Working for yourself can be costly, particularly when you’re the only one paying for overheads, like using petrol to travel to clients – because you don’t want them to come to your home office. Family and friendly interruptions can also lead to a drop in productivity, which cuts into your profit margin, so you end up leaking money that you could be pumping back into your business.
Here are a few good reasons why a co-working office space is the ideal money-saving solution if you’re a freelancer or a small-to-medium sized business owner.
While this may appear to be an added expense when you consider that you’re not actually paying rental for your home office, it’s actually a money saver. You can opt to pay a daily, monthly or annual fee, which allows you to choose between a hot desk, open plan or private office. The logistics are worked out according to your requirements and the size of your team (if you have employees). Gone are the days of hiring massive offices to house a small team. Now, you can pay for the space you require and upgrade as you go.
As co-working spaces become more popular, you will find that many service providers offer different types of offices for different types of businesses and brands. Corporate, creative or engineering, there’s a cost-effective solution for everyone.
Depending what you need, your rates will include a desk, high-speed internet, printing, copying and scanning facilities, security, and reception and cleaning services. This can be paid for on a daily, monthly or annual basis. There are no hidden fees, so you know exactly what you’re paying for.
The excellent facilities add value to your business and brand from the client perspective, making you look professional and organised. From a financial perspective, you are saving money on overheads. Whereas before, perhaps you were required to use outside and outrageously priced suppliers, you now have direct access to everything an office needs to operate, without bleeding your bank account dry.
Using shared office space frees you from negotiating leases and troubleshooting technological issues. The rate you pay means that your provider sorts all the issues out, while you simply move into your spot and get to work. After all, time is money and this is a good way to save on both.
Working from home drastically reduces your ability to network on a daily basis. A co-working office space allows you to network and collaborate your way to a profit, and maybe even the next big thing. Interacting with freelancers and small-to-medium business owners in your space can lead to business contacts and suppliers.
A community of like-minded individuals allows you to grow your collective pool of invaluable resources that you can draw on when need be. This often leads to small business owners seeing the value of not just the co-working space that they share, but the network of people in that space.
When working from home, the temptation to start work later or finish earlier, and not really pay attention to what you are doing, can be overwhelming and will bite into productivity and making money. Working in a professional environment allows you to incubate your business, focus on your service offering, and watch your start-up grow stronger over time. The right space helps you maximise productivity, is great for inspiration and allows you to separate your work and home life.
There are so many positives to shared office space. If you’re a small creative or a medium corporate, there are many co-working offices designed for inspiration and for developing work relationships. Working for yourself in a small business doesn’t need to be a lonely and isolated experience.
The jobs that corporates used to dominate, are now being taken over by smaller agencies and freelancers, and the need for healthier and more creative office environments has become a necessity. Creatives and small business owners alike are discovering the cost saving features of a co-working office space.
Contact Work & Co, where high-end shared office space, business environment and growth are at the top of the list.
© Work & Co. 2020.