a subscription or membership model, with members paying monthly or sometimes even by the hour. You use the space when you need it and only pay when you need it.
The costs of coworking vary, with price depending on location, amenities, how much space you need, and what kind of benefits you’re looking for.
2. All-inclusive Facilities
Another advantage of coworking spaces is the amenities that come with the space. When you rent office space the traditional way, you typically have to buy or lease office furniture, bring in your own printers and office equipment, and furnish conference rooms and other areas.
With a coworking space, these amenities are already on site. Spaces vary, but typical facility amenities include high-speed internet, furniture, access to computer equipment and printers, conference rooms, and kitchen facilities.
These spaces are also maintained by on-site custodians, and some coworking spaces even have their own in-house technical support staff to help with IT troubleshooting.
3. Work-life Balance
Remote work is an increasingly popular option for employees and entrepreneurs, but it can be isolating. Working from home can also be difficult for people who have a busy home life, such as young children.
While it’s sometimes possible to work from a quieter space like a coffee shop, these areas can be unpredictable with respect to noise and other distractions.
Coworking spaces give startups and their workers flexibility, a quiet environment, and an important separation between home and work. It’s possible to run a business from home, but blending work and home life too much can lead to burnout.
No matter how passionate you are about your work, everyone needs breaks. With coworking, you can tend to your business on your schedule — and schedule personal time when you need it.
4. Networking
Coworking offers a chance to connect with other professionals in your area of expertise and outside of it. The ability to mingle with people in other industries can help you forge important connections.
Many startups struggle to find affordable assistance to grow their business. With coworking, new business owners have a unique opportunity to meet people with a wide variety of knowledge and skills.
5. Collaboration
It’s hard to have a marketplace of ideas if your business and your workforce are isolated in an office or another type of workspace. Coworking gives you the ability to bring your team together, so you can brainstorm and conference in a flexible space.
You can also purchase more time and space if you need to run a short-term conference or work session with consultants or members of your team located around the country. Because space is flexible, you don’t need to worry about finding an offsite location for group projects or other events where you need to accommodate more people.
6. Accommodate Changes in Growth
When a startup business takes off, it often needs to rapidly bring on additional staff. This can be tough to do when you’re limited to a certain size office and perhaps even locked into a five-year lease.
Coworking makes growth easy. As your company takes on new employees, you can adjust your space. Likewise, you can always scale back if you need to cut down on the size of your staff due to cash flow issues or other budgeting concerns. This can give new business owners valuable peace of mind since you’re not locked into a multi-year lease with high overhead costs.
Coworking offers a number of benefits. If you’re starting a new business, it’s hard to beat the flexibility and other advantages found in coworking.
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Sources:
- https://www.statista.com/statistics/921593/gig-economy-number-of-freelancers-us/
- https://g.page/VentureXDallasParkCities?share
- https://www.globenewswire.com/news-release/2020/10/22/2113038/0/en/Dallas-Coworking-Update-Flexible-Spaces-Are-Ideal-for-Startups-Venture-X-Dallas-Park-Cities-at-Campbell-Centre.html