When your business is booming you may start to look at new options for real estate for the inevitable expansion. Expanding into new premises can be daunting, and if your business is growing at a rate you hadn’t projected you might find yourself in a bit of a predicament when it comes to new space. Do you buy or lease to cover your projected growth, or do you do it to an even bigger growth projection in case things do go really well?
The truth is, that you can vie for the second option, and still cover the extra unused space you might gain in the interim. A very popular new trend that can not only prove fruitful financially, but also grow the community around your business, is co-working spaces.
Imagine this: You rent a space that can easily house 100 employees, but your business currently only has 70. The extra space will be doing nothing while you wait for your business to grow into it, and although it might only take a few months, it could happen a lot slower. Take into consideration that the space is not completely dead space and convert it into co-working space that allows other likeminded business freelancers or sole traders to work from your space, for a fee.
Blending your business, no matter what industry you are in, with other people either in your industry or completely different industries is certainly not going to harm your business. Quite often, the people who rent co-spaces are freelance creatives. And for any business, having a web developer, a graphic designer or a copywriter in your building two or three days a week could save you a lot of problems when it comes to marketing and maintaining your growing brand. It builds relationships in other industries, it grows your collaborative opportunities within your company, and it helps to pay the bills.
Setting up a co-working space requires very little overheads. A desk, electricity and internet are usually the three main requirements, and often if you have spare boardroom space for hire, external freelancers can use this as an opportunity to bring their clients to your business place, increasing your network.
How much can you make from it? In Brisbane co-working spaces rent space out for anywhere between $25 and $150 a day depending on what is required and available. This can be a solid income for any business, and when its dead space waiting to be filled, who knows where it might take your business.