How to Determine if Moving into a Coworking Space is Right For Your Business
If you are debating on utilizing Flex Space & coworking for your small business, you probably have plenty of questions. Is this setting right for your employees and the type of service you offer? How will this affect your overhead?
There have been many studies that have proven coworking space to be highly beneficial to small companies, but is coworking space right for your small business? Considering some of the following aspects of your business as you determine if it’s right for your business?
Boosts Collaboration & Productivity
Many flex office coworking spaces often provide printing, healthy snacks, a mailing service, strong Wi-Fi connection to help boost your work forces productivity. Coworking operators take care of all the small details so that you can focus on the things that are directly affecting your business’s bottom line. No more IT nightmares, broken coffee makers, having to deal with janitorial issues or running out of office supplies –is all taken care of and included in your monthly cost.
When it comes to growing as small business, leads and creativity are crucial. Flex office spaces create an environment where collaboration happens naturally, and people can get to know each other easily. Once your team builds rapport with other teams, they will naturally begin to bounce ideas off each and in many cases engage services of other members creating even greater collaboration. It truly takes a village for a small business to operate successfully and the networking opportunities created in flex space and coworking space creates can help propel a small business to the next level.
Enhances Recruitment Options & Opportunities
Recent studies by Deloitte, one of the worlds leading accounting and consulting firms, stated they utilize flex and coworking space not only to provide collaborative work environments for team members, but they also utilize the space to recruit young and creative talent.
Deloitte also stated that many times they end of engaging some of the small companies more typically found in coworking environments because they are more agile and can complete projects in a more timely fashion than they can internally.
Coworking Environments Can Actually Reduce True Occupancy Cost for Your Business
Overhead can become expensive quickly and rent is actually only one piece of the puzzle. Locating in a flex space coworking environment allows business owners to reduce their occupancy cost. Occupancy cost are reduced because, internet access, office supplies, kitchen supplies, office furniture and access to conference rooms are all included in your monthly charge.
Small business owners can take advantage of these cost sharing opportunities and the management required to run an office and focus on their business., As an added benefit many flex and coworking spaces are in high-end locations which can be impressive to clients.
Coworking space offers much greater flexibility for the business and employees. Rather than being chained to a desk, employees can transition to different work spaces in order to keep the momentum and productivity at its highest level.
If you feel like you need a change of scenery while working, you can quickly move to a different space, unlike in a traditional office where you may have to remain in your office or cubicle. The more freedom employees have at work, the more successful they will be because they will not feel limited to a restricted work environment.
From the businesses perspective flex space and coworking space is typically either month to month leases or short-term six-month leases allowing business owners the ability to be more flexible in their space requirements and expenses than in more traditional office environment, where owners and lenders like to see three – five year lease terms.
Better Work/Life Balance
Burnout is a real concept and it happens to employees who have a mundane work routine. They are restricted to the same space, the same people and the same day-to-day routine and eventually they grow stagnant and burn out on their jobs. In a coworking space, every day is fresh and new with new people and the opportunity to work out of a different space. When work is less stressful, the work/life balance is much healthier. According to a report by Wix and Officevibe, 70% of people working in a coworking environment reported they felt healthier than they did working in a traditional office environment. The study showed employees who felt healthier and happier, felt an increase in their collaboration and productivity
As a small business, there are plenty of benefits to utilizing coworking space environments such as greater flexibility, more collaboration and reduced overhead costs. Not only that, but your employees will also be more productive and have a better work/life balance.