Congratulations, you have started on the path to creating your own small business or start-up! Embarking on the journey of starting a small business or a startup is an exciting endeavor. However, amidst the thrill of creating something new, practical decisions need to be made, including where to establish your business base, whether it is an office leasing or joining a coworking space.
Traditionally, the default choice has been to buy or lease office space. However, the modern business landscape offers an alternative – coworking spaces. These shared work environments have gained popularity for their flexibility, cost-effectiveness, and community-oriented approach.
In this article, United Co. explores the financial differences, leasing terms, and flexibility, as well as the community and networking aspects of both office leasing and coworking, helping you make an informed decision about which option aligns best with your business goals and vision.
1. The Financial Differences
Buying any kind of office space is usually out of the equation for most small businesses that are just starting, which leaves jumping into a lease the next best thing. This can be expensive, though, with the average workspace in Australian capital cities costing up to $25,000 per employee.
In comparison, coworking spaces sit at around an average of $7200 annually per employee a year, all the while offering all the same facilities as a traditional office space. And that includes your overheads and access to other, like-minded professionals as well.
Read More About 5 Reasons to Start Coworking in 2024
2. Leasing Term and Flexibility
It can be hard to predict where your business is going to go in the immediate future, let alone the long term. Traditional office spaces usually come with the requirement of locking into leases that could span years, forcing you to confine yourself to that agreement.
On the other end of the spectrum, coworking spaces, offer more flexibility. You have the scope to grow your business and add employees at any time; the advantages of being able to scale easily, without having to break the bank or negotiate leases, are key.
Read More About How to Find the Right Office Space for a Lease in Melbourne
3. Community and Networking
Being part of a large corporate or parent company, you are likely competing with colleagues to climb the same ladder. However, leasing or buying your own office space also means you are operating in your silo and not interacting much with other people outside of your industry – something that’s crucial to innovation in the modern age.
In a coworking space like United Co, there are professionals from a wide range of individuals sharing the same area. This creates networking and collaboration opportunities, where you can tap into their strengths and pool your resources to better both of your businesses. This is one of the biggest advantages of utilizing a space in a shared office.
Read More About How Coworking Spaces Impact Employee Well-being
In conclusion, coworking spaces offer a compelling alternative to traditional office leasing, particularly for small businesses and startups. With their flexibility, cost-effectiveness, and community-oriented environment, coworking spaces provide a dynamic setting that fosters creativity, collaboration, and growth.
By choosing a coworking space, you not only save on overhead costs but also gain access to a diverse network of professionals who can help propel your business forward. Consider the unique benefits of coworking as you make your decision, as it may be the ideal fit for your entrepreneurial journey.
Ready to elevate your workspace experience? Join United Co. today and enjoy a premium flexible office lease in Melbourne and world-class amenities at 425 Smith Street, Fitzroy. Our coworking space offers a wellness suite with a gym, games room, and dedicated spaces for prayer or meditation. Experience the difference between working in a vibrant community and an inspiring workspace. Join us at United Co. and take your work to the next level!
