6 Financial Benefits of Using Co-Working Space for your Family Business
For small family businesses, traditional office spaces are usually out of their financial league. On the other hand, working from home is usually the cheapest option. Alas, there are many hiccups you can experience down the road. Most of all, separating the work zone from the rest of the domestic goings-on and distractions is no small task.
Fortunately, co-working spaces present a viable alternative, a way to get the best of the both worlds: High productivity and superior cost-effectiveness. Here, freelancers, entrepreneurs and creative individuals come together to unfold their success story.
Co-working spaces charge a membership fee which is light-years away from the expenditures of a typical office. According to some estimates, family businesses that use them as a base of operations are able to save up to 75% in total costs. This is an incredible opportunity to keep the expenditures in check and focus on growing your business. The beauty of it is that you still have great, specialized facilities at your disposal.
Utilities and amenities
In a traditional office, you would have to cover utilities, supplies and amenities. However, in a quality shared office space, utilities are most often included. Moreover, many such spaces have coffee and kitchen supplies, which will trim your day to day expenses. Some renowned providers like The Common Desk even go an extra mile and feature shared printers and scanners, conference rooms, free mail sorting and delivery, beer on a tap and similar.
There are also office suite providers that offer space to individuals and small businesses on membership basis. They can include prime areas that would otherwise be impossible for these organizations to acquire. Consequently, family businesses do not have to compromise on crucial aspects such as location and type of office. And depending on the size of the work environment, the membership fee fluctuates between a few hundred to few thousand dollars.
A head start
Another financial benefit of co-working spaces is that they spare you of moving expenditures and do the heavy lifting for you. Assembling operations in a shared space is neither time nor money-consuming as you do not have to start from scratch. Namely, these workspaces are not just some empty boxes. Basic equipment and furniture are in place, and phone, high-speed internet and other utilities are ready to use. This means that you can save valuable money on things like transportation.
Staff at the ready
Most co-working spaces do not involve administrative staff, just support. However, some executive suites give you a chance to utilize it for a fee or pay-per-task basis. Sometimes, reception support and mail service are covered by the membership. This makes a difference for family businesses that operate on a shoestring budget as it eliminates the hefty price of hiring full-time employees. Other co-working spaces also offer on-demand legal services on an hourly or project basis.
Finally, the financial picture looks promising in the long run. A month-to-month membership model does not lock you in a certain space for years, unlike traditional offices. This enables a higher level of flexibility and control over the major expenditures. It is also possible to choose between different membership levels as well as open co-working space and private office. Downgrading or upgrading plans at any time pays dividends in terms of scalability.
Full steam ahead
Co-working spaces are a true breath of fresh air. They are an affordable and flexible solution for many obstacles that family businesses sometimes face. In fact, they may be the best way to merge big dreams with small budgets and bring home the bacon. Such a rich package of benefits can hardly be found anywhere else.
Many family businesses have been able to not only establish a solid footing, but also grow and thrive. And we have not even touched other advantages such as networking opportunities. At one point, it may make more financial sense to own an office, but until then, a co-working space is the best shot you’ve got.