3 Ways Coworking Saves Small Businesses Money
Growing a small businesses can be difficult, especially when you’re running on limited cash. Unlike large corporations, who have billions of dollars in spending power, small businesses usually need to work around a modest budget. Every cent you save, even on the little things, matters a lot when you’re looking at the balance sheet at the end of the day.
In order to save money, a lot of small businesses are moving away from the office and into coworking spaces like Common Desk.
Here are some of the ways you can save money through coworking:
No Rent And Overhead Expenses
As rents continue to increase, small businesses are finding it harder and harder to afford space in the city. Many are forced to close up shop or move to the suburbs, away from their regular customers.
In New York City, expensive rents are displacing local shops and retailers, which is why many of them are turning to coworking spaces as an alternative.
Experts project that by 2020, there will be over 26,000 coworking spaces in the country–approximately the same number of Starbucks branches in 2016. This growth is driven not only by increasing rents but also by advances in communications technology, Internet connectivity, and office automation.
Today’s coworking spaces and virtual office spaces–like this West Plano Coworking Space –come with all the amenities of a modern office and much more. Apart from having the usual work desks and conference rooms, some also feature lounges, play areas, libraries, and gourmet cafeterias. Talk about a great place to work!
Coworking can increase productivity, boost revenue, and improve employee motivation. Moreover, employees who cowork are less likely to engage in office politics and more open to collaboration. Not only does coworking improve performance, it also makes employees happier and healthier.
A survey by Google showed that companies who invest in employee support (i.e. those that valued employee happiness and good working relationships) experienced 12% higher productivity and a 37% rise in employee satisfaction.
Small companies benefit most from happy and healthy employees. The next time you think of growth, keep your team’s welfare and well-being in mind.
Want to get the best out of your team? Place them in an environment that supports and inspires them.
For a small business, time is money. In fact, a lot of times, time is the most valuable asset you can have.
As a small business owner, you want to spend majority of your time meeting clients, closing deals, and moving products. Running an office should be the last thing on your mind.
Signing up for a coworking space gives you all the amenities of an office minus the baggage. You won’t need to worry about things like maintenance, rent, furniture, cleaning, and many others. Instead, you can devote your time to running and growing your company.
The benefits of coworking outweigh the costs–by a lot! If you’re looking for ways to grow your business, consider moving away from the office and into your local coworking space.
About the Author:
Michael Peggs is the founder of Marccx Media, a digital marketing agency specializing in Search Engine Optimization (SEO) and Search Engine Marketing (SEM). Before Marcxx, Peggs worked at Google in business development, forming digital media and advertising partnerships in the United States and Asia. He is also a contributor to The Huffington Post, FastCompany and Business Insider as well as and podcaster, hosting the iTunes Top 10 New & Noteworthy Podcast You University.
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