Advantages of Coworking Spaces for Small Business Owners

Written by: Cameron Ward

As a small business owner, you’re likely always looking for ways to cut costs. You might think a coworking space is a needless expense, especially if you can do your job from home.

However, coworking spaces have many lesser-known benefits that make them a worthy investment for entrepreneurs of all kinds. The Wealth Blog invites you to read on to discover some of the perks of shared workspaces for business owners.

Enjoy networking opportunities

Coworking spaces are a great place to connect with other entrepreneurs. This can help you meet potential business partners, collaborators, and even clients. Make sure to have business cards on hand.

You can design a personalized card easily using ready-made templates like this one from Canva. Simply edit the text, colors, and font as needed. You can even add your own logo to the card.

Gain motivation in an inspiring environment

Entrepreneurship can be lonely. By connecting with other people in your coworking space, you can overcome feelings of loneliness—a common problem among the self-employed.

With coworking meetings and events, you avoid isolation. Plus, talking to other people who are also small business owners can be inspiring.

Another person’s success story can give you valuable insights into what it takes to make it as an entrepreneur.

Take advantage of multiple locations

Many coworking spaces consist of a network, with multiple locations spread across a country—or even multiple countries.

A coworking space with diverse locations can be especially useful if you frequently travel for business.

You don’t have to stress about where you’ll work when you’re on the road and can expect the same services and amenities wherever you go.

Access shared facilities

If you think coworking spaces just give you a desk and chair, think again. Most coworking spaces offer amenities such as printers, faxes, and copiers.

Having these items on site is practical, especially if you don’t have them at home. Many coworking spaces also have meeting rooms.

You can book the meeting room when you need to have face-to-face meetings or conference calls. Just make sure to follow this shared meeting room etiquette from National Business Furniture.

Take advantage of mail management services

Another benefit of coworking spaces is mail management. Some give you the option to get a P.O. box with your membership. This gives your business an official address that’s distinct from your home address.

For entrepreneurs who are concerned about privacy, this can be a big pro. P.O. boxes also have other benefits—for example, as Virtual Post Solutions notes, having an address that isn’t your home looks more professional and makes a better first impression on clients.

Scale up or down quickly

Businesses change over time. You may start small and get bigger as you gain success.

Alternatively, if you have a big business and go through a rough period, you may need to scale down. Coworking spaces accommodate either option. This can prevent stress when you need to evolve.

For example, you can book extra coworking desks if your team grows. If you were renting an office space, you’d have to change to a whole new space and lease.

If your business ends up growing, the business structure can be affected. A limited liability company (LLC) can grow with you if you take on a partner or partners, while other structures, like a sole proprietorship, are more limiting and less flexible.

Plus, an LLC offers protection of personal assets and certain advantageous tax benefits, which makes this an appealing business structure for many business owners.

Reduce overhead costs

As mentioned in the introduction, some people assume that a coworking space will simply add to their operating costs. However, a coworking space can save you money in the big picture.

For example, you won’t have to invest in office equipment like printers and copiers if you can access these items via your coworking space. Plus, you may be able to deduct your coworking space fees as a tax write-off for your business.

Coworking spaces can help entrepreneurs connect with others, save costs, and scale up or down easily. If you’re a small business owner, it’s worth exploring this option.

The Wealth Blog covers a wide range of topics, from budgeting and saving money to finding ways to increase your income. Contact us today to find out more!