Author: HUMZA
Starting your own business is a rewarding experience but quite challenging. There are multiple factors to consider, such as marketing, office expenses, the target market, and funding. Undoubtedly, selecting a suitable working space is one of the most crucial decisions you must make when starting a business.
If you opt to rent a traditional office space, operating expenses will increase considerably. If you go for remote work, productivity, and work-life balance will suffer. Coworking spaces offer a perfect balance between traditional office space and working from home.
This article discusses how coworking spaces can help you start a business, converting your dream into a tangible reality.
Coworking Space Benefits for Starting a Business
1. Cost-Effective Setup
In a new business, the topmost challenge is financing. You may start your venture after investing all your savings or obtaining loans from friends and family. So, you need to be careful about how you spend the money. While everyone would prefer a spacious office with all the modern amenities, budget is a constraint.
A coworking space offers a perfect alternative. You get access to a vibrant workplace and modern amenities at a fraction of the cost. The best coworking spaces offer flexible membership plans that accommodate different budgets. So, depending on your budget and requirements, you can get a working space quite easily.
There are no upfront costs, unlike traditional office spaces. On top of it, you get access to meeting rooms and a dedicated receptionist. The best coworking spaces, like Coco Space, even offer free drinks, free parking, projectors on the go, and 24/7 central cooling/heating.
In short, you get access to a wonderful office and amenities without breaking the bank.
2. Networking Opportunities
You cannot start a business in isolation. You must network with others to refine your business idea and explore new opportunities. One of the most notable benefits of using a coworking space as your office is its numerous networking opportunities.
These spaces house freelancers, remote workers, and established businesses from different industries. You can use the space to find new clients, partners, or employees.
3. Knowledge Sharing
When starting a new business, you are trying to solve a problem, albeit differently. It is what we call the unique selling proposition (USP). There might come a time when you don’t know how to approach a challenge and would love to get support from industry professionals.
In a coworking space, there are individuals from diverse backgrounds. They have different skill sets, and you can tap into their knowledge to address your challenge. At times, a simple discussion over a coffee break can help you find a solution.
4. Infrastructure and Amenities
When renting an office space or running your business from home, you must invest in the infrastructure. It involves buying office furniture such as chairs and desks. On top of it, you must set up internet connections and printing facilities.
All these can increase your expenses exponentially. You might not even have the space in your home to set up an office. A coworking space offers a ready-made solution. You get all the amenities that you need to establish a successful business without incurring substantial costs.
Therefore, coworking spaces allow you to focus on core business activities without office setup distractions. The best part is that coworking spaces have on-site technicians that address any technical glitches promptly. In other words, you don’t need to worry about your productivity dipping due to internet or printer issues.
5. Flexibility and Scalability
As a new business, there’s a lack of clarity about numerous things, including the type of workspace you require. A notable benefit that coworking spaces enjoy over traditional office spaces is flexibility and scalability. A coworking space will not hold you down if you require additional desks, move into a bigger area, or a new location altogether.
A coworking space will accommodate all your needs without weighing you down with legal hassles or extensive paperwork. It makes coworking spaces a perfect partner for your evolving business needs.
6. Professional Image
Lastly, a coworking space helps create a professional impression. You can hold meetings with clients or vendors in an office setting which enhances your reputation. Secondly, having a physical address in a well-known coworking space creates a good impression. It can help you land more clients or gain access to new investors.
Selecting the Best Coworking Space
Not all coworking spaces are equal. Therefore, you need to find the best coworking space to avoid let-downs. Let’s briefly discuss how you can select the best coworking space.
First, do a quick Google search with keywords such as ‘coworking space + area (the place you are looking for a space)’ or ‘shared office space + area’. The search results will return endless links. Note down the names of at least seven different coworking spaces.
Next, read through their reviews. You can go through Google Reviews or turn to social media. If a coworking space has no social media presence, then cross it out. You can even join relevant forums to learn more about the coworking space.
If a coworking space has less than a 4.0 rating or most members have only negative things to share, then remove them from the list. Out of the seven, you will have three spaces left. The next thing is to contact the coworking spaces about the membership fees, amenities, and other facilities.
If the coworking space is within your budget, in close proximity to your house, and offers all the right amenities, then proceed to make the payment. Don’t wait long; otherwise, the space may not have room left.
Conclusion
This article shows the importance of coworking spaces to a new business. They provide a cost-effective, collaborative, and professional ecosystem that helps new businesses succeed. We believe and are quite confident that coworking spaces are the future of work. There are numerous statistics available to back it up. Statista states that coworking spaces will reach 42,000 by 2024. In 2018, their number was a mere 17,000. As businesses struggle to grapple with rising operating costs, it is likely that even they will shift towards coworking spaces.
So, go and book a coworking space right away.
Author Bio:
Humza has spent the past seven years building a successful career in the coworking industry. With a deep understanding of the needs of modern entrepreneurs, startups, and small businesses, Humza has helped establish productive and inspiring workspaces. Humza’s most recent project in this field is CocoSpace, a coworking space in Islamabad.