11 Benefits of Coworking Spaces For Startup Business

1. Affordability

2. Networking

3. Equipped Offices and Appropriate Meeting Spaces

4. Communal Environment

5. Increased Productivity

6. Corporate Mailing Address

7. Flexibility

8. Reduces Business Costs

9. Wellness and Work-Life Balance

10. Break out of Your Comfort Zone

11. Collaboration Opportunity

2. Networking

Coworking entails sharing an office space with another business, providing you with networking opportunities. You’ll be able to collaborate with other business owners, enter new partnerships, or gain new clients. Therefore, every individual in your coworking space can contribute to your business by introducing new ideas or providing their opinions on yours. In addition, you’ll learn from experienced business owners and acquire new skills that might be extremely helpful in the future. By expanding both your professional and personal networks, you’ll ensure your company’s success.

3. Equipped Offices and Appropriate Meeting Spaces

When renting your own office, you must invest in its equipment and design. On the other hand, coworking spaces come with everything you might need, including communication technologies, reception services, mailboxes, etc. These spaces usually feature a modern, upbeat design that appeals to a youthful workforce. In addition, you’ll have appropriate meeting spaces where you can greet your clients and hold business meetings. Coworking offices and meeting rooms usually reflect a company’s culture, mindset, and personality with their layouts and furniture. For example, office desks in Sydney are designed to ensure maximum productivity, functionality, and comfort in coworking spaces. The same goes for India, where meeting spaces and work areas are oriented towards amenities and high-quality office furniture.

4. Community Environment:

Opting for shared office space is one of the additional benefits of coworking spaces for startups, freelancers, and entrepreneurs. You won’t just share an office with another business but also join a community. This office environment breeds a sense of collectiveness, making your work much more enjoyable. In addition, such a communal environment offers some specific benefits. Apart from creating a community of people who feel connected to their co-workers, coworking spaces often host various exciting events and lectures that all employees can attend. Moreover, your employees will be able to work in a positive and vibrant environment representing a small and tight community.

5. Increased Productivity

Another essential benefit of coworking spaces for startups, Freelancers, and Entrepreneurs is increased productivity. Hence, working in a vibrant atmosphere emphasizing the importance of shared values and collaboration is much more inspiring and motivational. Imagine working in an isolated box office without seeing a face throughout the day. Imagine working in an open and friendly environment where people share their ideas and help each other overcome obstacles. Where would you feel more motivated to work? Coworking offices typically feature large, open spaces with different areas and zones. Such an office layout is more enjoyable, which makes workers feel better, healthier, and more positive, which reflects on their job performance.

Instead of buying an office space, reduce your expenses and increase. Your savings by opting for coworking spaces. Not only will you attain financial stability and swift growth. It also provides your workers with a motivating and vibrant work environment. Hence increase in productivity is one of the best Benefits of Coworking Spaces

6. Corporate Mailing Address

Most coworking spaces are located in the heart of cities and metropolitan areas, where it would otherwise be near-impossible to find an office space. A coworking space gives you a business mailing address to receive correspondence. A corporate mailing address in a highly reputable business location also sends a positive message to prospective clients.

Coworking spaces are easy to access and reach. You no longer have to worry about having your corporate meetings in a cafe! However, the surprising benefits of coworking spaces should be noticed. Dedicated meeting rooms, presentation rooms, and cafeterias are some added perks of renting a coworking space.

7. Flexibility

Most co-working spaces are highly flexible. As a business owner, you can start a subscription lease at any time, and cancel anytime you like. Furthermore, suppose you start your organization with just 5 employees and want to upscale later. With a co-working space, all you have to do is upgrade your subscription, and you get access to a larger office within just a few days!

Coworking spaces are also perfect for businesses that require flexible timings. Some coworking spaces are open 24×7, allowing you to have a client meetings room even at odd hours. Even though you rent an office space, you get complete control and flexibility to determine your own working hours.

8. Reduces Business Costs

Business costs can pile up quickly, especially if you are a small or medium business owner. For example, if you have your own office space, there are many expenses that you’ll have to deal with- such as taxes, cleaning and maintenance, furnishing, and added office perks like coffee or snacks. A coworking space takes away all these hassles and comes with added extras (such as refreshments or free mail for your business) at one fixed monthly rate. This can help your business to plan expenses.

Most coworking spaces can be rented without significant down payment or expensive leases. All these cost-saving factors are crucial considerations, especially for emerging businesses with a limited budget. However, it has the great benefits of coworking spaces for startups, freelancers, and entrepreneurs you may have yet to think of.

9. Wellness and Work-Life Balance

Coworking spaces are superb if you want your employees to develop their well-being and persona. These spaces eliminate loneliness, improve your employee’s interpersonal skills and boost your potential network. Most Coworking Spaces also have dedicated seminars to boost employee morale and productivity.

In addition to this, an office space allows employees to have a clear boundary between their work and family, resulting in maximum productivity. It also improves employee retention, as employees with an excellent work-life balance and cheerful office space are less likely to leave.

10. Break out of Your Comfort Zone

The difference between a successful and unsuccessful business is the ability to evolve. You can get out of your comfort zone and try something new with a coworking space. Even if you are a well-established business, a coworking space will help your employees work remotely and gain perspective on how other businesses operate.

Interacting with people with different mindsets, skills and knowledge will help your business upskill and adapt. It might help you to come up with solutions for new problems or solve existing ones in an alternative manner. This is one of the best Benefits of Coworking Spaces

11. Collaboration Opportunity

Collaboration and networking are some of the additional benefits of coworking space. But, while it’s possible to work remotely or from home, your business might miss out on crucial networking that might open new doors.

A coworking space has many offices and opinions under a single roof. This is an excellent opportunity for your employees to collaborate, get creative and solve new problems. You might meet your next client or next stakeholder through a shared working environment. Coworking spaces also bring consistency, eliminating the anxiety and loneliness your employees might feel when they work remotely.

FAQ:

What are Coworking Spaces?

Coworking is not just about sharing workspace and cost it is about belonging to a community, availability, and affordability.

A coworking space is different from a typical office because the people who work in the coworking community aren’t the same employees working for the same company. It is designed to provide a productive and collaborative environment without corporate limitations.

The word Coworking is defined by the two words “Co” & “Work,” So the word “Co” means “Together with others’ and “Work” means “the place where you do your job.” If we combine both, it becomes co-work, and the meaning that comes out is – means of earning with others. 

Why is coworking space in demand nowadays?

As per the ongoing trends, the number of freelancers, entrepreneurs, and startup businesses increases day by day. Meanwhile, finding new methods to creatively network and carry out work activities productively is becoming challenging. However, Coworking plays a vital role that provides you an affordable price and vibrant environment with a professional setup that lets you focus, unwind, connect with other professionals, entertain clients, and achieve success. e.g., You can have the same vibe at a coworking space instead of meeting up in a random Coffee shop.

Who uses Coworking spaces?

Mumbai Coworking Space is home to business people of various industries such as Small Businesses, Freelancers, Remote Workers, Commuters, and also for Business meetings.

How profitable are coworking spaces?

According to a survey, only 40% of coworking spaces are currently into a profit-making business. While that number may seem low, it is partly because this coworking industry is an ongoing trend and is increasing rapidly. With new coworking spaces coming into existence nearly every day, it might take them a few months or years to go into the growth stage. More than 70% of coworking space entered into the growth stage phase after two years into the business operation.

What is the cost to get started in a coworking space?

Starting in a coworking space costs absolutely nothing because Coworking doesn’t require a dedicated space to do it. 

Even if your vision is to start your business in a coworking space, this whole process gives you the benefits of coworking space – you execute with proper financial planning, momentum, and buy-in from community members. You can avoid spending more capital on things that are not necessary.

And also you don’t need to worry about seeking an entire office for your startup plan, you can start with just Rs 5000 per seat or maybe less than those who are interested in working in coworking space. One of the additional benefits of coworking space is the people who are addicted to working in a vibrant environment, coworking is the best and would merrily pay for coworking space to access it on a daily basis.