Companies and freelancers alike have celebrated coworking spaces for various benefits, such as an improved working culture and great flexibility. Compared to traditional office spaces, coworking spaces are often better-designed and have more amenities—which are accessible to those that take a chance with it.
However, there is perhaps no more significant factor to consider than a company’s financial statements. For a business decision to make sense, companies must first look into how it will affect their bottom line and see if the economic benefits are greater than any challenge that may come with it.
In this article, we will do a deep dive into the four economic benefits of switching to a coworking space.
Coworking spaces are scalable
Coworking spaces do away with a long-term lease that can be constricting or financially draining for business owners. When businesses rent traditional office spaces, they often run into two common scenarios.
The first scenario is that they grow in size and operations and have to move out and look for a bigger space within months. The second scenario is that they overshoot their growth projections, can’t afford to pay for the office space, and end up moving out as well! Every company or business owner who has gone through these scenarios knows how stressful moving in and moving out can be.
With coworking spaces, this is no longer a problem. Scaling up or down can be as simple as letting go of a few rooms or tables so that other tenants can use them.
Coworking spaces are cost-effective
In general, you can expect to pay less for coworking than traditional office leases. This is because coworking spaces offer a lot of flexibility. It’s worth noting that how much a company saves on rent depends on the agreement’s length and the number of desks.
However, coworking spaces generally require no security deposits or one-month advances, nor do they lock their tenants in long-term leases. Coworking spaces are also always ready to use, making them more cost-effective in every aspect.
Coworking spaces foster communities
Many business owners hesitate to take advantage of coworking for privacy reasons. While this may be a legitimate reason for some businesses, the benefit of sharing space with other companies is the opportunity to network!
Being in the proximity of other organizations puts you in a position to forge potentially strategic, not to mention lucrative partnerships with like-minded companies.
Coworking spaces come with ready-to-use facilities
When you rent traditional office spaces, it’s not uncommon to face a bare room that you have to spend a hefty amount of money to furnish. This means that your company also has to shell out everything, from carpeting to furniture, air conditioning, and more—all on top of the rent and long-term lease, to boot. You’ll also likely have to pay for hiring janitorial services as well!
On average, startups spend $21,000 on office interiors, which is money better spent on research and development, technology, or better compensation packages. Because coworking spaces are always fully-furnished and ready to use, companies can simply move in and start working.
With the logistics of running a company changing in today’s increasingly mobile and globalized world, so too must office spaces adjust to their customer’s needs. If a traditional office space is proving to be a detriment to your operations, then it’s a good idea to switch to coworking spaces too!
CoCoTiv’s coworking spaces in Charlotte, North Carolina, have everything you need to grow your business from day one. Our facilities offer 24/7 access, free parking, a fitness center, high-speed fiber internet connectivity, and more. Contact us today to schedule a tour!