There is an increasing need for individuals to work from home by most companies. Previously, it was about saving on fees spent on renting and operating an office. The outbreak of Covid-19 has changed the landscape, and now it is a necessity for businesses to hire but maintain a system where people can work at the office and from home whenever a need arises. Far from that, coworking space businesses are now worthy investments. But how much would it cost you to start a shared office space business? Well, you are about to find out in this next section.
Starting a coworking business does not have a rough estimate of how much it may cost. First, the difference in business cost comes from the location of your business. The second factor is the kind of services you want to offer your customers. To arrive at a rough estimate, you will learn how much it will cost to start your coworking space in Bristol based on the basic implementations below.
Cost of Starting Of Coworking Center Business in Bristol
The cost is based on the requirements of your business. For a coworking space, you will need the following:
Rent for space
If you are in Bristol, it may cost you about £25 per square foot/year. According to Deskmag.com, the average square feet of a coworking space in the UK is about 15000 sq. Feet. With this calculation, it could cost you about $31,250 a month on rent. This number could vary if you take smaller space. The cost per square is also relative. Some people may rent out space for even half that price a month, and hence rent could be lesser or more. You could start with a smaller coworking space of about 2000 sq. feet and see how it goes before expanding (This will cost about $4,000, a month)
You need desks and seats that your clients will use. A coworking space of the above size could take about 100 desks more or less. You could negotiate a bulk price at a furniture store. It could be about £2500, more or less if you go with about 20 desks and chairs. It also depends on the kinds of desk you want installed.
You need to pay for items like electricity and the internet for space. This will depend on how much your bills come to. The first month should give a rough estimate of what it could cost for electricity. For the internet, you could choose an internet bundle that works well for your coworking space. The internet should be able to support the number of members that come into your space.
You may want to pay for some marketing for your shared office. Start with places like Google or social media. These costs could differ. The best part is you have control over how much you wish to spend on marketing. A good location could market you. Hence you will pay a little less on promoting your business.
Will you need the assistance of some at the shared office facility? If so, you need to agree with the person about how much you can pay. There are particular industry set rates you could pay an assistant at your coworking enterprise.
You may need to pay for things such as software, an insurance policy, and security. These would come in later. So budget on them early as other expenses.
The expenses could vary more or less. Start with basic requirements, budget for them, and you will be ready to start your shared office space enterprise.