We’re all familiar with the rags-to-riches story of entrepreneurship. How many founders exclaim, “We started out of my garage!” on the day of a big IPO? It’s a romantic notion, for sure: toiling away in some drafty garage (or at a messy kitchen table) until hitting it big. But, like wearing a Steve Jobs turtleneck, it’s not a style that works for everybody. An uncomfortable or uninspiring workplace (cue the Amazon meme below) quickly grows old for you and your employees. Before you look for an office to rent, read to learn why coworking spaces are a better option for small businesses in Charlotte.
Charlotte’s economy is booming, which is excellent for small businesses and entrepreneurs, of course, but it’s also had quite an impact on development. In fact, according to the Charlotte Observer, Charlotte saw more newly constructed office space in 2017 than in any year since 2010. The uptick in growth is due in large part to the arrival or expansion of large financial institutions. However, this comes with a corresponding increase in price per square foot. These large financial firms can afford to pay per square foot, in addition to the overhead costs of traditional office space: internet, electric, parking, etc. For small businesses and entrepreneurs, these costs can quickly drain their bank account. So what’s the solution when you’re ready to take your operation out of your house?
One word: coworking.
Charlotte coworking spaces are shared offices ideal for small businesses, remote workers, and solopreneurs. One flat fee per month covers access to the space and the overhead costs mentioned above: high-speed internet, parking, printing, utilities, maintenance, and more. There are usually a few different levels of membership to suit your particular needs: hot desks, dedicated desks, and private offices are the most common. Amenities vary but commonly include free coffee and tea, conference rooms, printing, and mail.
The convenience of Charlotte coworking appeals to a spectrum of professionals but shared offices highly benefit Charlotte small businesses. If your company has any of the qualities below, you should consider coworking instead of traditional office space to rent.
You’re On a Budget
What small business isn’t, right? Charlotte coworking spaces are better for your new company’s bottom line for many reasons. As mentioned above, because you’re not paying per square foot, memberships are significantly less expensive than paying rent in an office building. At Launch Factory, we make it easy with your monthly rent covering all expenses. You won’t be left with higher heat costs from a prolonged cold spell, or with an astronomical Spectrum bill when you upgrade your internet.
Most traditional office rentals require long-term leases. If you plan on adding new team members to your small business, this puts you in a tight spot. Your options are to either fork out money for more space than you from the beginning with hopes to grow in the future or break a lease (usually with a penalty) to move to a bigger space. Coworking spares you that dilemma. Many memberships are month-to-month, making it simple to add or subtract members for your team. At Launch Factory, we hope our member companies grow and succeed, so we welcome members to switch to a larger office when the need arises. Home Business Magazine perfectly sums up the flexibility of shared office space:
“[Coworking] all adds up to what businesses need most: the ability to change direction quickly and easily.”
In Charlotte, word of mouth and networking are vital to getting your small business off the ground. Coworking spaces fill with like-minded entrepreneurs who can provide indispensable knowledge, council, and connections. Starting a small business can be isolating; spending time alongside people who have been or are in your shoes will make the journey more enjoyable. You never know if your office neighbor can help you with your graphic design or IT needs.
You Need Meeting Space
Along with your daily space, you’ll also have conference rooms at your disposal. Holding meetings with clients in a crowded, loud coffee shop won’t cut it. You’ll be much more confident in a clean, professional conference room- especially if it’s tech-ready for presentations and video conferencing. Launch Factory has three conference rooms, two small collaboration areas, as well as a large training hub.
At The Launch Factory, we provide a unique, technology-optimized local Charlotte coworking space that’s ready for business professionals and teams of all shapes and sizes. If you have any questions about our space or would like to schedule a private tour, please contact us here.