Can Coworking Spaces Benefit Entrepreneurs

When considering if a coworking space is right for your business needs, keep in mind the benefits that a coworking space provides, from networking events to cost efficiencies, a traditional office cannot offer. From meeting with other business professionals to working on independently funded projects, a coworking space can serve as a shared place for individuals with different business ideas to come together and learn from each other. Small entrepreneurs, freelancers, and other employers should utilize coworking spaces to do their jobs, connect, and participate in the local business communities of small entrepreneurs.

A fast growing number of small businesses, startups, and even large corporations are using coworking spaces to gain the benefits of networking and working with freelancers and small startups. The growth of the gig economy has led to a surge in the demand for coworking spaces, especially among millennials at technology-related startups. With an increased awareness of co-working benefits, entrepreneurs, freelancers, telecommuters, small-business owners, and startups are breaking away from being locked into costly office leases, and are working out of garages, basements, coffee shops, hotel lobby, or living rooms. Coworking spaces are ideal for small businesses, freelancers, remote workers, and startups looking to get work done and connect with businesses that are helpful for them as a small business.

Business owners can lease portions of these open spaces in order to provide their teams a professional setting in which to operate. Having separate, private office space might sound costly for small-business owners, but using shared facilities beats out the costs of operating at a coworking space. Depending on the office, you may often choose between using a desk in a shared space or renting a private, dedicated office. When renting a coworking office, you will not need to purchase chairs, desks, or filing cabinets either.

If working from home is not an option, but you do not need–or cannot afford–traditional, private office space, maybe it is time to explore coworkings benefits. Whether you need space to work, wish to meet a client, hold a conference, or simply wish to have a home base to conduct your business, you may be able to find a cost-effective solution at a coworking space. A coworking environment provides you the space you need, when you need it, so that you do not need to worry about noise, crowds, or where to sit. Working from home or in a coffee shop as a businessperson might not send a strong message to prospective clients, so coworking spaces not only offer professional surroundings, but dedicated conference rooms, dining rooms, and even cafeterias, which can all be used for better networking.

Renting an office space at a coworking space will boost your concentration levels if you decide to work away from your office, but still be in a professional setting. Business owners can work from coworking spaces without having to worry constantly about costs like Internet, electricity, maintaining office equipment, and replenishing cups, tea, and coffee, just to name a few. That is why coworking spaces exist: to provide entrepreneurs and their teams with a vibrant atmosphere and a fully equipped office space, without having to deal with the headaches of setting up a whole office. Entrepreneurs and young startups alike can work in a properly equipped office space, without the hassles of setting up one themselves.

The ability to scale and refine ones work is critical for the success of any company, and coworking spaces provide a level of flexibility that makes scaling much easier, without even having to, or having the pressure to, move. From my own experience, there are myriad benefits of coworking spaces, from networking with people, having custom-built spaces for your respective teams, to having enhanced amenities, even perks (great food, yes), available at your fingertips, and I believe that this is a win-win situation for founders, their teams, and their businesses, since working in a great environment decreases stress and increases productivity. For startups, which thrives off of better focused minds, the work-mindset is one coworking spaces benefits many businesses cannot live without. Because entrepreneurs are in a setting with others working diligently, those using a coworking space have noticed an increase in their motivation levels. This increased focus leads to a boost in overall productivity.

The presence allows more work to get done, which may prove to be helpful for improving the company’s bottom line–and the chances that it will take off. By offering flexible hours, luxury coworking spaces also enable entrepreneurs to broaden the search pool of talented employees. Coworking spaces increase the potential to meet new clients, partners, and collaborators within a community of workers, as they are more community-oriented and excellent at cultivating a collaborative atmosphere that can spark new perspectives, ideas, and opportunities. In shared office-like spaces, you can expect to see individuals from multiple different companies working closely together. To put it simply, you might have employees from your own office, but you might also have peers and teammates from the area where they are working together.

The working environment is collaborative because every day they are working with a variety of different people and organizations; these individuals can potentially provide your company with your next great business idea. A shared workspace is an area where you will be surrounded by freelancers, entrepreneurs, digital nomads, and business-minded likeminded geeks. Coworking spaces–defined as membership-based workplaces in which a diverse group of freelancers, remote workers, and other independent professionals work together in shared, community settings–are the hybrid between your favourite neighbourhood coffee shop and the traditional office environment.

Unsurprisingly, the strongest — and obvious — advantage that coworking spaces offer startups comes from their ability to reduce costs. Coworking spaces have proven much cheaper to lease than full-fledged offices while offering many of the same benefits. Choosing a coworking space with all of your necessities included could actually prove a highly cost-efficient option for your company. Sure, you have the option to get a virtual office for starters, but try and pick one that offers a mix of hotdesking, coworking, and larger offices, so that you can grow into a single address.