By Yazi Jepson
Startups are often risky business ventures that require guts, particularly in the modern, unstable market. This is because they often lack appropriate access to sufficient funding, raw talent, organization, and management skills. It is not surprising to see most of these startup companies failing to survive past their fifth year.
A major problem that startup companies experience is the lack of viable, steady income. The beginning stage of any startup is characterized by huge overhead costs that range from running the office to marketing. Most of these expenditures can neither be avoided nor cut down, which swiftly leads the companies to financial hardships. This is where co-working comes in handy.
Co-working entails sharing a workplace with other professionals in various industries across the board with the purpose of reducing the operational costs of your company. Using a shared space, as opposed to your conventional working setup diminishes the price of owning or renting an office. This is, in addition to cutting on the stress and costs you would otherwise incur maintaining and cleaning a work environment. The major benefits of co-working space for startups are discussed below.
This is the most obvious reason why co-working is ideal for your startup business. The success of any startup company is largely dependent on efficient and swift growth, and there is no better way to achieve this than through cutting down on costs. In the event that you decide to rent an office space independently, you are unlikely to afford one that is located in a great neighborhood. In contrast, startups comprehend the bonus of operating in a great neighborhood as it appeals to both potential clients and employees. Besides, a great location means proximity to posh restaurants, enhanced safety, and good parking, among other amenities.
Co-working will expand your professional and personal networks, which is achieved through constant collaboration with like-minded professionals in your shared space. Most importantly, you will be able to interact with creative, talented, and ambitious experts in their own field, which would serve to inspire your own dream. Co-working creates an avenue through which people share ideas while getting advice from differing viewpoints.
Communal Support and Entertainment
While anyone can rent out a small office space, co-working will offer you something more than that. Co-working spaces are designed to foster communities while creating a vibrant and social working environment. For instance, a co-working space could offer sleep pods for quick naps for people who need some time to recharge, communal areas where members can relax in massage chairs, weekly food events, snacks, coffee, and even beer.
Also, co-working spaces will offer you social memberships, which is helpful if you wish to seek out opportunities to participate in meaningful events while mingling with other community members.
Working with Like-Minded Individuals
Co-working places often attract edgy and creative risk takers, including architects, innovators, coders, and designers. These are not your typical office workers who would rather fit in an office in suburbia. It is, therefore, not surprising that working spaces are mostly located in funky neighborhoods in unusual spaces that are often decorated with unique artwork. These spaces are designed to accommodate people who wouldn’t necessarily fit elsewhere. Most importantly, sharing the office with a variety of tech people who have a wide range of skill-sets induces a better working culture.
An Opportunity to Expand
The best co-working spaces will provide you with a wide range of options like communal membership. Such arrangements involve event attendance, access to lounges, and the ability to use the communal office equipment. Some members will even have access to a complete office space with a key or even a store front. This affords them room for expansion, and as they grow, their co-working spaces grow with them.
Moreover, sharing a workplace with a tight-knit community of like-minded, hardworking individuals will give you access to people looking for employment; individuals who can assist your startup achieve tremendous success. For instance, you will find writers, techies, and entrepreneurs who are looking for exciting business ventures. You will get ample opportunities to find assistance from individuals who are motivated to build your brand.
It is evident that the benefits of a co-working space cannot be exhausted. By choosing communal workplaces, you will avail yourself the benefit of having enhanced office infrastructure, an amazing location with superior growth potential, and most importantly, an opportunity to work among like-minded entrepreneurs. Co-working spaces are designed to be dynamic while providing superior functionality and flexibility, which are not available in a typical office. Besides, co-working inspires better performance as employees are motivated to compete with their coworkers.
Unlike the traditional office where there is direct and unhealthy competition, co-working benefits include reduced internal politics that would be detrimental to your business operations. Studies reveal that co-working increases employee efficiency as people working from such spaces are likely to flourish better than those operating from regular offices.
Yazi Jepson is an inspired writer who researches and writes content for several companies, including Carter Capner, a progressive law firm specialized in work-related stress compensation. She loves to read, write, and learn over a cup of coffee. Yazi believes ‘learning and sharing’ has no end to it and this is what inspires her to continue learning something new and contributing good content.