Coworking has been on the rise in recent years. It’s a great way to get work done without being tied down to one location all day long, and many people enjoy it and start to see the benefits of coworking. They get a chance to meet new people and focus on their work while still having a social life. Is coworking worth the cost? You should be aware of some hidden costs of coworking before making your decision, and we will explore them here in this post.
What Is Coworking and What Makes It Expensive?
Coworking is a particular type of workspace rental, and it takes place in designated coworking spaces. These are set up like offices where you can rent individual desks or entire private office rooms for your own business. You also get the benefit of meeting new people who work at different firms inside the same area while having the privacy to do what you need to accomplish without distractions from others around you.
Coworking spaces are expensive. What people don’t necessarily know is that it’s not just the cost of renting a desk or office. The reason why coworking spaces are so expensive is because of the following hidden costs:
- Internet or wifi: Most coworking spaces include an internet connection as part of the standard charge.
- Printing: Many coworking spaces have a business center with printers and other office machines.
- Services: These add-ons, such as basic reception services, daily cleaning, and security, are all included to make your experience as comfortable as possible.
- Water and electric bills: Coworking spaces include these things all within your membership.
Although this may seem expensive, keep in mind that these essential services and business expenses are required in all offices and that the coworking model allows the sharing of these services across multiple businesses whereas if you rented a private office space on your own, you’d be responsible for the entire bill.
Let’s take a look at some other reasons why you should be considering coworking to cut down on costs and be more profitable.
Advantages of Coworking Spaces
There are many advantages to coworking spaces. Business owners get to network with like-minded people and build relationships that may be beneficial in the future. Coworkers can share resources and work together on projects. Additionally, they can learn new skills from each other and increase their marketability. Workplace distractions are minimized, so work productivity is increased.
Below are individuals and businesses that benefit from coworking:
Accountants
Digital record-keeping has altered the financial sector, allowing accountants to free themselves from the masses of paperwork that used to occupy their desks and disrupt their workflow. Coworking spaces provide an opportunity for accountants to network with small businesses and startups in the community, allowing them to build their businesses and continue providing financial support. Growing businesses will certainly require assistance with tax and financial record-keeping. An accounting firm may provide such assistance to co-workers in the community.
Private offices within the coworking space provide accountants with a professional environment to meet clients and collaborate. Other benefits include segmenting personal life from business life, which allows for more flexibility in regards to when you work or spend time outside your office hours. If you’re an accountant, take a look at this rental calculator and crunch the real numbers on the cost of coworking for you or your clients.
Freelancers & Consultants
Consultants may discover all of the amenities required for a large corporate office, such as private offices and furniture, as well as kitchen facilities on-site. A private office in a shared coworking space is an excellent option for any freelancer or consultant.
Freelancers have the freedom to set their schedules but still need consistency when it comes to finding work. The coworking community provides a way of getting out of the house and into a different environment while also providing a consistent workspace that freelancers can use to book their appointments. The coworking community provides the social aspect many consultants and freelancers are looking for while still working on client projects remotely.
Entrepreneurs
Businesses exist in many shapes and sizes, so entrepreneurs might lead small or large teams, being well-established or fresh to the market. Having adaptable office space is a huge benefit of coworking spaces, and it stands out among the many other advantages of being a member.
Coworking is particularly advantageous to startups and small business owners who may not have the capital to rent an office space or build one from scratch. The cost-effectiveness of coworking spaces makes them an excellent choice for entrepreneurs who are just starting out and not yet generating revenue. The cost of renting a desk in a private office is often too high to be practical, especially if you need only one or two desks. This is where coworking spaces come in.
Coworking spaces help you establish your business without the financial stress of buying furniture, paying for utilities, or signing long-term leases that are often hard to break when things don’t work out as planned. If you have more than three people working together frequently enough that they require an actual physical location, a coworking space is probably going to be more cost-effective for you.
Sales & Marketing Professionals
When it comes to the sales and marketing industry, networking with other professionals is incredibly important. The coworking community provides just that – a chance for sales and marketing professionals in this field to meet their target market face-to-face without distractions or loud noises interrupting them during meetings or presentations.
Office space within a coworking community allows marketers access to all of the tools they need for business at an affordable rate while still maintaining privacy when necessary through the lockable doors/rooms and privacy private offices offer. It also offers flexibility regarding who you work with and your hours of operation.
Designers & Developers
Creative professionals have a lot of different tools at their disposal when it comes to running successful businesses, but one of the most important is undoubtedly access to an appropriate workspace. Coworking spaces are perfect for designers and developers. It allows them to interact with other creative individuals who can help develop new ideas or strengthen existing ones through collaboration.
Data Scientists & Analysts
If your business deals in data science or analytics, coworking spaces should play a significant role in your strategy moving forward—especially if there’s more than one person involved and each has the specific expertise necessary for collaborating on projects. This method saves money on office space costs while still allowing employees to collaborate in a productive environment.
Social Media & Content Management Professionals (SMCs)
Most SMCs work independently, or as part of a larger team. These people often end up doing most if not all of their tasks in isolation by themselves in an office space where no one else is around at any given time. This lack of interaction causes many job-related frustrations for SMC professionals who are used to working in teams rather than alone since there’s a lack of collaboration opportunities.
Coworking spaces provide these people with a more social atmosphere that allows them to interact more frequently and have access to others who can help out when they’re stuck on a project or need assistance with something else.
Aside from these individuals, there are also different types of businesses ideal for coworking spaces, such as:
Startups
Coworking communities are a great option for startups because they provide the flexibility of workspace without having to lease property. Shared workspaces also help cut down on costs by providing shared conference rooms, internet access, and cleanliness.
Startup founders looking at starting their own business should consider coworking as an option. They offer flexible space, allowing you to grow your team as your business grows. When you’re just starting, it’s much better to focus your resources on the important stuff, like building a product or finding customers, instead of worrying about leasing office space.
Corporations
Coworking spaces allow corporations to stay at the forefront of innovation by allowing them access to like-minded individuals who are ready and willing to innovate any idea presented. Corporations also take advantage of coworking perks, such as high-speed internet or office equipment which could be very cost-effective for some types of businesses.
Large companies benefit from shared workspaces just as much as small ones do because they bring together people with different skill sets so creativity can flourish within organizations where employees may not have complete freedom in terms of what projects they work on or how they approach their tasks. This allows large companies to attract new talent while maintaining a cohesive internal culture, all thanks to coworking spaces.
Law Firms
Like many professions today, modern-day lawyering often requires its practitioners to work from locations outside of their office space, whether that means court hearings or meetings with clients at coffee shops around town. However, those who prefer not working out of Starbucks will find it difficult to get any real work done while sitting at one of these public venues because they are usually filled with distractions like random conversations taking place just over your shoulder.
Coworking spaces are a better solution. They offer lawyers the chance to get work done in an environment conducive to such activity and allow them to network with like-minded individuals without feeling isolated or alone.
Real Estate Agencies
Real estate agents spend their days taking clients around to look at homes, which means they need a space that’s comfortable and appealing for those who may be interested in buying or leasing the property. Not all real estate agents are part of a larger team with an office that’s convenient or accessible making homshowings and coffee shops their only space to perform administrative tasks, client meetings or prospecting.
Coworking spaces solve all these problems by providing more expansive meeting rooms with plenty of seating, so everyone has somewhere nice and comfortable to sit while browsing through photos and other materials as well as a private office for prospecting and administrative tasks.
Final Words
Coworking spaces come at a cost, but so to traditional office space. Coworking spaces are more cost effective for businesses between 1-12 and are ideal for those looking for a space that promotes creativity and productivity. If you’re an accountant, freelancer, or consultant looking for your next project, an entrepreneur trying out new ideas, or a corporation who needs some office space without the high overhead costs of owning one yourself, coworking might just be what you’re missing.
Moreover, if you own a business with employees who need to be isolated from distractions and have access to social interaction, coworking spaces are perfect for those looking for ways to streamline their processes without sacrificing quality.
You may want to check out this Workaway Offices Rent Calculator to help you calculate the difference between coworking and traditional office space.
We hope this post has provided you with some useful information that sheds light on the true cost of coworking and how it can benefit your business.
Related Posts
Coworking has been on the rise in recent years. It’s a great way to get work done without being tied down to one location all day long, and many people enjoy it and start to see the benefits of coworking. They get a chance to meet new people and focus on their work while still having a social life. Is coworking worth the cost? You should be aware of some hidden costs of coworking before making your decision, and we will explore them here in this post.
What Is Coworking and What Makes It Expensive?
Coworking is a particular type of workspace rental, and it takes place in designated coworking spaces. These are set up like offices where you can rent individual desks or entire private office rooms for your own business. You also get the benefit of meeting new people who work at different firms inside the same area while having the privacy to do what you need to accomplish without distractions from others around you.
Coworking spaces are expensive. What people don’t necessarily know is that it’s not just the cost of renting a desk or office. The reason why coworking spaces are so expensive is because of the following hidden costs:
- Internet or wifi: Most coworking spaces include an internet connection as part of the standard charge.
- Printing: Many coworking spaces have a business center with printers and other office machines.
- Services: These add-ons, such as basic reception services, daily cleaning, and security, are all included to make your experience as comfortable as possible.
- Water and electric bills: Coworking spaces include these things all within your membership.
Although this may seem expensive, keep in mind that these essential services and business expenses are required in all offices and that the coworking model allows the sharing of these services across multiple businesses whereas if you rented a private office space on your own, you’d be responsible for the entire bill.
Let’s take a look at some other reasons why you should be considering coworking to cut down on costs and be more profitable.
Advantages of Coworking Spaces
There are many advantages to coworking spaces. Business owners get to network with like-minded people and build relationships that may be beneficial in the future. Coworkers can share resources and work together on projects. Additionally, they can learn new skills from each other and increase their marketability. Workplace distractions are minimized, so work productivity is increased.
Below are individuals and businesses that benefit from coworking:
Accountants
Digital record-keeping has altered the financial sector, allowing accountants to free themselves from the masses of paperwork that used to occupy their desks and disrupt their workflow. Coworking spaces provide an opportunity for accountants to network with small businesses and startups in the community, allowing them to build their businesses and continue providing financial support. Growing businesses will certainly require assistance with tax and financial record-keeping. An accounting firm may provide such assistance to co-workers in the community.
Private offices within the coworking space provide accountants with a professional environment to meet clients and collaborate. Other benefits include segmenting personal life from business life, which allows for more flexibility in regards to when you work or spend time outside your office hours. If you’re an accountant, take a look at this rental calculator and crunch the real numbers on the cost of coworking for you or your clients.
Freelancers & Consultants
Consultants may discover all of the amenities required for a large corporate office, such as private offices and furniture, as well as kitchen facilities on-site. A private office in a shared coworking space is an excellent option for any freelancer or consultant.
Freelancers have the freedom to set their schedules but still need consistency when it comes to finding work. The coworking community provides a way of getting out of the house and into a different environment while also providing a consistent workspace that freelancers can use to book their appointments. The coworking community provides the social aspect many consultants and freelancers are looking for while still working on client projects remotely.
Entrepreneurs
Businesses exist in many shapes and sizes, so entrepreneurs might lead small or large teams, being well-established or fresh to the market. Having adaptable office space is a huge benefit of coworking spaces, and it stands out among the many other advantages of being a member.
Coworking is particularly advantageous to startups and small business owners who may not have the capital to rent an office space or build one from scratch. The cost-effectiveness of coworking spaces makes them an excellent choice for entrepreneurs who are just starting out and not yet generating revenue. The cost of renting a desk in a private office is often too high to be practical, especially if you need only one or two desks. This is where coworking spaces come in.
Coworking spaces help you establish your business without the financial stress of buying furniture, paying for utilities, or signing long-term leases that are often hard to break when things don’t work out as planned. If you have more than three people working together frequently enough that they require an actual physical location, a coworking space is probably going to be more cost-effective for you.
Sales & Marketing Professionals
When it comes to the sales and marketing industry, networking with other professionals is incredibly important. The coworking community provides just that – a chance for sales and marketing professionals in this field to meet their target market face-to-face without distractions or loud noises interrupting them during meetings or presentations.
Office space within a coworking community allows marketers access to all of the tools they need for business at an affordable rate while still maintaining privacy when necessary through the lockable doors/rooms and privacy private offices offer. It also offers flexibility regarding who you work with and your hours of operation.
Designers & Developers
Creative professionals have a lot of different tools at their disposal when it comes to running successful businesses, but one of the most important is undoubtedly access to an appropriate workspace. Coworking spaces are perfect for designers and developers. It allows them to interact with other creative individuals who can help develop new ideas or strengthen existing ones through collaboration.
Data Scientists & Analysts
If your business deals in data science or analytics, coworking spaces should play a significant role in your strategy moving forward—especially if there’s more than one person involved and each has the specific expertise necessary for collaborating on projects. This method saves money on office space costs while still allowing employees to collaborate in a productive environment.
Social Media & Content Management Professionals (SMCs)
Most SMCs work independently, or as part of a larger team. These people often end up doing most if not all of their tasks in isolation by themselves in an office space where no one else is around at any given time. This lack of interaction causes many job-related frustrations for SMC professionals who are used to working in teams rather than alone since there’s a lack of collaboration opportunities.
Coworking spaces provide these people with a more social atmosphere that allows them to interact more frequently and have access to others who can help out when they’re stuck on a project or need assistance with something else.
Aside from these individuals, there are also different types of businesses ideal for coworking spaces, such as:
Startups
Coworking communities are a great option for startups because they provide the flexibility of workspace without having to lease property. Shared workspaces also help cut down on costs by providing shared conference rooms, internet access, and cleanliness.
Startup founders looking at starting their own business should consider coworking as an option. They offer flexible space, allowing you to grow your team as your business grows. When you’re just starting, it’s much better to focus your resources on the important stuff, like building a product or finding customers, instead of worrying about leasing office space.
Corporations
Coworking spaces allow corporations to stay at the forefront of innovation by allowing them access to like-minded individuals who are ready and willing to innovate any idea presented. Corporations also take advantage of coworking perks, such as high-speed internet or office equipment which could be very cost-effective for some types of businesses.
Large companies benefit from shared workspaces just as much as small ones do because they bring together people with different skill sets so creativity can flourish within organizations where employees may not have complete freedom in terms of what projects they work on or how they approach their tasks. This allows large companies to attract new talent while maintaining a cohesive internal culture, all thanks to coworking spaces.
Law Firms
Like many professions today, modern-day lawyering often requires its practitioners to work from locations outside of their office space, whether that means court hearings or meetings with clients at coffee shops around town. However, those who prefer not working out of Starbucks will find it difficult to get any real work done while sitting at one of these public venues because they are usually filled with distractions like random conversations taking place just over your shoulder.
Coworking spaces are a better solution. They offer lawyers the chance to get work done in an environment conducive to such activity and allow them to network with like-minded individuals without feeling isolated or alone.
Real Estate Agencies
Real estate agents spend their days taking clients around to look at homes, which means they need a space that’s comfortable and appealing for those who may be interested in buying or leasing the property. Not all real estate agents are part of a larger team with an office that’s convenient or accessible making homshowings and coffee shops their only space to perform administrative tasks, client meetings or prospecting.
Coworking spaces solve all these problems by providing more expansive meeting rooms with plenty of seating, so everyone has somewhere nice and comfortable to sit while browsing through photos and other materials as well as a private office for prospecting and administrative tasks.
Final Words
Coworking spaces come at a cost, but so to traditional office space. Coworking spaces are more cost effective for businesses between 1-12 and are ideal for those looking for a space that promotes creativity and productivity. If you’re an accountant, freelancer, or consultant looking for your next project, an entrepreneur trying out new ideas, or a corporation who needs some office space without the high overhead costs of owning one yourself, coworking might just be what you’re missing.
Moreover, if you own a business with employees who need to be isolated from distractions and have access to social interaction, coworking spaces are perfect for those looking for ways to streamline their processes without sacrificing quality.
You may want to check out this Workaway Offices Rent Calculator to help you calculate the difference between coworking and traditional office space.
We hope this post has provided you with some useful information that sheds light on the true cost of coworking and how it can benefit your business.