Can Coworking Spaces Save You Money?

If you’re more of the entrepreneurial type but are struggling with creating a business model that will help you save money – fear not.

Getting your finances in order as an adult can be a challenge in itself, which is why we covered ‘8 Things to Eliminate for Debt-Free Living’ in a previous post.

We mentioned how being smart with money does not necessitate that you stop having fun and doing what you like to do. In fact, you could quite possibly turn your hobbies into money-making schemes.

You might even have some business ideas up your sleeve that you have yet to see come to fruition. Thankfully, there are companies and services for almost every need and you can capitalize on this by filling in the gaps with your own startup.

If you’re worried about seeing your seed money go to waste, coworking spaces may just be the key to seeing this grow instead.

Here’s how coworking spaces could quite possibly help you save that money:

 

Grow with you

You’re likely to have your own idea worth investing in, and one way you can cut back on your budget is to consider operating in a coworking space. An office space should be the least of your worries.

For many who are just starting out and/or growing their business, consider renting out a coworking space. Industrious’ coworking spaces offer a number of flexible membership options in branches across a whole host of states.

Their workplace solutions cater to teams of all sizes. Coworking spaces can save you money as they can grow with you and will accommodate your startup along the way.

You don’t even need to think about biting the bullet with expensive rent contracts in office spaces, because coworking spaces supply you with more than you could ever need – especially as you start out.

You can start putting your capital elsewhere and see how you will flourish afterwards.

 

Cut your costs

With a coworking space, you can cut down significantly on your overhead costs.

You can say goodbye to paying for rent, administration fees, maintenance checks, utilities, and even office supplies. Moreover, you can factor in this cost-cutting when it comes to salaries too, as employees will have the comfort of working remotely for part of the working week – or for the entirety of it.

The number of branches your chosen co-working space will allow greater accessibility to workers living in different areas.

You won’t have to consider their daily commute and paid leaves as well – especially since remote working is said to reduce employee absenteeism.

Several coworking spaces have shared amenities, devices, and machines that you do not have to worry about providing or maintaining. The Riveter founded by Amy Nelson is another coworking and community space that welcomes all members, particularly women.

Memberships are flexible and you can even hold events for networking and marketing. She claims that because women start businesses at a rate that’s five times faster than that of men, they need a space to thrive.

If you’re growing your company on your own, you can find comfort in knowing that over three-quarters of small businesses are started by solo entrepreneurs.

 

Take the cue from bigger businesses

If big businesses have decided to make the move to coworking spaces, you know that this is a wise choice to learn from. Microsoft has calculated their move to a coworking space very carefully.

300 of their New York City employees were granted access to 30 WeWork coworking spaces in the city. In exchange for this, WeWork received discounts to Office 365 software for their members to use.

As you grow your startup, you can start to think about similar tactics for bringing awareness to your brand. Luckily, coworking spaces are the avenue to do just that and are hubs for partnerships waiting to happen.

You never know who you will be able to meet to take your business to the next level. Sometimes, your chosen coworking space may even host events that will allow you to access a number of special benefits and offers.

 

Plan ahead

Coworking spaces are no longer considered mere fads or trends but are actually now considered the future. The Global Co-working Unconference Conference even predicts that by 2022, the number of coworking spaces will grow from the current 14,411 to over 30,000.

Rest assured, membership in coworking spaces will not only save you lots of money but also reflect on your own strategies to see your little business grow in the long run.

Aside from cost-cutting, coworking spaces facilitate networking with other freelancers or entrepreneurs who you can learn from and possibly partner with. This is exactly what they were made for.

Think of it as saving money on operations while also investing in your future income and business plans. One space can offer you that and more.

If you find yourself convinced, take this as a sign to turn your business ideas into more than just ideas.

Take the leap of faith and start building on your plan from here. You can now rest comfortably knowing that coworking spaces have got all your needs and more, covered. For more cost-cutting techniques, check out the rest of our posts on One Fine Wallet for inspiration.

You could be the next big thing, and all you need to do is execute your plan. It’s time for women entrepreneurs to shine.