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Are Coworking Spaces Profitable for Startups?
A coworking space is a relatively new idea in the world of business, introducing a concept of the high-concept workspace as a more flexible, accessible…
A coworking space is a relatively new idea in the world of business, introducing a concept of the high-concept workspace as a more flexible, accessible goal than ever before. It allows new small businesses looking for a push into the fresh and exciting world of startups to find themselves rubbing shoulders with the top brass of the industry’s elite simply by investing in a base desk-to-desk renting scheme. The possibilities are infinite in the world of startups, particularly when you can insert your business and product directly into the jungle of a collective office space that encourages business overlap and cooperative growth.
Coworking spaces can provide a huge range of benefits to start-up businesses who are looking to find a community within which to help grow their business and develop ideas that may revolutionize their industry. Some of the most successful startup businesses in recent years have been the product of coworking spaces. Below, we look at some of the advantages of coworking spaces for start-ups.
Coworking spaces enable you to expand your professional and personal networks easily. The coworking community contains different professionals from a variety of fields - it isn’t limited to just those in the tech industry. Besides giving free advice, these experts can contribute ideas to the development of your business models. The hassle you would have to deal with in undergoing consultations, market assessment and on-site evaluation disappears.
Meet potential clients
Coworking spaces offer the possibility that coworkers will utilize your services for their projects. There is also a chance that one or more of the other professionals within the space will need your services. This helps to create an air of professional collaboration that isn’t always present in a unified corporate office space, as well as providing a new potential client base for your product.
Vibrant work environment
In a coworking space, one can find the freedom to make their own schedule and focus on optimal working hours. This creates a more comfortable, relaxed air to the space that allows productivity to thrive and workers to focus on what needs to be done in between their heated, all-important ping-pong matches.
Room to do the Charleston Shuffle
Space is ample in many coworking environments. The furniture and workstations are setup to provide plenty of room for your needs in an effective manner. This means that you can use as much space as you need and can adjust your workspace accordingly as your business grows. Every couch and lounge chair is free of reservations!
Coworking spaces offer you high quality working places that may otherwise be beyond your budget. With low monthly rates and zero initial investment, you get to enjoy an exciting and more attractive work environment around you. Coworking provides a relaxed professional environment in which to meet clients and potential investors. Many coworking spaces also have assigned meeting spaces equipped with high quality furniture and devices like projectors. These conference rooms, usually furnished with the latest visual aids and presentation technology, add serious value to your start-up company’s ability to pitch to potential clients.
Coworking spaces tend to come with the technical facilities the startup community requires. This includes printers, photocopiers, speakers, scanners and other essential office equipment such as computer monitors and desks. This removes the need for duplication of resources for independent workstations and removes the need to buy your own expensive equipment, thus keeping your own costs at a minimum.
When moving into a coworking spaces, you don’t have to spend anything on the initial set-up costs of a traditional office space. You will not have to budget for utility bills, buying your own office accessories such as printers, desks and chairs, let alone deal with service providers or repairs and routine maintenance. All that is needed from your company is the monthly rate and you can focus on your product. Consequently, this added focus on the core output of your company helps you to grow your business faster than it may have done with its own office space.
Coworking spaces can motivate employees, who tend to feel more compelled to work and produce at high levels when they are around other hardworking professionals. Monotony and boredom are avoided as they are the atmosphere of creativity and motivation stimulates them. This is the kind of driven atmosphere that is prevalent in the coworking environment. Creativity and production levels are improved in this environment, as everyone finds themselves more focused on their tasks and goals than they would otherwise. As a byproduct, the level of self-confidence one has in his or her own product also increases. The environment of a coworking space makes it easier and comfortable for them to communicate about various topics to a different set of professionals.
Incubating the product
It’s a touchy topic, but a coworking space can function as a sort of hands-off incubator for your company’s growth. It provides essential comforts while enhancing the ability of its employees to produce and focus on the growth your product. Invaluable advice can come from all directions when in close proximity to many other hot products and people in a coworking space, but never required advice as may happen with many hands-on incubators which take a vital stake in the product as well as in manipulating it to suit their own vision or profit-oriented view of its potential lifetime.
Coworking spaces can provide a range of outstanding benefits to any business - especially in the case of startups who thrive upon the creative spark provided by a coworking office. The ever-changing, never stagnant environment of a coworking space gives way to increased productivity, motivation and indeed, creativity. At Fueled, we believe that the concept of a healthy and vibrant coworking space is vital to the growth of every startup.