Top 7 Reasons Why a Co-Working Space May Benefit Your New Business

This is a contributed post and contains affiliate links.

Starting a new business is exciting, but it comes with a lot of work, whether on your own or even with a small team involved. One of the things you’re probably interested in is improving productivity, and one way to do that is by using coworking spaces. The feeling of being in the same place as like-minded people is one of the many appreciated benefits of working in a coworking space. Indeed, giants such as Uber, Spotify, and Instagram started out with this arrangement and look at where they are now. So, it may be a smart choice to consider using coworking spaces in the initial stages of your business, and here are more reasons why.

1. Networking Opportunities

If you ask many successful businesses for tips, one of the things you’re likely to hear is about the professional connections and friendships. And what better place to make friends with which to climb the professional ladder. When you run an online business, for example, your first instinct might be to work from home. However, it can get lonely and possibly redundant so consider getting out of that zone, to get your creative juices flowing again. 

Being in a coworking environment gives you the opportunity to share ideas with others and get some insight into solving problems that your startup may be facing. For example, if you’re into tech and are looking for someone to write an article for your launch, you’re more likely to find someone in a coworking space. You will be able to get some tips from people experienced in the same field or even others that could help your new business. You might also end up meeting people who would need your product or services and turn them into customers.

2. Cost Reduction

The cost of acquiring space for work can be quite unnecessary, especially for a new business. When you’re considering the expenses at the beginning of a business, it is advisable to use the most affordable options, and coworking spaces are one of them. Also, with co-working spaces, you’re likely to get other perks like internet connection, furniture, lighting, and other great structural amenities that you’ll have to pay extra for when renting or buying space. 

And if you’re a coffee-lover, then you’ll enjoy the bottomless coffee that these spaces come with. You’re also spared the extra cost of getting things installed, which could delay and hence reduce working hours that could have made you some money. You also won’t get that quality of facilities at home or in your local coffee shop. The low startup cost will allow you to put that money into another aspect of the business that needs it more. 

3. Business Flexibility

Apart from the cost that co-working spaces frees you from, another thing it does is to free you from long term commitment. Renting or buying a building or space to work comes with a commitment that, quite frankly, you may not be able to adhere to at all times. The business climate changes, and so for a startup, making such a commitment might not be such a good idea. Coworking spaces allow you to come and go as you please according to your needs at the time. You wouldn’t have to worry about not being able to pay rent for a certain month as the terms of use and payment plans are quite flexible.

4. You get some balance in your life

This benefit is especially for those who work from home, where it is challenging to separate work from home life. If you don’t have an office space, it can be particularly hard to define these two aspects of your life. Family can get in the way, and if you live by yourself, then procrastination could be a challenge. With coworking spaces, you’re able to have clear boundaries between the two, with a routine that allows you to turn either aspect of your life on and off. Now, you’ll be able to focus on only your work or family when you need to, and probably squeeze in social life if you’re not too busy thinking about either one all the time. These boundaries are good for staying productive both at home and at work.

5. Your space grows as your business grows

Picture this – you rent out a space for your small team of three. But as time goes on, business grows, and so you need a few more employees and hire two more. Where is the space to accommodate them? This presents the problem of having to give up the current space for a bigger one, which means more cost. Fortunately, coworking spaces are made to solve this type of problem. As mentioned, your startup probably does not have the luxury of renting spaces left and right as the business is still young. With coworking spaces, expansion is simple, and you don’t even have to change locations. The cost involved for this minor expansion is small compared to how much you would probably spend on acquiring a new space in another location, not to mention the cost involved for logistics. Remember that the desks and other facilities are already catered for. There aren’t inhibitive cancellation fees, and even if you’ll need to downsize later, the transition is straightforward. 

6. There’s an already made workplace culture

More and more organizations are understanding the need for a workplace culture when it comes to teamwork and productivity. For a startup, which will probably have a small team, building this culture from scratch can be challenging. It will take a long time, which may contribute to the many challenges that startups already face. When you use coworking spaces, however, you eliminate the need for trial and error period since there is an already established culture to tap into. These kinds of spaces are rife with a healthy environment that showcases a sense of community even though there may be very different industries and personalities. The culture fosters values such as tolerance of others’ opinions, teamwork, and social skills, all aiming at getting things done the best way possible. This will encourage your team to be more efficient, to speed up the growth of your business. Statistics show that employees working in these kinds of environments feel more motivated, engaged, productive, and ultimately happier.

7. Diversity at your fingertips

Maybe your startup is a small one, and your resources will not allow you to be as diverse as you need to be. Well, a coworking space gives you this opportunity on a silver platter and at no extra charge. Not only is there a wide variety of industries but also a diverse array of cultural backgrounds and personalities. So in addition to business advice and connections, you’ll also be able to learn things from a different point of view which can prepare you for instances like dealing with customers etc. Being part of a diverse community also gives you the opportunity to think outside the box, which is an integral part standing out in your industry.

To wrap things up, startups are some of the best beneficiaries of coworking spaces, and the numbers are not dropping anytime soon. So, take advantage of these benefits to grow your business. It’ll allow you to check one more box off your list of challenges you’ll face as a new enterprise. Gradually, these accommodation arrangements for businesses are becoming more and more common and beneficial for those utilizing them.