In the past, you had two options if you wanted to open a new business – do it from home or rent an office space. Now there is another option that provides you with the best of both worlds, co-working spaces. Co-working spaces are a great option for new businesses because they help you keep your overhead costs low, provide flexibility, and give you resources that you would not be able to otherwise afford.
Low overhead costs
Renting out an office space is often one of the most expensive parts of starting a business. The leases are typically long and expensive. As a new business owner, it is difficult to commit to paying such a high cost. When you do not know how much money your business will bring in each month it is important to keep overhead costs as low as possible. A co-working space is a much less expensive alternative to a traditional office. With a co-working space, you are not paying for unnecessary elements. You do not have to pay to furnish the space and utilities like electricity and internet are built into the price. This prevents surprise expenses and allows you to accurately plan out your overhead costs and keep your budget balanced.
Co-working spaces are also a great option for new businesses because they provide flexibility. Starting out you may not know how much space you need for your business. If you commit to a three-year lease on an office it locks you into that space no matter how your needs change in that amount of time. A co-working space provides flexibility with options such as conference rooms and executive suites available if the need arises. In addition, you are not locked into a long contract when you choose a co-working space. If your business grows and your needs change you have the flexibility to move on to a place that meets those changing needs.
A co-working space can provide you with options that you may not be able to afford in other situations as a new business owner. For example, at 580 Executive Center there is a person who works the front desk during business hours. You can have a package that includes services such as greeting guests and taking messages without having the burden of employing someone full-time. Other resources include a break-room, coffee bar, and access to conference rooms or executive suites as needed.
There is a lot to think about when you start a new business. When you choose a co-working space instead of a traditional office you can enjoy low overhead costs, increased flexibility, and a number of valuable resources. These benefits allow you to stop worrying about where you will work and start focusing on what you hope to accomplish.