Why Modern Coworking Spaces Are Great For Reducing Business Expenses

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Why Modern Coworking Spaces Are Great For Reducing Business Expenses | McCue House

2020 has been a tough year for many businesses and cutting costs is high up on the priority list. As we wrote in our latest blog, the future of office spaces is going to be flexible and we could even see large corporations moving their teams to coworking spaces in order to save money. Coworking spaces are a much more viable option for businesses feeling the pinch, as it means their teams can work remotely at a fraction of the cost.

New Start-Ups

If you have started a business this year, firstly what an achievement! That first step is always the hardest, but in the middle of a pandemic things have been even more challenging. Once your new business takes off, you will have the freedom to splurge on things like a permanent office space. However, in the early days it is important to keep overheads and outgoings as low as possible.

Many new business owners begin by launching their company from home, but as time goes on it can be difficult to maintain a work-life balance. Burnout is becoming an ever-increasing trend this year, and coworking spaces can really help with maintaining balance. You don’t have to factor in expenses such as rent, utilities and furniture – you can simply rock up to a coworking space, plug your laptop in and away you go.

Growing Trend

Countries with fast-growing economies are seeing a huge increase in people renting offices, but even then shared office spaces are the most popular. The benefits of coworking office spaces means that they are rapidly becoming a trendy option for smaller business owners. Not only are you able to work alongside like-minded individuals, but the cost is very low in comparison with renting your own office space.

With coworking, all of the costs such as room hire, furnishings and internet connection are all covered. You just have to pay a small monthly membership fee and even this can be tailored to your requirements. As your business grows, you can scale up the services that you choose to pay for. For example, you may find you require some bookkeeping help a few months down the line, which many coworking spaces will provide for an additional cost.

Consider The Little Things

When choosing between a coworking space or a small office, there are lots of things to consider which may not have crossed your mind. Some of the savings that may seem like a small amount to begin with will soon start to add up. There will be no sharp increases in your electricity bill during summer when the air-conditioning is turned on, and you won’t have to pay any extra for a super-fast broadband connection.

There will also be an on-site cleaner to tidy at the end of the day, and if your business uses expensive equipment you will benefit from on-site security. It is often the smaller things that are easy to forget when choosing the best office space for your business.

Flexibility With Coworking Spaces

You may be thinking that if you choose to base your business from a coworking space you will be limited as the business grows. Fortunately, this is not the case. Sharing an office doesn’t mean that you will be stuck when it comes to expanding and hiring your first members of staff. There is always the option to amend your contract to suit the needs of your business. Most coworking spaces also have separate office spaces within them too, so this is another viable option.

We know that starting your own business is far from easy, which is why at McCue House we offer a wide range of office facilities in order to support local businesses. If you want to know more about our plans, contact us today and we can discuss this in further detail.