Most startup businesses commence operations from home. But as you meet with potential clients and business partners to help grow and innovate your business, your home office or local coffee shop may not be the best place to convince them of what you’re trying to achieve.
Enter the concept of coworking spaces. A coworking space is a shared workspace where entrepreneurs, digital nomads, employees, and freelancers come together to do work, collaborate and meet people from different backgrounds and areas of expertise.
Famous businesses such as Uber, Instagram, Spotify, and Indiegogo all attribute their success to coworking spaces. The support and knowledge of a diverse professional community helped them think outside the box to develop a more sustainable business model.
One of the biggest reasons coworking spaces have become so popular around the world is that they promote productivity; or what is ascribed to the social facilitation theory – which states that people perform tasks better when in the presence of others.
Here are four benefits coworking spaces can yield for your startup business:
1. Facilities similar to a corporate office
Every startup has one thing in common: limited cash flow. Before you commit to ditching your home office for a more formal brick-and-mortar office space, you should first consider your needs:
- Is your business at a stage where employees need to meet and collaborate a few times a week?
- Will you need an office just to set up a formal business address?
- Are you looking for a short-term commitment?
- Will you only need basic office resources or materials?
If you answered YES to any of the above, the good news is that a coworking space can easily meet all of those requirements and more.
If you choose to scale your business in a coworking space, you can expect the following:
- Private conference and meeting rooms
- Shared working space to interact with people from different companies
- Adjustable payment terms (no long-term lease compared to traditional office spaces)
- Basic office equipment such as a stable internet connection, printers, beverages, and an aesthetically pleasing design
- Private phone booths
- Reduce overhead costs
2. Flexible work arrangements and payment options
Every coworking space offers a different layout. Some may be more desk-oriented while others may prefer to use more of their space to accommodate meetings and private offices.
What’s more, some office spaces may cater more to certain business industries; having that flexible arrangement can come in handy in case the space you rent out may not be a match made in heaven.
Whichever setup you will need for your business, a coworking space can be the best alternative if your main goal is to find an affordable office space.
For starters, they offer different payment options that won’t lock you in long-term compared to a lease. You will also receive premium services to ensure you get the most value for your money.
Let’s say you’re skeptical about coworking spaces and want to get a better feel for the environment before making a long-term commitment. The best coworking spaces will offer flexible pricing depending on your need – day passes, hot desk, or a dedicated desk.
But, if you’re contemplating setting up an office in a coworking space, the best will offer short to long-term flexibility, a custom buildout, and premium services or features such as 24/7 access or a virtual mailbox service for example.
3. Networking opportunities
While working from home can be cost-effective and give you more control over what you do with your time, it does create a barrier that can prevent your business from prospering.
Carrying out the same routine can be difficult no matter how well designed your home office is, especially if you’re low on motivation or accountability.
Every person who works in a coworking space will tell you:
The biggest perk of working in a coworking space is the capacity to meet like-minded individuals from different industries. Some of the people you’ll meet can offer insights on different topics, expand your current network, or create new opportunities to stimulate your career development.
When you’re in a coworking space, you expose yourself to a social atmosphere where you’re free to interact with others as much or as little as you want.
Some coworking spaces even offer networking events such as workshops, symposiums, and seminars to help you meet experts in your industry.
As businessman James Cash Penney once said: “Growth is never by mere chance; it is the result of forces working together.”
4. Better work-life balance
There’s just a different vibe when you work in a room full of driven professionals than when you’re working from your home office.
When you work in a coworking space, you establish a firm work environment and refresh your mind to see different perspectives and input.
While you can argue that working tirelessly for long hours at home may sound like a recipe for success, it’s not always a viable long-term solution.
If you have difficulty setting boundaries between your work and personal life, you increase your chance of burnout, leading to poor outputs from you and the rest of your team.
Statistics have even been reported on the positive effects of coworking spaces on people who frequently visit them:
- 71% of people in coworking spaces say they’re more creative when working in a coworking space
- 89% say they’re happier now than before they started working in a coworking space
- 84% of employees in coworking spaces say they feel more motivated to do work
Opting for coworking space is the perfect solution for small business owners who wish to scale operations.
When you work in a coworking space, you increase your probability to connect with other professionals who can benefit your business and the other way around.
What’s more, you will also enjoy the amenities and resources that you would normally find in a traditional office setup, choose whether you would want to work in a more public or private setting, and have the freedom to terminate your membership whenever you see fit.
Have a look at a coworking space walk-through virtual tour:
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Virtual Office, Coworking space or traditional office space, OfficeFinder can help. We have hundreds of tenant representatives and thousands of flexible office space options that can help you find the perfect space for your business, for free. Message us now.