The value of co-working is seen in the number of professionals who choose this office plan. In fact, coworking is one of the most cost-effective, flexible means by which to rent office space. With access to many of the amenities you would find in a conventional lease, you can find yourself working any number of environments.
One of the major benefits to co-working is that it allows for scalability. Depending on the growth of your business, or lack thereof, professionals have an easier time adjusting to the changing size of their business. Furthermore, the ordeal of searching for appropriate office space does not have to drain your bank account. To see some more of the benefits of coworking, check out Servcorp’s New Zealand office at http://www.servcorp.co.nz/en/coworking/.
Let’s take a look at how coworking can help transition your business as it grows.
Flexible Leases And Scalability
As stated earlier, coworking leases are much more flexible because, for one, they can be easily modified. In a conventional lease, most renters are required to commit to lengthy contracts, usually a year and beyond. If you have to break the lease for any reason, then you are obligated to pay a substantial amount to the landlord. Most co-working leases, conversely, are as little as a month.
This flexibility is important as your business grows. As a start-up, you might work with a very small group of people where coworking would probably be the most cost-effective, appropriate choice. However, let’s say two or three years down the line your business expands, well, some leases can be easily modified so that you comfortably grow into a virtual office, serviced office or an executive suite.
If your business leaves town, some of the larger office solutions companies make it easy for you to not only test markets, but also to grow into other locations. With larger office solutions companies, they typically have offices globally, so moving to another major market is not a problem for those who find they want to expand into other locations. In fact, many of the leases are transferable, so it is only a matter of modifying the contract.
Reining In Expenses
Another great benefit to co-working offices is that it helps those working with tight budgets to have access to have professional addresses in some of the nicer business districts. The reason behind this is because the renter only pays for the use of the office and its amenities (phone, cable, internet, and utilities). However, this low-cost alternative to the traditional office makes growing feasible without the added expense related to the overhead of expanding into a new building.
Even though networking is a part of drumming up business, this part of owning a business can also see you through a transition. Because co-working encourages and promotes social interaction, professionals engage with each other all day long. Whether it is giving referrals, talking shop or just hanging out for a few minutes, professionals are talking it up throughout the day.
In the course of these conversations, you can find yourself being given so much information in terms of which office solutions companies to choose, information regarding particular markets that are attractive to your industry, and information regarding ways to cut expansion or relocation costs. More significantly, you get information regarding contacts that help make transitioning your growing business much smoother. Compared with a professional who chooses to work alone, you can save so much in terms of getting information and assistance you need related to workspace and products or services.
Solutions To Business Growth
One of the best solutions to growing a business is to do so without incurring a whole of debt. The co-working office is budget-friendly and allows professionals to grow their business as its needs change or grow. Co-working provides your business with a less expensive way to transition comfortably into a larger company.