The Financially Friendly Way To Grow Your Business
After launching a business venture of your own, there’s hopefully going to be that “aha” moment when you realize that you’re onto something amazing. What comes next though? Seeking more help to run the business? Finding Investors to help you scale? Well, maybe. But first things first, get out of that home office and into something more professional.
Hunting for private office space is not usually a reality when starting a business. It could take months, even years for your great idea to give you the capital you need to pay rent for that sexy office space close to downtown or even the one down the block from your suburban home. Coworking spaces are an optimal solution for startups of all shapes and sizes, as well as a magical land of resources at the fingertips of entrepreneurs. A bonafide solution to help scale your business while giving it the professional look it needs to appeal to clients and consumers. All at a price that you can rest easy while paying.
Money, Money, Money, Money, Money
Coworking communities provide a variety of flexible options for the everyday entrepreneur. More affordable plans start as low as $99/month for a hot desk and can be upwards of $2,000+ for private office space, depending on the location. Hot desking is all about flexibility. It’s an open environment. Hot deskers get to work in flexible, comfortable spaces. They’re flexible because you can switch between workstations, open tables, desks, and even couches. In other words, wherever you feel more relaxed and productive at the time, you can go. The short term nature of these memberships provides even more flexibility for business professionals.
You may start off on your own and only need access to a hot desk periodically…but what if things take off? The flexibility of coworking spaces all you to immediately jump into a dedicated desk or a private office. Set up shop and build your brand. Leave your monitor and any other personal belongings at your reserved space…and don’t stop there. Represent your company by branding your space and let people know who you are! The month-to-month system that many of these spaces employ will leave you feeling financially secure knowing that you’ll never go belly-up on a rental agreement that you cannot afford.
The financial perks that come along with a coworking space don’t stop there. You also have a wide range of resources at your disposal. Utilize additional square footage, such as meeting and event space, that would otherwise be an extra bill on your own. Most memberships include the standard perks: high-speed wifi, printing and copying services, as well as gourmet coffee, tea, snacks…sometimes even beer and wine (it’s 5 o’clock somewhere). If you’re anything like me, someone who would purchase a Starbucks coffee and bagel every morning, I can assure you this would eliminate that bill alone.
Every coworking space is filled with an eclectic group of business professionals and entrepreneurs. Odds are, there is someone that can help you move your company forward. Shared resources and collaboration are one of the strongest benefits of entering a coworking community. You might even find that many businesses in these spaces will offer the other members discounts on their products or services as a community perk.
Think About The Other Costs
Whether you’re starting a business by yourself, or with a small team, there are going to be hidden expenses that you couldn’t have predicted. Office equipment and furniture, utilities, and employee management systems can rapidly eat your runway, depending on the size of your space and business. So ask yourself, is it really worth the financial risk of going into debt and stifling growth…just to pay for traditional office space? It’s like my Mom says, be humble and watch your pennies now so that your future can be full of them.
Thank you for reading! To learn more about Neoware Studios, please visit us at NeowareStudios.com to book a tour and sign up for our newsletter!
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…and don’t forget to check out our past blog entries on how technology is transforming retail — including our piece that was published in Altcoin Magazine on the impact of blockchain technology in retail. We also explore the ways that coworking is empowering that technological transformation!