When you finally get a real office space for your business, that is considered a sign of success.
Your team is ready to play more serious games, bigger clients and better revenues.
But wait, are you making the right choice here?
An office space would cost money, and the benefits that you get from it should be absolutely worth the spend.
Conventional offices and coworking spaces are the major choices in front of you when it comes to getting a comfortable workspace.
But coworking as a concept has a lot to offer when compared to renting out a bare shell. And often, it is not just the facility management or cafeteria that attracts most startups to these vibrant workspaces.
Let’s find out more about the benefits of coworking spaces for startups.
1. Gets the best out of your team
‘Getting the best out of your team’ can mean a lot.
Improved productivity, process innovation and increased team engagement can be some of them.
All this is possible when you work at a coworking space where you don’t have to worry about managing your workspace or calling the technician to fix a broken air conditioner. Coworking spaces will have dedicated facility management teams to take care of your office supplies, housekeeping and other utilities.
But as I said above, facility management is not the only thing.
You will get to see many other supercharged startups who are creating innovative products and securing huge fundings. The whole environment will be super pumping, which can turn contagious anytime.
2. Networking opportunities
This is one of the top benefits of coworking spaces.
You meet a lot of like-minded people who have a wide variety of skills. When you are a small team, there will be situations where you need to outsource parts of your work. This could include designing, development or lead generation. Coworking spaces offer ample opportunities for collaboration where you can easily find the right freelance talent.
Most coworking spaces also conduct events and workshops that are beneficial to the startup community. Such events attract a lot of startup enthusiasts from outside these spaces, which will again benefit you if you are looking for networking opportunities.
There are coworking spaces that offer dedicated incubation support and mentoring. This would be a blessing for many startups who are just figuring out their way.
Finally, everything comes down to the revenue that you generate from your business. Finding clients are a lot easier when you work from a coworking space. You often tend to get a lot of references from your coworkers and can sometimes find clients within your coworking space.
3. Fewer commitments
When you go with a conventional office space, the burden of a huge deposit amount and complicated agreements are inevitable.
But coworking comes with much ease here. Many centers offer flexible deposit and lock-in options that will help you move in and move out quickly.
When you are not sure about your revenue streams or just want to test the waters, coworking is the best. It comes with less liabilities and you can get a coworking membership by just filling in an MAF (Membership Application Form).
4. Feel & fun at workplace
Wooden desks with ergonomic chairs can make you feel good. And most of the coworking spaces these days come with contemporary furniture and office supplies.
Other facilities like a cool looking cafeteria, foosball or pool table and a break out area can add some fun to your work hours. Millennial startups who put a lot of importance on their work culture and employee welfare will certainly find these facilities appealing.
Afterall, it is always good to have quality breaks in between long working hours to rejuvenate yourself.
However, when you finally pick a space for your team, make sure it has all the essentials before you count the added benefits.
5. Easy upsizing (and downsizing too)
Startups are more like a roller coaster ride. The ups and downs are least predictable.
You might end up securing large funds all of a sudden and the team expansion can become an absolute necessity. Things can go the other way round as well, where you are unsure about revenues and feel like you have excess manpower.
Either way, you will have to upsize or downsize your team when you move ahead on your startup journey.
Coworking makes all this a lot easier. There are many coworking spaces where they offer easy upsizing and downsizing of your spaces without any hassle.
Whereas, if you are with a conventional space, the complex agreements and lock-in periods will make you stick longer with that space, even when you undergo a team downsizing.
Coworking is a beautiful concept.
If you have a vibrant startup that values networking, collaboration and quality talent, coworking can work wonders for you.
Above all that, it is a lot hassle-free with a coworking space when you are just starting out. Flexible terms and easy upsizing or downsizing options will leave you with less worry for sure.
But will coworking be right for your team?
Yes, if you enjoy and value these benefits and don’t want to stick to dull cubicles.
Good luck on your workspace hunt.