Did you know that small businesses make up 99.8% of all businesses in the Sunshine State? The SBDC’s definition of a small business is one employing fewer than 20 people. With a staff that size, one wonders if a traditional office is required for your business to thrive.
For some the traditional office may seem the only option, but there are many considerations that make coworking an attractive alternative for small businesses. Let’s explore a few here.
Coworking Space vs. Traditional Office Space
While the traditional office is a familiar concept this model isn’t required for every business. Businesses that don’t receive customers or that have a large outside sales force may not wish to make the real estate investment required to hang a shingle.
Traditional commercial real estate usually requires either a long-term lease requirement or the purchase of a property. Either option requires capex and opex expenses for the facility – expenses that can be cut from a small business budget if employees can operate from a coworking space.
Coworking spaces offer flexibility in configurability, meaning a staff of 20 can easily be accommodated between private offices, hubs and hot desks. If your company is young and experiencing the usual growing pains, there may be a frequent fluctuation in your employee headcount. Flexibility to rent only the space needed for your actual employee count means you can right-size this expense with as little as a month’s notice.
How to Choose a Coworking Space
Most coworking spaces will offer a variety of physical space and business solutions. Kitchenettes, WiFi, printing, mail service, meeting rooms with telecommunications tools are standard amenities of coworking spaces. Most coworking facilities offer private offices, phone booths, hot desks and hubs – open spaces for collaboration amongst your team and other community members. Such a set-up may actually improve the performance of employees, according to social facilitation theory – which indicates performance may actually improve in the presence of others, something that might not happen in a traditional office setting where each individual works in a private office.
If your business is in an early stage, a coworking space can make a positive impression with potential clientele. According to research by Harvard Business Review some mature companies even reposition their operations into coworking spaces when making pivots in their business. The collaborative nature of a public coworking space inspires collaboration, connection and out-of-the-box thinking that is necessary for change.
Coworking Space: A Small Business Solution
Time and money are valuable commodities, particularly for a small business. If you’re ready to discover how coworking spaces can do help your small business maximize its resources, reach out to us today.