Managing a startup is undeniably overwhelming. Considering the growth and dealings with the clients, there isn’t much we can accomplish in our home. It might be the most suitable place to start your business but when you are actually dreaming of growing and finally giving your business a professional demeanour, you need an office space that effectively saves you from that stagnant life. Growth essentially requires subtle changes and having a professional space where you can meet up with clients as well as hire people is one of them. So, how is a coworking space profitable for Startups? Well in order to avoid the risk of getting burn out and paying a wad of cash for setting up an office, coworking space is the solution to every “space-related” issue for startups.
First of all, What is a coworking space?
It is a shared work environment where a number of remote freelancers or startups can work together by actually sharing the office space. One of the major benefits of coworking space is the flexibility where every other small business or startup can choose their own working space or their “hot desk” and actually enjoy working with different infrastructural layouts.
The actual benefit of considering a coworking space is the pricing structure which is indeed flexible. There are so many great coworking organisations that offer state-of-the-art serviced workspace solutions for individuals and businesses on a regular basis or even monthly and per day basis which, by the way, is an amazing solution to avoid that unwanted office rental cost and its maintenance.
They are a sure shot way of leading you on a path of productivity and success. In other words, if you are comfortable with sharing a working space with others and certain other basic amenities and don’t require any kind of privacy for your regular work, coworking offices is the best solution for you.
Here are some of the major reasons how is a coworking space profitable for startups:
1. Cost Effective
Coworking spaces are the ultimate solution to your short-term startup requirements such as non-availability of a larger budget in order to rent a permanent space. You can accommodate and adjust your budget as per the business growth and other requirements. Hiring a coworking space is much cheaper and will help you use that money on something more productive. It can actually help you save an immense amount of money you will have to pay for an office rental which usually requires a fixed deposit of minimum six months.
2. Work Environment
A coworking space is perfect for a startup as it is much better and professional than a coffee house or home where you actually planned to work. There won’t be any disturbance of any kind plus you will be in charge of your team and employees in a professional environment and deal with the clients more efficiently. There are several issues while you work at your home or in a cafe such as that unwanted noise, customers coming in or going out as well as certain other home responsibilities. A coworking space would be much more efficient in terms of cost as well as the environment. The flexible and professional working environment is one of the major reasons how is a coworking space profitable for startups.
3. Building Networks
A coworking space as the name suggests is a shared working space and you have an opportunity to connect with various people in a variety of fields. There might be some high-end entrepreneurs or freelancers which can be highly efficient in terms of making connections and networks. Moreover, a coworking space allows you to share the office resources making you understand various other work ethics and gain experiences from the other startups. Having a startup means you have much more to learn and what better than a coworking space with so many important ideas afloat, I guess nothing. It is perfect for the exposure to the way every industry works and you can actually get a lifelong client working somewhere amidst that space only.
4. Parallel to Growth
A coworking space is something that can grow in parallel to your startup’s growth. If you have finally planned to expand your team and look at how it goes, you can ask for more space in that office as the coworking environment is basically flexible. Apart from the full-time financial advice and experience you get by watching others grow, you can actually consider your own growth without worrying about the rentals of the traditional office and expand within. Your office space growing as per your requirements grow is one of the major benefits of how is a coworking space profitable for startups.