Benefits that new companies can accrue from using coworking spaces written by: Bob james
Benefits that new companies can accrue from using coworking spaces
New companies need a working space system that fosters cooperation, networking and sharing of new ideas in order to build a profitable organization that has a short at long term success
. This is why coworking is a godsend for new businesses; working elbow to elbow is great for a young company that is just trying to establish its roots in a competitive market. Before we delve into the benefits of coworking spaces, let’s first establish what a coworking space is; what is a coworking space?
These are member-based communal workspaces that bring together a diverse group of workers such as freelancers, remote workers, established professional and even independent contractors.
Unlike is a traditional office environment, co-working spaces can accommodate workers from different organizations. Reliable statistics estimate that approximately 1100 coworking spaces have sprouted up around the globe in the last decade. This is a strong indication that coworking spaces are a fast becoming popular especially in with start-up companies. Here is brief but detailed rundown of some of the benefits that a business can accrue from using coworking spaces.
Benefits of Coworking spaces for start-up Companies
Most startups operate on a shoestring budget and lack the finances to rent or build traditional office settings. Coworking spaces provide an affordable space where their employees can work effectively. This enables new companies to channel funds to other productive business ventures that will help build brand visibility and aid in business growth. Instead of starting a new company in the garage or basement that was the norm when companies such as Apple and Microsoft were starting up, coworking spaces are a much more convenient substitute because they are not only affordable but also ensure that workers are in a professional setting where they can productively interact with other professionals.
Coworking spaces are cost effective for new companies as compared to traditional offices
Coworking spaces enable new companies to collaborate productively with other parties of interest who can assist in business growth and development
In a coworking space a new company has the opportunity to come in contact with established entrepreneurs, other startups and knowledgeable freelancers. In a coworking working space setting, a new company can network and interact with others, formulate new ideas and establish long lasting business relationships. In the initial stages of setting up a business, employees need to learn and master skills that they can use to enable consistent growth. The coworking space is a perfect learning environment where workers can acquire a professional work ethic and learn how to thrive in a team setting.
Most coworking spaces organize regular networking and educational events that can come in handy for start-ups.
Such events bring together professionals, freelances and experts from different fields and create an interactive platform where they can share ideas and share experiences on their journey in the business world. Such forums are important for new companies because it through such forums that start-ups can network, establish great business contacts and get in touch with mentors who can help them understand the industry better. In these coworking spaces, new companies can forge relationships with people who will ultimately become business partners or investors.
Coworking Spaces provide new companies with high-quality business amenities that it cannot afford
In a coworking space a new company can access amenities such as free WI-FI, coffee, printers, photocopiers, high profile guest speakers and staff members such as professional receptionists that it cannot access on its own. Such amenities are quite expensive to purchase especially on a limited budget making coworking spaces the ideal choice for a start up. New companies need their workers to stay committed and motivated in order to keep them focused on achieving business goals
. This cannot be done is an environment that lacks basic amenities. In a coworking space a start up can access high quality amenities and in addition also get motivation from peers in the same industry. This cannot only help to spark new ideas but also motivate employees to work hard to achieve business goals.
Coworking spaces appease the millennial generation
The business environment has completely revolutionized, young, brilliant and talented professionals are no longer interested in working in enclosed offices where they work alone. The young workforce prefers a working environment that is vibrant, open and fosters the sharing of ideas-this is what a coworking space offers a startup. New companies have no option but to choose business strategies that are favored by millennials because otherwise they will be shunned by the market. In a coworking space your young workforce will thrive and feel more comfortable; this will fuel employees’’ motivation to succeed and build a company.
Coworking Spaces are flexible work environments that cater for the expanding size of new businesses
Successful startups gradually grow and the number of employees increases; while in a traditional work space this would require moving to a bigger space or working in an overcrowded office, it is not an issue in a coworking space. This flexibility is indispensable for a new business as it is not only affordable but also extremely convenient. In a co-working space you can increase your staff without worrying expensive additional costs. Additionally, coworking spaces do not require a firm commitment like an annual lease unlike commercial spaces. A business has a range of options to choose from ranging from a monthly or yearly membership or even a daily drop-in pass.
In summary coworking spaces can significantly reduce the stress that entrepreneurs go through when starting new companies and expose start-ups to connections they would otherwise have no access to.
Furthermore, coworking spaces offer valuable resources to businesses and much needed flexibility. Most importantly, coworking spaces offer startups assisted serendipity; the informal interactions within the coworking spaces leads to sharing of ideas, establishing great contacts and getting advice from other entrepreneurs who have gone through similar challenges.
For a new business to accrue all this benefits, it has to choose the right coworking space. Some of the factors that must be taken into consideration when choosing a coworking space include;
Settle for a coworking space that is conveniently located in a central business district that is relevant to the specific industry in question. For instance, if it is tech startup then the San Francisco Bay Area is a great location to consider.
Affordability and Flexibility
Go for a coworking space that accommodates changes without additional charges. You never know how rapidly your staff will grow!
Availability of rooms for meetings
New business need meeting rooms to host investors, partners and to brainstorm on new ideas. Although this may incur extra cost, it is important to settle on coworking space that is equipped with meeting rooms.
What kind of educational and interactive events does a coworking space have in its calendar?
Go for a coworking space that exposes your startup to great networking opportunities.
What other perks does it offer?
Choose a coworking space that offers other perks such as discounts, regular guest speakers and is affiliated to reputable companies.