Staying lean and agile are important aspect’s to a growing startup. Profits are hard-won in the early years and it makes little sense to throw them away on expensive overhead. Any way to trim the proverbial fat without impacting performance and sales is welcome to young startup owners and entrepreneurs. Should one lease an office space or work from home? It some cases, neither. Looking for a coworking space may be the perfect flexible solution for startup owners concerned about their bottom line but who need some features generally provided by an office location.
Startup Benefits of Coworking
Leasing can be expensive and cut into the available budget of a new startup. Coworking can help keep costs down. Of course, one may be able to work from the public library or a local coffee shop when needing a break from home. This makes for little extra costs to a startup owner or employee. However, one may not get the conducive environment needed when having to take phone calls or be on conference calls. In addition, owners do not get a reliable space and the additional amenities that they would get with paying for a coworking space. The advantages of coworking spaces include:
- Various membership levels for how often a space is needed;
- Networking possibilities with other entrepreneurial-minded professionals; and
- Feedback from other small business and startup owners.
Buckling down and working from home can be isolating. Coworking provides an option that can be used as a means of support and a way to get inspired and hone valuable skills from the collective community found at a coworking location. Choose a plan based on one’s needs and have access to a specific space and amenities, such as a coffee station and conference room. All of this and more may be available at a coworking space.
Look the Professional
Real estate agents and small business owners can benefit from getting out and into an office-like environment. Agents and owners can use conference spaces to meet with clients or for weekly meeting with employees who often telecommute. There is nothing like a little face-time to help team members connect and brainstorm.
Startups are bootstrapped and are looking to grow fast. Coworking spaces offer more than basic desks and a printer. A location often provides inbuilt support and activities such as specialist meetup groups, VC sessions and pitch nights. These types of events can help those who are looking for additional funding or who need to address specific challenges they are experiencing.
Coworking brings like-minded people together, whether that’s real estate investment firms, tech startups, or small app developers. Those who join may meet a new candidate or a potential client around the water cooler. Coworking is a great place to get to know others with relevant skillsets and may also be a source of additional referrals.
Startup owners can connect with others and grow their business when making use of coworking spaces. Each coworking space is unique and startup owners may find it beneficial to check out a few of them to find the one with the vibe and services conducive to their needs.
A Path to Success
Research indicates that startups using a coworking space quadruple their chances of success. Such owners enjoy higher interaction levels, are often more motivated and many work within supportive teams. Coworking spaces help to create a mental divide between work and play. Many people find they can relax more at home when working in a coworking space. Almost half of participants in a study found they earned a higher income after they began using a coworking space.
Work around talented professionals. Have a space to meet with clients. Pay affordable rent with daily rates or month long options. Enjoy a supportive and inspiring environment. Look into coworking spaces to stretch those dollars and get the interaction needed to grow and overcome common startup challenges.
Thanks to our guest blogger Tony with the RealFX Team in Austin for this post!