Having your own office space is great, but it comes with many difficulties and challenges. Imagine on top of having to pay your employees’ salaries, you also have to deal with utilities, rent, and furnishings. What you can do is rent a co-working space instead. Why? Here are 8 reasons:
1. Networking
A co-working space already has an ecosystem that is filled with a myriad of colourful characters. The skillsets found are also very broad and you can definitely source talent from the already available cast without having to worry about the sourcing costs themselves.
2. Already Furnished
Having a space on your own means furnishing it, especially if it is newly built. Renting a co-working space enables you to have the cool office you’ve always wanted without the hassle of renovations.
3. Ease of Movement
Studies have even showed that cubicles, the standard of many 9-5 offices, lowers output and even employee morale. With co-working spaces, it allows more ease of movement for employees, which will help them to feel more in the flow, thus increasing their productivity.
4. Short Commitment Tenure
Most offices that you rent have long tenure periods the moment you sign up to rent them. Wouldn’t you want something that is easier to handle? With shorter commitment tenures, these spaces can help you manage your cash flow better. You don’t have to commit too much cash at a time and can switch plans/spaces as and when you need to.
5. Fixed Rates + Bills
Hidden costs are the bane of every employer. By renting these sort of spaces, of which most come with fixed plans, you are able to estimate costs for your startup with no hidden costs. Plus, all the utilities, including one’s Internet, is covered as well.
6. No Maintenance Costs
Co-working spaces allow you to remove maintenance costs from your cost roster altogether. How? Everything within the space is covered with the plan that you signed up for hence removing the cost and allowing you more ways to direct your extra cash to other areas.
7. No Finder’s Fee
Usually, when getting a regular office space, agents are involved and act as an intermediary, which allows for them to charge you a finder’s fee for “finding” you the space. By renting a co-working space, you’re able to remove that cost as well.
8. Shared Communal Facilities
Your employees are human too and require basic necessities. With shared communal facilities, there is no cost for them to use these facilities as they’ve all been covered in the plan that you signed for on Day 1. Thus, you’re able to have the creature comforts of a furnished office without having to pay for a furnished office.
Saving costs and maximising profit is something that every business wants, but more importantly, productivity and growth are what matters. Thus, having a space that is conducive for work can be profitable in every aspect – your employees are happy and productive, and the business thrives. If you’ve found this article useful, do share it with friends and family.