Most businesses have a growing demand for employees who can work from home. In the past, it was all about slashing the costs of renting and operating a business location. Having a system in place that allows employees to work both in the office and from home is now a need for firms following the emergence of Covid-19.
Coworking space enterprises, on the other hand, are now sound investments. Is starting a shared office space business expensive? In the next section, you’ll learn all about it.
A rough estimate of the costs of starting a coworking business is impossible to come by. As a business owner, you have a lot to consider when it comes to location.
For the second factor, you need to consider what kind of services you intend to provide for your consumers. Coworking spaces in Luxembourg can cost as little as a few hundred euros per month to run, based on the simple implementations below.
The price is determined by the needs of your company. You’ll need the following for a co-working space:
Space rental
Luxembourg’s residents can expect to pay roughly 25 euro a year per square foot. Renting a home in this area might cost you as much as 31,250 euro per month. If you’re working with a smaller area, your results may differ.
The price per square foot is partly a matter of perspective. Rent could be less or higher depending on whether people are renting out space for that much or less each month. Before investing in a larger location, you can test the market with a smaller coworking space of roughly 1000 square feet.
Furniture
Clients will utilize your workstations and chairs, so make them appealing. More or less, a coworking space of this size might accommodate roughly 100 desks.
You may be able to get a discount if you buy in quantity at a furniture store. It may cost around 2500 euro if you use 20 desks and chairs. Depending on the type of desk you want installed, the price can vary.
Utilities
For example, you’ll need to pay for energy and the internet in order to have space. This will be determined by the total amount of your monthly expenses. Energy costs can be estimated for the first month by looking at the bill for the previous month.
You can select an internet package that works nicely for your coworking space. Alternatively, As many members as possible should be able to connect to your place at the same time.
Marketing
Marketing for your shared workplace might be a good investment. Start with Google or social media as a preliminary step. Costs can be different. When it comes to advertising, you have complete choice over how much money you want to spend.
A favorable geographic location may serve as a marketing tool for your services. Consequently, you will be able to save some money on advertising your firm.
Labor
Does the shared office space include anybody who can help you if you run into problems? If so, you’ll need to work out a payment plan with the individual you’re renting from.
Coworking space assistants can be compensated at standard industry rates.
Additional costs
Software, insurance, and security are a few examples of items you may have to pay for. Eventually, these would be available. So start budgeting for them as soon as possible, just like you would for any other expense.
There is some leeway in costs. Begin with the bare necessities and budget for them, and you’ll be set to launch your shared office space company.
