Renting a co-working space can be a great way to launch your startup cheaply – and expand your professional network in the process.
For starters, it’s much easier to deduct than the complicated “home office deduction” – and much less likely to trigger an audit. It’s also a lot less complicated than home-based business laws and regulations, particularly if you have any employees.
Shared expenses make co-working much cheaper than leasing an office by yourself, and the shared arrangement means you only have one bill to pay each month. It’s also much easier to get out of than a long-term lease, and a shared conference room looks a lot more professional than having clients visit your basement.
But the contacts you make will likely be the biggest benefit of renting a co-working space. You get instant connections with other entrepreneurs who may be able to offer you valuable insight into your business, on everything from strategy to services and hiring. They could turn out to be essential partners. And you could make a difference in their business too.
Adapted from 4 Ways Coworking Can Flex Your Small Business Budget by Joe Taylor Jr. at Small Business Computing. Follow Small Business Computing on Twitter.