Managing your finances and saving costs wherever possible is an important part of any business. No matter if you’re a huge corporation or a small startup, being responsible with your spending is essential. While your business is growing, analyzing your spending often is important because wasted funds can lead to the downfall of your company. In the bay area, rising costs are an issue for essentially every small business. Having a company in one of the largest business hubs can be a huge benefit, but making sure that you stay on top of spending is vital to making sure you can still afford to run without having to relocate.

This rise in costs is one of the reasons coworking has been gaining popularity recently. There are many benefits and perks involved with coworking, but the money saved is probably one of the main draws. Here are a few of the ways coworking might save you money if you do business in the bay area.

Commute

The cost of gas fluctuates, but in the bay area, even the lows are pretty high. Even the cost of BART tickets and bus passes are going up all the time. Sometimes people tend to think of a commute as an inevitable part of their monthly costs, but that’s not necessarily the case. If you’re your own boss, you should be able to work from anywhere, and you should have an office near your house for when you need a place that is solely dedicated to work. Renting a coworking space saves you from having to travel far away just to find affordable office space. Rent a space near your home, and being able to come in whenever you need to without spending a ton of time and money getting there can do a world of good for your wallet.

Rent

This is the most obvious way coworking saves business owners in the bay area money. Rent is skyrocketing, especially for small business offices. The market is saturated with growing companies, and the demand for appropriate workspaces is the highest it’s ever been. It can be a difficult decision to make. You have to decide if the sometimes huge cost of renting an office suite is worth it for your business. If you only have a few employees, or maybe run the company on your own, it can be hard to justify, but working from home or a cafe can be problematic for other reasons, and unprofessional. Coworking is the perfect solution for those who need an office space, but don’t need a full office suite at this point.

Perks

Along with the savings you’ll get from lower rent and commute costs, your coworking space will come along with a few money saving perks. First of all, most coworking spaces offer free coffee and tea. This not only saves you a little cash, but helps you stay focused instead of having to break your mental stride by going out to a cafe twice a day.

High-speed internet is also included with your coworking space, and runs smoothly without you having to call the cable company and fiddle with installation and fixes. Conference rooms are also available to rent so if you have a meeting, you’ll be able to present yourself and your business in a professional space, with all the A/V equipment you could need.