Although it was under the worst of circumstances, there was definitely a positive when we were all sent home to work in our pyjamas! But the allure has long since worn off. At first, we loved the increased flexibility, but most of us are now itching to get back to normal – whatever normal is these days. And while video calls have been an excellent solution during the pandemic, let’s face it – they’re no substitute for collaborating in-person.
Due to the current circumstances, many businesses have had to close or sell their offices – and while this is undoubtedly a difficult decision, it doesn’t have to be all bad. Employers have seen the many benefits of remote working, affording us all greater flexibility and lowering office rental requirements. Several employees may opt to continue working from home, but others will still need the stimulation of communicating face-to-face. Human contact not only helps many to produce their best work but also keeps them mentally healthy. Coworking spaces offer a flexible solution that allows people the opportunity to work together in a shared office space without the traditional high overheads.
With businesses trying to cut costs while also restoring functionality, coworking could be a cost-effective solution worth considering. Overheads drop significantly without maintenance and equipment to worry about, while the productivity of the team is maintained through a shared coworking office space.
We touched on some of these points in our last article on how coworking fits into the new normal, but we will now be exploring how the coworking model is beneficial for big and small companies alike – and just how much money you can save by adopting it.
It’s an unfortunate fact that the majority of businesses have been affected by the closures and safety measures put in place to combat the current pandemic, but in adversity, we must always look for the opportunity to ensure we emerge stronger from our strife. Change inspires new actions to be taken, and innovating during this period will give you a strong footing on the rather uncertain road ahead.
Coworking has the unique ability to adapt to teams both big and small – there’s room for everyone here. Pop over to our memberships page to see just how much flexibility Areaworks is offering. This is good news for companies no matter their size because as we will discover, coworking cuts costs from many traditionally high-cost areas:
1. Rent Reductions
Big or small – renting an office is one of the top expenses for most businesses, so it makes sense to consider alternatives. This is particularly helpful now, while the country is trying to restore and revive the economy. Removing that large expense is possible with coworking spaces, and being cost-effective in comparison, it need not be a short-term solution at all; it could, in fact, pave the way forward for many more businesses.
2. Fully-Furnished Offices
For startups, office furnishings are another grand outlay that is avoidable when coworking. Breakout spaces, onsite gyms, and a multitude of work stations are just the beginning of what is often available, already furnished and ready for you! You’ll have everything you need to run your business at a fraction of the traditional startup cost.
3. Bills and Insurance Covered
Insurance is another hefty cost incurred by business owners, or at least it was. At coworking spaces, assuming that responsibility is a thing of the past. In addition to providing insurance, your bills are also covered here; heat, water, internet connection, and as many teas and coffees as you like. In an all-inclusive coworking space, you get a lot of bang for your buck!
4. Office Equipment
Expensive office equipment and ongoing maintenance are eradicated in coworking spaces; it’s all taken care of for you. From printing and photocopying to replenished beverages, we take care of the nitty-gritty, so that you can avoid the headache of dealing with malfunctioning machines and can focus on what matters to your company.
5. Maintenance and Support
From IT support, to printer servicing and keeping the building and facilities all sound; the entire drama of all of these things is taken out of the picture for you. Who needs that hassle anyway? You could save the cost of hiring a technician, a plumber, or anything else for that matter – facility emergencies are a thing of the past.
6. Covid-Safe Working Spaces
Collaborative coworking offices in London are often modular and adaptive by nature, so social distancing is much easier to achieve here than in your average, traditional office. And in a time like this, coworking space benefits also include an amped-up cleaning schedule, traffic flow regulations, social distancing and more to ensure your staff can work together safely. Read more about how we’ve adapted our Areaworks spaces here.
Renting space in a coworking office in London, as opposed to obtaining a traditional office lease, is a massive money-saver no matter your business size. It’s simply just as good a solution for avoiding as many overheads as you can and flexible membership options mean that you can select a solution that suits your needs.
Saving money is great and we all love to do it, but it’s not the only coworking benefit worth a mention here. Just like physical health, mental health is not a constant state; it can fluctuate more than we care to admit. We all need to look after our mental health and it’s important to try to keep our mind and sense of wellbeing as healthy as possible, for both our personal and professional lives.
The pandemic has shone a light on the importance of mental health that cannot be ignored. Many have been rocked by the effects of lockdown and the isolation of working from home, so it is an important consideration for all employers to take into account. Some may decide they like working from home, but we are social creatures by nature so the majority will seek human contact within the workplace.
A coworking space offers that community feeling; we’re all working together, we’re all achieving our goals, but we’re also all taking care of ourselves. Some coworking offices have gyms (like our Farringdon space) which can improve your mood, health and alertness, and most also have breakout spaces so that you can refresh your surroundings throughout the day and choose a space that works best for you!
Without the need to commute to a central office space, employees have the convenience to opt for a coworking space nearest to them. This significantly reduces the time spent getting to the office and means employees can arrive far more rested and restored than if they had to contend with a tense and long commute across London during rush hour. That can only be a positive thing!
Coworking spaces have been known to increase productivity as opposed to working from home. The often spacious, innovative environments allow an employee to work in a quiet or collaborative environment; or both in the same day! They can have the flexibility to use the gym in the middle of the day, take a break in the onsite cafe, or even work late on a deadline. The possibilities are endless.
Many can become isolated when constantly working from home, or become distracted by home comforts (we’re all guilty of the several trips to the fridge a day!), hence find it difficult to keep motivation levels up and stay on-task; coworking spaces offer a great solution to that productivity issue while not breaking the bank.
In such a collaborative space, your employees work among others with a variety of skill sets. This provides various opportunities for collaboration, and the potential to pick up new clients or enlist the expertise of another company, or form a future partnership.
Not only does this allow you to promote your own skills and gain more business, but it also opens the doors to possibilities you may not have considered before that may help you innovate in new ways.
While not all coworking spaces are conducive to the needs of all companies, we’ve tailored our spaces to suit the needs of the small companies as well as the larger ones (and everything in between!). Many companies need to reduce their overheads drastically during this time and coworking can help. We’ve got everything you need all under one roof and a huge range of flexible membership options to suit your needs. Contact us today to see how we can help you flourish in this new normal.