Working in a dynamic and innovative work environment is one of the main benefits of coworking spaces for startups, freelancers, and entrepreneurs, etc. Coworking space offers various options like Virtual Office, Office Space, Cabin space, Private Cabin and a conference room that you take on a lease which comes with additional benefits of amenities of Tea, Coffee & Snacks, Housekeeping Facility, Furnished Office and many more. You pay for the lease and get a hassle-free office experience, where you can upscale and downscale any time. With about 17,000 coworking spaces in the world right now, this market is in trend. This is because there are numerous surprising benefits of having a coworking space, ones you may have never thought of!
11 Benefits of Coworking Spaces For Startup Business
“Collaboration is the software. Coworking is the Hardware”
Renting or buying your own office space can be quite expensive, especially for start-ups that have just entered the business world. Instead of spending a fortune on buying an office space that you might even leave in a couple of years, you should slash your expenses and opt for a coworking space. This will provide you with an instant financial boost and make gaining financial stability much easier. Consequently, you’ll be able to achieve swift and efficient growth and increase your finances, which will put you on the road to success. Later on, if you decide that you need your own office space, money won’t be an issue.
Coworking entails sharing an office space with another business, which will provide you with plenty of networking opportunities. You’ll be able to collaborate with other business owners, enter new partnerships, or gain new clients. Therefore, each and every individual in your coworking space can make a valuable contribution to your business by introducing new ideas or providing their opinions on yours. In addition, you’ll be able to 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 need to 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 and 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 their meeting rooms usually reflect the culture, mindset, and personality of a company 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 comfort and high-quality office furniture.
4. Communal 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 you’ll also join a community. This type of office environment breeds a sense of collectiveness that will make your workplace 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 a variety of interesting events and lectures that all of the employees can attend. Moreover, your employees will get an opportunity to work in a positive and vibrant environment that represents a small and tight community.
5. Increased Productivity
Other important benefits of coworking spaces for startups, Freelancers, and Entrepreneurs is increased productivity. Hence, working in a vibrant atmosphere that emphasizes the importance of shared values and collaboration is much more inspiring and motivational. Imagine having to work in an isolated box office without seeing a face throughout the day. Now imagine working in an open and friendly environment where people share their ideas and help each other overcome different 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 and pleasant, which makes workers feel better, healthier and more positive, which reflects on their job performance.
Instead on 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.
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; where you can receive correspondence. Having a corporate mailing address in a highly reputable business location also sends a positive message to your prospective clients.
Coworking spaces are easy to access and reach. You no longer have to worry about having your corporate meetings in a cafe! The surprising benefits of coworking spaces are often overlooked. Dedicated meeting rooms, presentation rooms, and cafeterias are some added perks of renting a coworking space.
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. If you have your own office space, there are many expenses which 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 perks (such as refreshments or free mail for your business) at one fixed monthly rate. This can help your business to plan expenses.
Most co-working spaces can be rented without any significant down payment or expensive leases and also, all these cost-saving factors are crucial considerations, especially for emerging businesses with a limited budget. We’d say, it’s definitely having the great benefits of coworking spaces for startups, freelancers, and entrepreneurs that you may not have thought 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 spaces also have dedicated seminars to boost employee morale and productivity.
In addition to this, an office space allows employees to have a clear demarcation between their work and family, resulting in maximum productivity. It also improves employee retention, as employees with a good 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. With a coworking space, you have a chance to get out of your comfort zone and try something new. Even if you are a well-established business, a coworking space will help your employees to work remotely, and gain perspective on how other businesses around you are working.
Interacting with people having different mindsets, skills and knowledge will help your business to upskill and adapt. It might help you to come up with solutions for new problems, or solve existing ones in an alternative manner.
11. Collaboration Opportunity
Collaboration and networking are some of the additional benefits of coworking space. While it’s possible to work remotely or work-from-home, your business might be missing out on crucial networking that might open new doors.
A coworking space has many offices and many different 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, and it eliminates the anxiety and loneliness that your employees might feel when they work remotely.
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.
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.
These were our top 11 surprising benefits of having a coworking space!
Coworking spaces allow businesses to get out of their bubble and collaborate. Therefore coworking spaces are great for small and medium businesses looking to offer flexible work options and save costs. They are also great for established businesses looking to diversify their office spaces. A comfortable, efficient, and productive space is needed for any business that wants to thrive and prosper. With coworking, you get 100% of the office perks, with 0% hassles! Were you surprised by the benefits of coworking spaces brings? Let us know.