How Coworking Spaces Can Help Grow Your Business
Coworking means the sharing of office space by entrepreneurs belonging to diverse industries. If you want to work with other professionals in a collaborative environment rather than a traditional office, leasing a coworking space can be a good decision. A shared workspace gives you the flexibility to work the way you want without following strict rules and regulations.
Increasing self-employment has escalated the demand for coworking spaces across the world, mainly among millennials in the tech industry. When you join a shared office space as an entrepreneur, it can help grow your business exponentially. Want to find out how? We list down six benefits to help you decide if coworking is an ideal setup for your business.
6 Benefits of Coworking Spaces to Growing a Business
#1: Save Money
When you rent a coworking space, you occupy a portion of a shared space. The rental fees of this space are shared among its tenants. Thus, you only need to pay for your occupied space, helping you save a huge amount of money. You can rent this type of space on a monthly, weekly or even hourly basis.
It is the perfect choice if you are looking for a workplace with low costs and flexible lease. Due to its flexible setup, you can recruit and accommodate new employees by expanding your occupied space. Generally, the price of a space will depend on factors such as location, amenities, desk space, and extra membership benefits.
In premium business districts, rental fees are higher. You also need to pay more if the workspace offers amenities such as gym and cafe access, security, and meeting room reservations. For meeting room reservations and private cabins, you need to pay higher membership fees.
Some operators provide facilities such as 24/7 office access, reception area, conference rooms, emailing, lockers, hot beverages, events access, and seminars. If you are an established entrepreneur with a higher budget, you can go for the more expensive spaces.
#2: Business Address
A business address has a different perception than a residential address. Your target customers always look for your company’s location because it gives them the confidence that your business is trustworthy. You can easily design and develop a powerful website. But, having an official address is necessary to create a positive first impression.
When you rent a coworking space, you get a business address at a reasonable price. The elegant look and feel of a shared workspace help establish your business as a professional brand. Choose a shared workspace that comes with hot desks, stylish interiors, and spacious offices to impress and attract potential clients.
#3: All-Inclusive Facilities
Coworking gives you relief from additional costs to set up an office, including utilities, furniture, and rental fees. Searching for a private office can be time-consuming. When you sign up for membership, you have access to several facilities, including hot desks, high-speed internet, printer/copier/scanner, beverages, kitchen appliances, and meeting/conference rooms.
In a shared workspace, you do not have to worry about cleaning, maintenance, and admin expenses. You can avail of these additional services and only pay a single invoice every month. Coworking also allows you to expand your space to accommodate new employees. So, you can add new employees anytime you want without the need to bear high costs and commit to lease space.
When you work alone, you do not usually have the opportunity to interact with others and thus, feel isolated. On the contrary, when working in a shared office space, you can connect with like-minded professionals belonging to the same industry or niche. The collaborative yet professional environment encourages you to work more — helping boost your productivity. Working in such an ambiance can strike the perfect work-life balance that everyone wants in an office.
#5: Valuable Contacts
To grow your business, you need to make connections with successful entrepreneurs and professionals in the same line of work. Shared office spaces give you the opportunity to network with these people whenever you feel like. As they are a few desks away, you can reach out to them immediately to talk, share your ideas, and receive recommendations. When you offer services to other members, you may get a new client without potent marketing campaigns. Regular interaction with people and talking about your business is far more effective and less expensive than advertising and promoting.
#6: Flexible Contract
As your business expands, your staffing requirements will also increase. Thus, you may need a larger space in the beginning if you have a good number of employees to complete a certain project. Once it is completed, you may need to operate with a small team to do less work. In a traditional office, you need to get into long-term contracts. This could lead to an empty office space that you are still paying rent for. Due to the unused spaces, you will suffer losses in business. As shared offices are flexible, you can usually include or remove desk spaces when you require it.
If you are an entrepreneur who is new to the business and have a limited budget, renting a coworking space can be the best decision. It offers a wide range of facilities at an affordable price and everything you need to exponentially scale your business.