For a large corporate looking to cut costs or a small business which has just started up, reducing costs like overheads can have a significant impact on business survival.
With an office space to rent, furniture to buy, and utilities to pay for, conventional office spaces can cost a lot. However, these can be avoided by switching to flexible coworking spaces.
Coworking spaces have a roommate style arrangement, where a large number of organizations work from the same space and share the expenses borne out of it. This system is much more beneficial than the former in reducing their expenses.
Here are some of the areas for overhead costs that can be reduced by opting for coworking spaces:
Instead of paying for an independent complex or an entire floor to provide a sufficient workspace for your employees, you will be sharing the space with a number of other companies and will therefore be paying as per the size of your workforce.
Coworking spaces are made for easy workflow so you can choose from different workspace styles, instead of customizing the entire building in case of a fixed office.
While they may often be overlooked or put on the back burner, utilities are crucial for the smooth running of a business. Ask any small business on how much just one day without internet or power can cost it, and you will get the same answer – a lot!
Rather than paying for this on your own, coworking spaces allow you to split the cost of these with the other businesses sharing the space. Moreover, as an added benefit, if you face any problem, like, if the AC does not work, you have the backing of a large number of companies that are also looked to get it fixed.
Just like how you will save on rent by switching to coworking spaces, you will also save on the furniture and other equipment that are important for an office.
In a fixed office, you will have to pay and arrange for computer desks, cubicle spaces and separate conference rooms to be built and allocate a dedicated employee or employees to oversee it.
In the case of coworking spaces, the workspace company will provide for all these at a reduced price, enabling you to use that money for operational expenditures.
Apart from all these, there are various other costs that can be reduced by opting for flexible coworking spaces.
Are you looking for a coworking space in Hyderabad? iSprout is a leading provider of premium coworking spaces in Hyderabad, Chennai, Pune, and Vijayawada.
From dedicated seating for small businesses to custom-made corners for corporate, iSprout has it all. So, what are you waiting for, contact us now to explore the coworking options for your business.