4 Reasons Your Startup Should Consider Working out of a Coworking Space
You need access to crucial resources if you’re going to turn a small startup into a thriving business. While you may be able to reach a certain stage of growth from your home office, eventually, you’ll need space to accommodate a larger team.
This doesn’t mean you need to budget for a traditional office. Coworking spaces are becoming increasingly popular among both startups and major brands because they offer a wide range of benefits. Even better, they’re located all around the country and the world.
Whether you’re looking for a coworking space in Cincinnati or San Diego, you’re sure to find plenty of options. The following are key reasons a shared office may be the ideal fit for your needs.
Cost benefits of working in a coworking space
Leasing office space can be prohibitively expensive for smaller businesses. Landlords may demand long-term leases, and finding an area that offers the resources you need without any costly add-ons is challenging.
Coworking spaces tend to cost significantly less than traditional offices, and tenants often have flexible options when selecting plans. You can typically rent a coworking space on a month-by-month basis, and if you have a small team, you can opt for a plan that includes limited amenities and resources.
A month-to-month plan allows you to avoid extra costs for space or amenities that may not be necessary for your team at this stage of growth. As you continue to build your company, you can easily upgrade your plan accordingly.
Networking benefits of working in a coworking space
You won’t be the only tenant at a coworking space. Instead, you’ll be surrounded by other passionate entrepreneurs working in adjacent industries.
This gives you the opportunity to network with other professionals who may be able to help you spread the word about your startup. The enthusiasm of other teams can also rub off on your own employees, keeping them motivated.
It’s worth noting that you don’t need to seek out networking opportunities actively at many coworking spaces. Coworking offices frequently host events designed specifically to help tenants meet each other and share ideas. This isn’t mere speculation. According to a recent survey, 82% of participants report that using coworking spaces has helped them develop stronger professional networks.
Early reports indicate that employees typically prefer coworking spaces over traditional offices. There are several reasons this is the case.
First, when employees aren’t surrounded by people all working for the same organization, employees find office politics have less of an impact on their attitude. This allows them to focus on their work and find genuine meaning in it.
Again, there is real evidence to back up these claims. When surveyed, 68% of employees using coworking spaces report being able to focus more effectively on tasks, and 64% report being able to meet deadlines more easily.
Second, these spaces may also give employees more control over their work experience if there is the type of manager who allows people to work flexibly. Since many of these spaces are accessible throughout the day, an employee may choose to adjust their hours based on their own personal lifestyle. If they’re happier heading in to work in the early morning and heading out in the early afternoon, they’ll have that option.
Perhaps most importantly, employees at coworking spaces report feeling like they truly belong to a community. These spaces typically prioritize social perks such as offering tenants amenities like craft coffee and dedicated areas for relaxing. This helps to develop a work environment people actually enjoy.
Access to Essential Resources
Knowing your team members are happy and social on the job is essential. That said, it’s likely your primary goal is to get work done.
Coworking spaces are ideal for this. They offer access to resources like reliable Internet and printers. They contain everything from small desks to larger conference rooms. They’re also typically designed to maximize both comfort and productivity.
Best of all, you don’t need to devote your own time to set up these resources. Instead of renting your own office space and arranging to have furniture, Internet, food, and all other necessary amenities set up, all that is already taken care of for you.
This is an ideal situation for emerging startups. You might have started in a garage like Apple, but every growing company needs to move into an office space at some point. Coworking spaces give you the benefits of a traditional office without the drawbacks.
By Rae Steinbach
Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Follow her: @araesininthesun