Can a Shared Office Space Save Your Small Business Some Cash?

When you run a small business, you want to save money wherever you can. There are many ways to do so, though some might be more appropriate for your situation than others. One popular method is to rent a shared office space. There are companies that have spaces specifically designed to cater to the needs of small businesses. And with nearly 28 million small businesses in the United States, these spaces are popular. But can they save you some cash? They absolutely can! Here are some of the ways you can save money.

Avoid Renting a Whole Office

You’re going to need space for your business to operate out of. Many business owners rent property, which can be very expensive. When you lease a shared office space, you’re renting a single part of an office building, rather than the whole thing. This means it can be much cheaper for you. However, you can still get a lot of space. Some places offer Executive Suites, which include office space and shared amenities. This gives your access to these amenities, like lobbies and conference rooms. If you wanted these outside of a shared office space, you’d need to rent a much larger building for a lot more money.

Free Benefits

Many shared office spaces have benefits outside of the workspace they provide. Things like coffee, snacks, and business mail are often included as part of your membership. This means you have access to them for the same price that you’re paying for the shared office space. If you want these things in an ordinary office, you need to pay for them yourself. By getting them as part of your membership, you can shave some money off of your expenses and put it toward other parts of your business.

Networking

When you work in a shared office space, you have the opportunity to network with other small business owners. Since you’re all in the same building, using the same amenities, it is a great time to connect with each other. Often, you can use these connections to get services you need at a reasonable price.

For example, you may need help with your business’s accounting. Under new tax laws from 2018, small businesses with a gross income of under $25 million within a three-year period are allowed to use a cash method of accounting. If you’re unsure whether you qualify or how this law works, you might be able to connect with an accounting service that also works in the shared space. Or another business owner might be able to recommend an inexpensive accountant to help you. Take advantage of connections in order to save some money.

Improved Productivity

If you’re paying for the shared office space, you’ll be much more motivated to get your work done. This means that you can potentially earn more money by doing more work in this time. When you procrastinate, you miss out on opportunities to work with more clients and offer more services. You might also need to pay for more time with certain services. Therefore, improving your productivity will save your business money.

Saving money is an important part of helping your small business thrive. You want to get high-quality service and tools without paying extra money. Renting a shared office space is a great way to be thrifty while also getting everything you need in order to succeed. So, if you’re a small business owner, look into shared office spaces near you. You might find an option that perfectly suits your business and its needs, allowing you to take advantage of the savings this option offers.