In today’s economic environment, small businesses are discovering ingenious ways to cut costs, improve efficiencies, and thrive. In recent years, a trend toward coworking and “collaborative consumption” has helped business owners find new ways to secure resources.
Coworking
Coworking is when different businesses share needed office space and resources, including copy machines, conference rooms, white boards, and even kitchens. For example, to help stave off the isolation of working from home, freelancers might rent space in an urban loft used by other creative workers for a few hours per week. Small business start-ups may use the same space to host pitch meetings with potential investors. Coworking has become so popular in recent years that a cottage industry has sprouted up to serve this market. A simple Internet search uncovers a wide selection of local coworking options, particularly in areas where young, entrepreneurial workforces exist.
Collaborative Consumption
Collaborative consumption, also known as the “sharing economy,” has also gained ground. Following are examples of how this movement can help cut overhead and capital costs:
- Do you occasionally need transportation but would rather not purchase your own company (or even personal) car? Consider using one of the many ride-sharing options that may be available in your area. Such options provide cars you can drive yourself, fill open seats in vehicles headed in your direction, and offer services similar to hiring a taxi or limousine.
- Are you trying to launch a business where the necessary capital assets can be costly, such as a culinary or mechanical endeavor? Shops are beginning to pop up that allow business owners to pay for temporary use of large equipment so that they can focus on product development and production.
- Do you have unwanted but necessary tasks that need to be taken care of quickly, such as filing paperwork, delivering products, or one-time “fix-it” jobs? Another option is an online community that permits individuals in your area to “bid” for the job.
The coworking and collaborative consumption are still relatively new and unregulated, which can be both a potential boon and a drawback. When using these types of services, it helps to keep an open mind. Investigate your options carefully—word-of-mouth reviews, both in person and online, can be your strongest ally. If you need assistance with your business, contact the Experts at Henssler Financial: experts@henssler.com or 770-429-9166.
Disclosures
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
