The way businesses operate and people work transformed massively. Just like ride-sharing services like Uber have become so popular, so too have coworking spaces. The benefits of coworking spaces for startups, in particular, are undeniable.
Coworking Spaces- A Brief Overview
Coworking spaces refer to offices and spaces designed to accommodate various businesses, all under one roof. While traditionally, businesses buy, lease, or rent the office spaces that are exclusive to them, a coworking space removes this exclusivity.
Coworking spaces have an open layout. The reason for an open work environment is to build a community and a shared culture. This may not be as important for large, established enterprises since these are large enough to foster an internal corporate culture. On the other hand, for smaller businesses, it may prove lifesaving.
Benefits of Coworking Spaces for Startups
The concept of coworking spaces is designed specifically to aid and assist startups since they lack the economies of scale and scope larger businesses enjoy. This is why such spaces have immense value for small companies since they help create an environment where startups can thrive. Examining the benefits of coworking spaces for startups is critical to understanding their appeal and growing popularity.
Office spaces do not come cheap, especially those that are centrally located and are well-connected. Rent is a major cost for businesses. This is particularly true for startups since most have only a few employees and do not require a large office space to begin with. Renting an entire office space can be extremely costly and add to the overall expenses for a start-up that is already strapped for cash.
A coworking space is a perfect solution as it offers a well-built office with all the amenities at a fraction of the cost. Startups can use these cost savings towards furthering their business instead.
Increased opportunities for networking
Startups and small businesses do not have the means or the marketing resources at their disposal like established businesses. Yet getting their name out there and connecting with other businesses that may complement one another is key to surviving in a highly competitive environment. Being in a common working area leads to networking, one of the major benefits of coworking spaces for startups.
Being nearby allows people to interact and develop working relationships that would otherwise not exist. In doing so, start-up businesses can work together to create a synergy that allows them to compete with larger firms in the industry.
Developing a culture
Related to the previously mentioned benefits of coworking spaces for startups is the development of a culture unique to the coworking office. Since the coworking space accommodates small businesses striving to grow, there is a rich culture of collaboration. Rather than competing with one another, the focus is on developing and fostering a community.
It is also a culture that relies heavily on creativity and drawing inspiration from different entrepreneurs, all working under the same roof. Plenty of opportunities exist to learn from one another as the exchange of ideas forms. The dynamic culture is in complete harmony with most startups’ main characteristic: innovation.
Most coworking spaces are recent builds. The making and design stem from the goal of housing many different ventures in one place. Be it, freelancers or up-and-coming entrepreneurs, anyone can benefit from the facilities these coworking spaces offer. Coworking spaces come fitted with state-of-the-art technology and all the necessary amenities that an office should have.
Coworking spaces are open in layout, can have private offices, and usually don’t have the traditional cubicle style. The offices are well-lit for a comfortable working environment. Coworking spaces consistently stock up on tea, coffee, and other basics, so businesses need not worry about office supplies.
Getting access to a business address
If you are a freelancer or run an at-home business, access to a certified office space goes beyond the benefits of coworking spaces for startups. Having a reputable business address adds professionalism. People are more willing to work with companies or businesses with a well-known business address. Coworking spaces add to the identity of a business by giving access to a business address that would otherwise have been impossible.
Coworking spaces are flexible
Another unique feature of coworking spaces is that they are fully functional 24/7. This means startups can schedule meetings or work whenever they want. If a deadline has to meet, employees can work late hours. They can even work on the weekends without worrying about the office being closed.
Another way coworking spaces are flexible is in terms of space. Startups usually experience rapid growth, and employees may increase in a short period. If startups experiencing such rapid growth follow a conventional approach of renting a separate office, they will be forced to move frequently to accommodate a growing workforce. Expanding the workforce size is not an issue with a coworking space. This is because startups can rent additional space without the hassle of moving to a completely new business address.
Working in a coworking space encourages a more formal and professional mindset. You have a surrounding of professionals from various industries which prevents complacency. A relaxed attitude toward work is the bane of many startups. So, among the major benefits of coworking spaces for startups is the highly productive and professional environment it harnesses.
Choosing A Coworking Space For Your Start-up
Now you are aware of all the benefits of coworking spaces for startups! It makes sense to hunt for a good coworking space for your start-up. Coworking spaces create the perfect conditions that enable startups to grow and thrive. While larger enterprises have an edge in size and resources, startups can compete with them through networking and innovation, both of which are amplified in a coworking office space.
Blue Mango Coworking offers great remote working space for entrepreneurs, startups, remote users and people that want to work in a new space. Come visit us in Arlington Heights.