Many businesses use coworking spaces as an alternative to the traditional office. Not only are employees not confined to cubicles, but coworking and virtual offices offer flexible plans in a modern setting. Professionals from around the world can work remotely in a coworking space while networking with others in the space. Let’s dive into the specifics and learn how coworking spaces can help businesses in the long-run!
A coworking space, otherwise known as a virtual office, is an office where remote professionals or small-to-medium sized businesses come to independently work on projects. Coworking spaces offer the same, if not more, amenities compared to traditional offices. The main differentiator is the flexibility these spaces provide workers and businesses since they don’t need to sign any long-term leases or contracts. Most coworking spaces will have the basics like WiFi, printers, conference and meeting rooms, modern furniture and complimentary coffee and snacks.
Coworking spaces come in many different forms. When researching for locations and amenities, make sure to consider the following:
The main types of coworking spaces are open, private, industry-specific and venture/incubator workspaces. Depending on your business or work, you may choose one type over another as they can offer different benefits. The connections and relationships you can form within a coworking space can lead to client referrals, new business opportunities or lead to organic growth for your company. Either way, you’re saving money from a business perspective and potentially gaining new prospects in the meantime.
If you have a relatively small team and have about 15 members, coworking spaces can help you save up to $2,700 per month – and for small businesses, that’s a lot of extra money. In general, coworking and virtual offices can be up to 60-70% more cost-effective than a traditional office model for businesses with up to 30 employees.
So, how does the cost breakdown work?
For starters, coworking spaces don’t require expensive leases. Down payments and leases can put a dent in any budget. With the help of a coworking space, you can set up shop without the risky overhead.
Additionally, you won’t have to worry about furnishing the office with any desks, chairs or filing cabinets. Instead of charging these costs to the company credit card, you can get settled right away without the added stress. Should any equipment or furniture need any maintenance, you won’t have to worry about that. Your only concern working at a coworking space is paying the monthly fee – which also includes utilities. Here is a list of extras you won’t need to pay for:
As far as memberships, there are many options available, which can also help cut costs. Flexibility is a key selling point for coworking spaces and most memberships offer flexible plans. A lot of spaces have monthly or annual memberships as well as day passes for hot desking. No matter your budget or needs, there’s something for everyone.
To sum this up, coworking spaces offer tons of financial benefits for small-to-medium sized businesses. When calculated properly, companies can save a big chunk of change just by utilizing a coworking space. If you’re looking for a pristine coworking space, get in touch with Telsec and book a tour with us today!
1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward
2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com
3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com
4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com
5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com
1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com
2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com
3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/
4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca
5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com
6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca
7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/
8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca
9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca
1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca
2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com
3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com
We are by far the most experienced and best coworking team in the market – established in 1980
18 King Street East, Suite 1400
Toronto, Ontario M5C 1C4 Canada
Please check out our 70 second video on our home page or click here:
Take a look at our facilities www.telsec.net
Telsec will Customize Your Client’s Office(s) Layout to Meet Their Requirements.
You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.