The coronavirus outbreak has affected the lives of hundreds of thousands, and has made a significant impact on many businesses. While the pandemic continues to evolve, many are taking the time now to shift their business’ focus into mobilising, stabilising and strategising for a post-pandemic world.
During the rise of the pandemic, coworking spaces saw a surge in demand as companies began to spread their workforce across multiple locations to minimize the spread and impact of COVID-19. Coworking spaces have not only enabled businesses to house employees flexibly in various locations, allowing them to continue work with minimum interruptions in the early days of the virus, but they will continue to assist businesses as they recover and scale once COVID-19 restrictions are eased off.
Here’s how.
Reduce rent
Most fitness & wellness businesses that typically provide face-to-face services will have experienced a dip in business during the period of time when social isolation and safe-distancing became a norm and restrictions were put in place to stop non-essential businesses from operating. Inevitably, this will have had major implications on businesses' cash flow and finances.
Post-COVID, these companies will need to be smart in how they spend as they resume operations again. Businesses can leverage a coworking space to reduce their overhead costs in several ways.
For example, rather than paying for an entire floor of a building to house your employees and committing to long-term leases, coworking spaces provide you the opportunity to share the cost of an entire building with others utilising the space, so you can cut costs on rent and devote your funds to more pressing matters within your business. Plus, you also get the flexibility to rent the space without having to make any commitments to a long-term lease.
Eliminate the burden of fit-outs & refurbishment
Most coworking spaces are fitted out with everything you need to run your business. For example, Core Collective, a coworking space that is specially designed with fitness & wellness businesses in mind, leases out group fitness studios, gym space for personal training, and wellness consultation/treatment rooms which are inclusive of all the necessities needed for them to operate. This includes gym equipment and shower facilities for fitness professionals, and treatment beds, massage beds or counselling couches for wellness professionals to utilise without any added cost or administrative burden.
The price of a well-decorated office can also add up. Coworking spaces are fully decorated and beautifully designed - and you won’t have to fork out any extra costs to impress your clients that drop by.
Ease scalability & growth
With everyone currently cooped up at home on stay-home-order and having to make do with virtual personal training, group classes, and wellness sessions, it’s expected that they're all itching to get back on their feet to resume their pre-pandemic fitness or wellness routines as soon as it's safe to. Demands for fitness and wellness services are expected to spike post-COVID, and coworking spaces are an easy solution for businesses to react to and meet the increasing demands, quickly and easily.
There’s a lot of thought that needs to go into relocating to a bigger space or finding the perfect location for a second outlet when you grow. Coworking spaces take away the pain points associated with growth and make scalability easy. They are built for diversity, meaning you’ll have several options to choose from to swiftly scale up as your business grows in the future. Plus, with the flexibility that coworking spaces offer, your expansion can be done both temporarily or permanently, with no hassle or worry.
Core Collective is committed to supporting the startup of new fitness and wellness businesses and facilitating the growth of existing ones. In light of the challenges imposed by COVID-19, please feel free to get in touch with us to take a virtual tour of our fitness & wellness coworking space if you need support in recovering your business after the pandemic. Fitness partners may click here, and wellness ones here.