Congratulations! Your small business may be more ready than you think to take the big leap out of your basement or garage into office space. Traditionally, launch costs have been prohibitively expensive, delaying the expansion of a small business. Reduced costs is one reason coworking spaces continue to growing in number and popularity. Lakes Workspace is now open in Medford Lakes, making this an ideal time to consider coworking as the logical next step in the growth of your local business. Here are five ways you can save money by choosing membership in Lakes Workspace.
Save on rent. Even a small office space can take a hefty bite out of your wallet. According to Mike Meyer, a Broker Realtor at Keller Williams, office space rental in South Jersey ranges from $13-$20 per square foot. A 700 square-foot space will set you back $900 – $1400. Add to that brokers’ fees plus a security deposit that typically runs 1.5 times the rent, and construction costs if the space has to be reconfigured to suit your needs. An annual membership at Lakes Workspace can save $1000 per month or more on rent alone.
Save on operating costs. Typically, energy costs make up about 19% of an office budget (National Grid). Managing these costs includes everything from turning off lights and monitoring the use of computers, printers, small appliances, electricity, heat and air conditioning. Membership in a coworking space means someone else takes responsibility for budgeting, managing, monitoring, and paying operating expenses.
Save on the cost of buying furniture, equipment, and supplies. Office supplies and technology consume large chunks of small business budgets. Basic office supplies like pens, paper, and paper clips, and larger investments in desks, chairs, lighting, and storage add a substantial dollar amount to upfront costs. Add to that the investment in compDepositphotos_69202539_s-2015uters, phones, printers, internet service, small appliances, and even coffee service, and set-up costs skyrocket. ABN Business Discount Network estimates businesses spend a little over $2,000 annually for office supplies and equipment per employee. Lakes Workspace memberships allow you and your partners or employees to get right to work with zero investment in supplies and equipment.
Save on advertising costs. Spotlight your business and make the most of your coworking membership by attending workspace sponsored networking events, have a listing in the membership directory, interact daily with other business people from your community, and present or speak at networking events.
Save Time. Setting up an office takes time. That affects productivity and in turn, the bottom line. After the time and money spent, if for some reason your new office turns out not to be ideal, you are stuck with it for at a year or more, depending on the lease.
At Lakes Workspace, one rate covers all the costs outlined above. Forget about spending a lot of time searching for, then paying big bucks for rented private office space and the many costs related to leasing. Entering a shared space couldn’t be easier, or thriftier. Almost all expenses are rolled into one affordable membership payment. The only cost to the individual or company are add-on services like binding, catering, administrative services, etc., all at the members’ discretion.
Stop into Lakes Workspace and tell us about how you work. We have a variety of packages to get you started coworking immediately.