The Hidden Benefits Of Co-Working Spaces

by Nadeem Ahmad

Last Updated on June 6, 2023 by

Image via Pexels

You already know that co-working spaces offer flexible and affordable locations to conduct business, host meetings, or simply get out of your home office for a bit. But, there are plenty of other perks associated with coworking that you may not know about.

NewsJoury spills the beans in today’s quick post.

Networking Opportunities, Business Cards, and LLCs

Anytime you have a space where professionals gather, you have an opportunity to network. Don’t be shy about meeting and mingling with the person at the desk across from you on any given day. You never know when you’re going to make a meaningful connection.

A few important networking tips are to keep business cards handy and to make sure that your business is formed in a way that makes you look credible. For your business cards, you can use a template. Even if you don’t have lots of artistic skills, you can easily change out your colors, images, text, and more. Give this tool a look when you’re ready to get started creating your designs.

As far as business structure, consider forming an LLC. Not only does the LLC extension look good on a business card, but it’s also an inexpensive and flexible structure that lends credibility to your business. Do your research first, and use an online formation service, which is less expensive and may be faster than hiring an attorney.

Access To Equipment

In a co-working office space, you’ll have access to a variety of equipment that can help you achieve your business goals. Depending on the specific coworking space, you may have access to high-speed internet, printing and scanning facilities, projectors, whiteboards, and ergonomic furniture. These resources can help you save money on office equipment and support your work productivity. Additionally, co-working office spaces typically offer flexible membership plans, allowing you to tailor the use of equipment to your specific needs.

Extra Amenities

While some co-working spaces are fairly basic, others offer plenty of perks that you may not get in a traditional office setting. Snacks are one great example. While it might not sound like much, having a co-working space with access to drinks and snacks can save you almost $10 every week.

Expanded Creativity

When you work at a coworking space, you may be more productive but also more creative. When you witness others around you putting their heart and souls into their jobs, you’ll be more motivated. The US Chamber also explains the sheer act of interacting with unique personalities (remember, networking!) can give you a creative spark.

Other potential benefits:

  • Access to other coworking spaces. Choose a coworking space that has networking agreements with others in different states, and you may only have to pay one fee.
  • Mail and package management. If you need to have something sent to you and don’t want your vendors or clients to know where you live, your coworking space may be able to help by giving you a brick-and-mortar address from which to send and receive physical mail.
  • Exceptional cost savings. Solo notes that some businesses spend $2,500 per month or more on rent. That can quickly and devastatingly eat into your profits. Compare that to the $225 a month you’ll pay (on average) for a dedicated desk, and you can see the savings add up.
  • You might make friends. If you locked yourself in the house for a year during the worst part of the pandemic, you know that loneliness can seriously tank your productivity efforts. Friendships enhance our lives, give us a feeling of purpose, and even improve self-confidence.

You Have Options

Co-working spaces can be great opportunities to avoid the cost of having your own office, but sometimes it’s nice to work from home. Adding a home office can give you the option of where you work each day depending on your goals and schedule. Plus, when you have a dedicated workspace in your home you can take advantage of several tax deductions for costs of goods sold, capital expenses, and personal expenses.

If you’d like to make more substantial changes to your home in order to accommodate your home office, definitely submit them for tax deductions, but also consider doing a cash-out refinance to pay for them. If rates are low, refinancing can substantially lower your mortgage payments, and cashing out some funds can make it easier to pay for the upgrades without incurring more debt.

Give Co-Working Spaces a Try

When it’s time to choose a co-working space, make sure your LLC is set, you have plenty of business cards on hand, and you’re open to new opportunities. While coworking may still be a fairly new concept to some people, shared workspaces are here to stay, and they offer some of the greatest opportunities for professionals to be productive and creative while forging business and personal contacts that might last a lifetime.

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