Traditional 9 to 5 jobs are waning in popularity when it comes to what young professionals want from their work life these days. Sitting in a cubicle all day long or dealing with messy office politics is no longer the cup of tea for consultants, freelancers or especially startups. They want to spread their wings and work in a space that enhances their productivity, creativity and exudes positivity. However, every new venture needs capital till it starts generating profits and that’s why the initial years are the toughest. The entrepreneur has to work tirelessly to create a bigger name for his brand and simultaneously, keep an iron grip on the budget.
To cut down expenses, startup owners, entrepreneurs, freelancers, and small-scale businessmen are opting for coworking spaces rather than traditional office setups. But that’s not the only purpose co-working spaces serve. They are advantageous for startups in many other ways too. Here are some reasons why starting out in a co-working space is a cool option for your startup.
Saves money: Starting your own office means spending a lot of money upfront on basic amenities. But coworking space provides all the necessities like uninterrupted electricity and internet, furniture, meeting space, lounge areas, shared printer, clean washrooms, small canteen, etc. at an affordable price. Your team gets an office-like feel which is gravely missing when working from home or a coffee shop. Since you can choose the location best suited for your venture, you can save both time and money on travelling. Ideally, go for a location with a safe neighborhood, less traffic and identifiable landmarks for visiting clients to locate it easily. Startups can make substantial savings annually just by opting for such workspaces and that’s really important when you are bootstrapping.
Networking and collaboration: Among the fundamental needs of a startup is networking. So, when you are looking for collaborations, it’s desirable to be in a space where creative minds work under one roof. You get to meet professionals from different fields and with a great level of expertise, experience, and right contacts. All that can save you a lot of legwork and brain-wracking. Great interactions apart, you can also outsource projects to professionals with the right skill set.
Feeling of a community: Environment plays a big role in an individual’s growth. When you see like-minded people with innovative ideas hustling to make it big, you feel inspired. Most people in a coworking space are tackling similar kind of challenges and thus, you can get your work progress reviewed or get some valuable opinions over a cup of coffee. The energizing ambience helps the enterprises in enhancing their output.
Flexibility: Coworking spaces are usually designed and decorated keeping the professionals working there in mind. You can get a workspace near the water cooler or opt for comfy couches or desks or ask for a little more greenery or light music near you. Little arrangements here and there can get the space especially customized for you. Similarly, if your team grows, you can switch to the bigger section in the same coworking space. As far as membership schemes go, you can opt for a one-time pass, monthly, or yearly membership plan accordingly.
Little risk: Since little investment in infrastructure is involved while you are enjoying great convenience, a startup founder can actually test the market for potential. If unfortunately his startup fails to gain momentum in a year or two, he/she wouldn’t rue investing big bucks in a traditional and pricey office space.
Gone are the days when successful startups used to take their first steps from a kitchen table or a garage. New-age startups are being born out of co-working spaces. So, join the clan of entrepreneurs who solely focus on their work at hand and leave every other worry to coworking spaces.