The benefits of Co-working Spaces for Startups

Starting your own business is accompanied with a myriad of responsibilities. Finding the right people, right workplace and managing them optimally are some of the most crucial responsibilities of an entrepreneur.

The advent of shared office spaces or co-working spaces over the last decade, has provided an ideal solution for startups.

Coworking spaces can provide a huge range of benefits to start-up businesses who are looking to find a community to grow their business and develop ideas that may revolutionize their industry. Some of the most successful startup businesses in recent years have been the product of co-working spaces. Below, we look at some of the advantages of co-working spaces for start-ups.

Quick to Start Fully Functional and Serviced Solutions

Co-working facilities, help entrepreneurs find office spaces equipped with required amenities such as WiFi, fax, conference rooms, recreational areas, etc effectively providing a fully functional and serviced solution for your team without the hassle of setting up one.

Fully functioning premium facilities like top-class ergonomic furniture, telecommunicating services, administrative support, etc are available on ‘pay for what you use’ basis, thereby making the cost variable and revocable.

Apart from that, co-working space offers full flexibility in terms of scalability. At any point, should you choose to expand or downsize your team, all you need to do is alter the bookings.

Brings together people with similar Concerns and Challenges

Coworking is based on a shared economy model and facilitates a platform to work in a social environment with other individuals who understand the nuances of entrepreneurship.

Coworking spaces provide not just a place for work, but in addition a place where one can be in the company of other entrepreneurs and investors and not be isolated while plotting the road ahead for their start-up. It helps create a sense of unity, a sense of social connectivity that is often lost in early entrepreneurial ventures.  Coworking brings people with similar concerns and challenges together.

“The fact that you can come to an environment that is not only a place to work, but helps your… Click To Tweet says Joel Hauer, founder of WeCo, a co-working space in Australia.

Atmosphere Full of Energy that Fosters Creativity and Productivity

The highly motivated and dynamic atmosphere in the co-working space also helps the entrepreneur to stay motivated and helps foster creativity and out of the box thinking while at the same time increasing productivity.

A good coworking space offers community programs, workshops and mentorship from consultants, which additionally help startups in networking and growth.

Infact, according to a global survey by Deskmag, 85% of people who decided to work in coworking spaces were more likely to be motivated and 88% of them had higher levels of interactions as compared to traditional offices.

Enables Collaboration and Provides Instant Access to a Larger Database of Knowledge

When it comes to entrepreneurship, your network determines your net worth. Co-working spots also offers an opportunity to facilitate networking, and collaboration with investors, other fellow entrepreneurs and other skilled professionals who may be beneficial for your business.

With their flexible structure, a spectrum of freelancers, from lawyers to graphics designer work next to each other. This type of environment makes a wide range of opportunities available for both startups and freelancers alike and spurs cross pollination of ideas.

Big On Savings

For budding entrepreneurs, renting an office space is not just an expense that can be avoided, but in most cases, one they cannot afford. The importance of having an office space is not lost on them, but owing to the lack of huge capitals, they cannot afford expensive, fully-equipped office spaces.

Thus catering to this created demand supply gap, coworking spaces provide more cost-effective options that are in their budget, and also suit their needs. This modern day evolution of office spaces helps multiple businesses to grow together in the same space at the same time but at a fraction of the cost of a fully equipped rented office space.