Are you an entrepreneur looking for a new space to host your business? Taking space in a coworking office has a lot of advantages that can be ideal for entrepreneurs in the early stages of developing their businesses. Here is why.
Traditional office space typically requires a lease of two to 10 years in length, a large deposit and an exit penalty for leaving a lease agreement before the determined end date.
Coworking offers an affordable alternative. Since coworking space is often treated like a club membership, space is rented by the month, with pricing reflecting the amount of space the member has needs. This is ideal for entrepreneurs since the upfront costs are low, there is no long-term commitment and it offers maximum flexibility.
Coworking space offers entrepreneurs the opportunity to customize their workspace – members can pay for more or less space based on their needs, additional employees is as simple as adding memberships, and amenities that are not used on a day-to-day basis can be added in an instant.
Generally, paying for coworking space can start as little as a few hundred dollars a month, depending on the location, benefits and space offered. Here are a few things that can affect pricing:
Location: Location, location, location. Keep in mind that real estate costs money, so the location of a space will naturally affect the cots. Coworking spaces in prime areas will naturally be more expensive – expect membership rates to be higher for a space that has access to an urban core, lots of amenities or major transit hubs.
Building and amenities: The building and the building’s amenities play a major role in determining the cost of coworking memberships. A building that includes amenities such as parking, on-site security, café, gym, may be slightly more expensive that one that does not have parking but both are likely to be more affordable than traditional office space, with or without amenities.
Desk space: If you are an entrepreneur who is bootstrapping your company, membership fees are lower for hot desks and reserved seating as opposed private offices. Start small and expand as you need more space or more privacy.
All-Inclusive Costs: Coworking space is all-inclusive. This means that entrepreneurs can avoid the added costs of furniture, movers, utilities, appliances, etc. that are often needed to get an office space up and running. Instead, entrepreneurs can sign up for a membership and find a spot, no added setup needed.
Membership Benefits: Most coworking spaces offer member benefits such as conference rooms, admin services, meeting room space and access to educational programs and networking events. These perks are built into the cost of membership fees, providing entrepreneurs with a low-cost opportunity to network and take advantage of programming that would otherwise be an additional cost.
With all these benefits to coworking for entrepreneurs, it’s easy to see why coworking spaces are gaining popularity. According to a recent survey by deskmag, the number of coworking spaces is growing by 22 percent per year and the number of coworking members is growing at 40 percent per year.
Fueled by a rise in self-employment and startups, coworking is an attractive, affordable option for solo entrepreneurs and early-stage companies seeking a low-cost flexible space.
CEO Centers FLEX is a collaborative coworking space in Duluth, Georgia in the Atlanta metro area that is ideal for small businesses, sole proprietors, and startups in need of a flexible workspace. Our offices offer a variety of workspaces – from desks to corner offices – and access to a community of other like-minded entrepreneurs.
If you are looking for a coworking space, contact CEO Centers FLEX. FLEX offers a variety of workspaces from by-the-day hot desks to private, executive offices. Contact us today to learn more about the FLEX community.