A coworking space is an office space that is created for freelancers, entrepreneurs, and other independent professionals to work in, with all the amenities that are normally present in an individual office environment.
Coworking spaces have changed the way freelancers, entrepreneurs and other independent professionals work. They are no longer restricted to a home office or compelled to take a meeting in a coffee shop or restaurant. A coworking space offers them a conducive work environment that promotes productivity and convenience for running a business.
As per The Working Capitol, [Source (1)]
“Gone are the days when coworking was a niche concept, primarily associated with freelancers and shared desks. According to a 2017 Cushman & Wakefield report, demand for coworking spaces is now growing 10 to 15% per year across the Asia-Pacific region.
This significant rise in popularity is partly fuelled by the growing number of startups that are joining coworking spaces. If you’re still uncertain about the benefits of coworking, here are 5 reasons why coworking spaces can help startups to succeed.”
Start-ups benefit from coworking spaces especially. An entrepreneur can start working on his business idea from his garage, but as the business grows it needs office space to accommodate the growing requirements of its clients and employees. Another common reason for several start-up owners prefer to use a coworking space, is because distractions are minimal compared to those associated with being at home.
As per John Solomon, [Source (2)]
“Coworking spaces are affordable for startups and provide the right environment to flourish. The spaces are dedicated to improving productivity and provide a host of business solutions at a very small fee. Moreover, most spaces have flexible membership options. You can have space for a day or even a few months depending on what you want.”
Here are a few more reasons that explain how and why coworking spaces are ideal for start-ups –
A common struggle for start-ups is finding flexible work environments that allow them to scale their team as their business requires. Signing a two-year lease for office space is not ideal, especially when you are looking to grow your business and add more employees onto the roll. The flexibility of being able to increase the space required is a huge factor in drawing start-ups to coworking spaces.
The membership plans offered by coworking spaces range from dedicated desks to private offices, and they are all designed to accommodate the start-ups' needs, especially in the early stages of growth. For example, a start-up might just have two or three employees currently can use the hot-desking facility, before switching to a small office as her team expands.
As per Kathy Gallo, [Source (3)]
“Furthermore, unlike with a traditional office, co-working spaces can usually be rented by the month, week or even day, meaning entrepreneurs are not tied into a long contract, allowing much greater flexibility to change quickly according to the needs of a developing business.”
A unique factor to coworking spaces is the networking opportunities it offers. And networking opportunities are crucial for start-ups to build a solid customer base. Hence, it makes a lot of sense for them to find a workspace that fosters organic business connections. Coworking spaces are intrinsically designed to promote networking and collaboration. There are a variety of professionals working in a coworking space, and therefore many chances to strike up a conversation in the pantry over a cup of coffee, or during professional development or workshop.
Coworking spaces also organize regular networking events. They are a great platform for start-ups to build their business contacts and potentially gain new customers. This increased visibility is a great asset for start-ups, especially if they are looking to generate word-of-mouth for their products or services.
Sourcing freelance talent
Start-ups are always looking for cost-effective ways of sourcing quality resources. While working in a coworking space you will find yourself surrounded by talented professionals, like freelancers, entrepreneurs, digital nomads, and like-minded business enthusiasts. You can easily outsource such a closely available talent in times of need.
Coworking spaces are an ideal environment for start-ups to source talent. You are highly likely to find a fellow coworking member who can do the job, whether you need help with content creation, graphic design or human resources. There is also the option of a skill exchange that benefits both parties, in case you are hard-pressed for money.
Cost-Effective Office space
A membership plan at a coworking space is a cost-effective option for start-ups. It does not block your money in an unnecessary long lease and frees you up from the burden and additional expenses of managing the building temperature, exterior grounds or other operating expenses.
Since it is an office space you also don’t have to worry about your internet, printing, furniture, receptionist, kitchen or security systems; all of these necessities are taken care of by the coworking space. As the coworking space handles centralized systems and other expenses, it reduces costs for the start-ups allowing a business owner to utilize his capital to expand the business.
Builds confidence with clients
Before placing orders with your start-up, clients may want to come and visit the office and meet with you face to face and discuss business. Conducting such important meetings in a coworking space is far more professional than meeting them in a coffee shop. It will have a complete professional ambiance including conference rooms, meeting halls, and cabins. The client will also take you seriously and be confident that they are engaging with someone who knows the business and what they are doing.
Coworking spaces have been growing consistently owing to the increasing number of start-ups. Coworking spaces have also managed to identify the sweet spot with start-ups, freelancers and other independent professionals with their cost-effective membership plans and productivity conducive work environments. They have filled a huge gap in the market for office spaces and they cater to the growing needs of a start-up.
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