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  • WHY

Why Coworking Spaces Are Cost-Effective

You’ve started a new business, and you’re excited to make your vision a reality. But whether it’s a tech start-up, company to sell a brand new product, or even growing a new department for an existing business, you’ll need some office infrastructure to get the venture off the ground – and that means you’ll have to spend some funds. New businesses in particular stand to benefit from as much cost reduction as possible. One of the most viable ways to do this is to consider cost-effective coworking spaces for your new office.

Less Overhead

The biggest reason that coworking spaces – shared offices that are utilized by multiple, unrelated companies – are more cost-effective than traditional offices is simple: much less overhead. Furniture is one big expense that you can basically eliminate by utilizing cost-effective coworking spaces. Firms like TechSpace, for example, are not only fully equipped with both office and conference room furniture but also presented in a gorgeous contemporary environment, with a mixture of bright reds/oranges to promote productivity and blues/greens to induce a calming effect when workers need to take breaks.

Technical infrastructure is yet another major expenditure that cost-effective coworking spaces help by spreading between companies. At TechSpace, you get access to a premier technology platform, private data networking, burstable bandwidth, and enterprise-class dedicated Wi-Fi – without having to investigate and implement the best tech for your business all on your own.

Last, but undoubtedly not least, you don’t need to hire a dedicated receptionist and mail services for your business. Most coworking spaces provide reception duties, call answering, and other similar services; at TechSpace, these services are so all-inclusive that we think of our member services as concierges.

Functional Flexibility

In addition to alleviating the basic costs and headaches of running an office, the coworking model is also beloved by start-ups and new businesses for the simple fact that you aren’t locked into a 3-5 year building lease. Coworking spaces give the flexibility of shorter leases, so you’re not stuck with a huge office bill for a company that hasn’t grown or that you’ve decided to take in a different direction.

The flip side is that if your company does grow, you can just as easily scale up and expand your office space without having to find an entirely new building. No matter the scope, you can find the right office fit with the coworking model.

Another element to consider: depending on the industry, you may not need all your employees in the same place at the same time. IT workers, writers, and other creatives can all get their work done out of the office. They may even be located in a different city than your headquarters, as the ability to work remotely is a major way to attract and preserve talent. Fewer employees in the main office mean less space is needed. Get the best of both worlds by setting up your remote workers in cost-effective coworking spaces so they can get the productivity benefits of being around other workers.

Coworking By The Numbers

If your team consists of less than 30 people – and if you’re launching a start-up or new business, it’s undoubtedly much smaller than 30 people – coworking spaces are 60%-75% more cost-effective than traditional offices. All the factors laid out above add up to these major savings.

At the end of the day, managing your own office space costs money, and those costs will add up over time. In addition to the financial savings, the coworking model offers a variety of supplementary benefits, such as networking opportunities, access to a creative community of like-minded individuals, and amenities such as gyms, cafes, snacks and even more. Whether you’ve launched a start-up or are expanding your enterprise business, is a cost-effective coworking space right for you? Book a tour at a TechSpace near you to find out!

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