I was recently working for a small startup that was operating out of a coworking space and felt no different than working out of a normal office. Better, in fact, as the coworking space was designed in a modern way, keeping in mind young minds, had lovely decor and a wonderful cafeteria and catering service. Most importantly, it was built out of a mall that was left vacant for years, so it served both purposes- utilization of an unoccupied vast space and providing room to several offices to set up their respective businesses.
So, from my experience, there are myriad benefits of coworking spaces, from networking with people to having personalized spaces for your respective teams to having advanced services and even perks (great food, yes), at your disposal, I think it is a win-win situation for founders, their teams and their businesses as working out of a good environment reduces stress and enhances productivity.
In case you are planning to work from a coworking space or thinking of booking one for your team, this article will highlight 9 benefits of coworking spaces that help businesses and individuals grow. Read on to find out how:
1. Low costs
When starting up, one cannot afford to rent out a huge office space that garners hefty bills from your pocket every single month.
This is why coworking spaces exist – to offer entrepreneurs and their teams to work in a lively environment and a fully-equipped office space without undergoing the hassles of setting up an entire office. These shared spaces aid in operating in one’s business without having to burn money.
Expenses like office rent, fire insurance, purchasing office equipment, adequate furniture and more – but also provide flexible membership options. Most coworking spaces have daily, weekly, monthly and yearly passes and one can pay according to how many months they need the space and additional equipment for.
This new age concept of coworking also gives ample opportunity to network. Generally, sharing a working space with complete strangers sounds intimidating, but coworking spaces have made it feel otherwise. Coworking spaces are meant to be open, communicative spaces where an exchange of ideas can occur between several individuals of different organizations.
Generating leads, collaborations or even brainstorming of unique startup ideas – the possibilities are endless.
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3. Considerable boost to productivity, creativity and efficiency
The cubicle mindset is thankfully getting replaced gradually by the new remote working and working-from-a-coworking-space mindset because ‘times, they are a-changing.’
A feel-good atmosphere is absolutely vital for maximizing output, especially since the startup life is nothing short of a roller coaster that would uplift you, defeat you or would be so rough at times that it will leave you gasping for air.
Positive surroundings, including people who are also sharing a similar journey as you, would help you in winning this war to success. So, this is one of the many key benefits of coworking spaces that we have today.
4. Enforcing discipline
Remote working, though pretty much in vogue these days and rightly so, saves time otherwise wasted on the commute and similar issues.
However, it definitely creates a tad bit of a hassle when it comes to coordinating and discipline.
Coworking spaces come to the rescue here as well – People in your team must come to work here, but not to sit in a cubicle and waiting for the day to end.
Rather, they come to a bright and comfortable space where there are no lousy internet issues, no confinement to a particular space with no human contact and a library and a human library (you can talk to other humans directly, duh) for the solutions to all your problems. Whether it is a looming deadline or a hysterical client, coming together at a vibrant coworking space helps resolve business woes as everyone is disciplined, organized, thinking in the same direction and having all required business amenities and leisure areas for quick breaks at your disposal.
5. Accountability soars
As an entrepreneur who is the captain of the ship, the driving force of the team and in charge of not just his and his business’s growth, but also the learning and growth of his employees, it can take a toll on you and you might want to detach yourself from all responsibilities. So, one of the most challenging aspects of running a business can be holding yourself accountable for the time, energy and money spent on your initiative.
However, where working from a coworking space is concerned, you do take accountability for it all, especially about its rent and additional expenses. The amount you are spending on your employees to create a healthy and productive atmosphere for them also motivates them to work rigorously in your mission to succeed. Also, sharing your plans and goals with your team will get your more motivation and support and you would have the courage to see through it all.
6. Forges reliability before clients
Coworking spaces provide you with professional schedules and setups. Meetings require conference rooms and cafes just don’t cut it, especially with clients. If you have a rented coworking space for your team, you can set up a meeting with your clients there.
Alternatively, if you don’t have one, you can always take a day pass/plan and meeting your client there.
A meeting can take place anywhere, however, professional meetings are slightly trickier as you absolutely must come across as a responsible and committed team who can take on any challenges. When meeting at a coworking space, you not only have a space and an address to convey to the client, but might also not risk passing up any old-school clients who would hesitate to deal with you in case you appear to be too casual in your approach to them and your work. So, talking to clients face-to-face in a corporate environment, offered amply by a coworking space, is a win-win situation and is definitely one of the most important benefits of coworking spaces which can aid in growing your business.
7. Work-life balance is met
‘All work and no play makes Jack a dull boy,’ is true, but it is something you will never face in a coworking/ shared space. Many of these have weekly and monthly events, like a live pizza/pasta counter, momo workshops, DJ nights and more to break the monotony of the grind for the people working there. Also, coworking spaces generally have fully-stocked pantries and cafeterias promising good food and other amenities which help in destressing. They are also centrally-located and near public transport.
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With coworking spaces, you are never really confined. Office spaces tend to get expensive as the costs start mounting from little things like printer toner to coffee filters to the furniture. In the former case, however, you control the expenses, depending on how long you require the office space. Coworking spaces can be availed both on a long and short-term basis, but if you are someone who works from home and wants to get out to work every once in a while, a coworking space is the best option for you.
9. New perspectives
An added advantage of working out of a coworking space, besides networking, is also gaining exposure and understanding of several kinds of businesses, industries, and niches.
Office buildings are isolated in general, but coworking spaces are not and provide avenues to meet and chat with a lot of people. This goes beyond networking as it can help only to see things from a different perspective than your own.
Startups are all about ideas about solving a big problem and decoding the ‘Great Perhaps.’ So, it is always helpful for all likeminded people to come together, talk about their challenges in the respective industries, problems which are universal to all entrepreneurs and the solutions they came up with to tackle them. This move goes beyond just conventional wisdom and is definitely recommended.
So, come together to break down those walls, let the union of minds begin and reap all the benefits of coworking spaces!
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