With the advances in technology, many people have taken advantage of the greater mobility and flexibility it allows to grow their business even in the absence of office space. However, as some have found out the hard way, working from home is not easy. Between the lack of dedicated space and the numerous distractions, business owners and start-up entrepreneurs find themselves longing for a more professional environment. This is where coworking spaces provide the perfect solution.
What Is a Coworking Space?
A coworking space allows several workers to share the same office space based on their personal schedules and business requirements.
It provides a cost-effective solution for business owners who may not need a full-time office but still want occasional access to a professional environment. Coworking spaces also benefit freelancers and remote workers who feel isolated and want to network and meet new people, or simply take a break from the chaos of working from home, especially if they do not have the space for a dedicated home office.
14 Benefits of Coworking Spaces for Entrepreneurs and Startups
There are many benefits of coworking spaces for startup entrepreneurs as a substitute or a complement to working from home to gain social interaction and an environment more conducive to business growth.
#1. Reduced Costs
Startups can save $2,700 on average per month by using a coworking space. For any entrepreneur, securing a start-up workspace requires a substantial amount of capital, and likely committing to a long-term lease. Even with the overhead covered, other miscellaneous costs like furniture, connectivity, stationery, etc. quickly raise monthly expenses.
One of the biggest benefits of coworking spaces for entrepreneurs is the ability to move into a fully furnished office that not only has the most costs covered, but a host of additional amenities and lifestyle perks attached.
Familiar with the demands of modern life, most coworking spaces come with tenant lounges, fully equipped kitchens, conference rooms to host meetings, and an array of cost-effective amenities not usually attached to renting traditional office space. This type of cost-efficiency is absolutely crucial for bootstrapping startups.
Coworking spaces are usually accessible 24/7, providing entrepreneurs with flexible office hours control. Starting and managing a new company demands flexibility. With unfettered access, people can decide whether to put in a long day to meet a deadline or take a break in the middle of the day and go to the gym. There’s also the choice to work in a quiet space or find a shared table to collaborate with their team.
The autonomy that comes with running a business is refreshing but can also overwhelm. Having an office space away from home, with a community of like-minded individuals, helps create structure, routine, and discipline. Essentially, it offers the comfort of both; structure when you need it and freedom when you don’t.
For startups, co-working spaces are turnkey solutions. They offer companies greater adaptability in an ever-changing world of work and the ability to overcome challenges like; workplace costs, occupancy, operational demands, and worker support. While young companies experience rapid change, co-working spaces remain consistent.
Furthermore, they allow companies to scale when needed, without too much hassle. Co-working spaces usually have flexible rental agreements. If a team expands, the lease agreement can be modified to suit the company’s growing needs. Many co-working spaces offer tiered membership plans, ranging from hot desks to dedicated desks and furnished private office spaces.
Lease flexibility allows startups to remain agile, as organizations can vary their space as projects change. For example, if a company needs to bring an extra team on board, it can do so without worrying about the repercussions of renting a larger space for a shorter amount of time.
25% of workers claim uncomfortable working environments negatively impact their productivity. Temperature, air quality, lighting, and workplace design impact an entrepreneur’s work. Coworking spaces go through a great deal to design flexible spaces that are physically comfortable to work in. Most have HVAC systems, fast internet, and amenities that provide a pleasant working experience.
They also offer ease. Zoom may reign supreme, but some times call for face-to-face meetings with clients that can be awkward if you work from home. A coworking space gives you an address to meet your client that avoids meeting at home altogether and is a notch above a coffee shop.
Comfort also extends to mental wellbeing. People in coworking spaces see their work as more meaningful, feel less lonely, and feel as though they are part of a community. Physically and emotionally comfortable environments take care of the small but significant details that allow entrepreneurs to meet their targets.
Freelancers working from home probably already know how challenging it is to maintain a balanced life, which is where having added amenities like gyms at coworking spaces can help. Coworking spaces also limit the temptation to watch TV or procrastinate at home, boosting productivity.
Building on the previous point, when people feel happier, they are 13% more productive. Happier individuals are more collaborative, engaged, and creative. Working in an environment with other like-minded people provides a sense of community, even if there isn’t direct communication between everyone all the time.
Many coworking spaces are also produced through intentional design. They cultivate the right environment with different spaces; some have a strong social element, while others minimize distraction for intense focus. A mix of both is advantageous, as it encourages people to take breaks during their working day.
#6. Network and Collaborations
One of the most important coworking space benefits for startups is the ability to meet new people and expand your professional network. Surrounding yourself with other successful entrepreneurs increases your chances of finding new clients, collaborators, or service providers.
Coworking spaces encourage their members to mingle by providing a collaborative environment as well as more informal settings like break rooms. They also organize networking events and workshops where members can gain visibility and expand their skills. Since many startups become successful thanks to word-of-mouth and personal recommendations, joining a coworking space in the right location may be your best business move.
#7. Professional Image
Many successful entrepreneurs started their journey in their garage or on the corner of their kitchen table, but you will need to establish a more professional image to reach the next level, whether it is to meet with potential clients or secure investments. Coworking spaces are a cost-effective solution to have access to a professional setup and all assorted amenities without breaking the bank so you can dedicate your capital to improving your products and services.
Whether you typically work from home or your favorite café, there is no guarantee that you will be able to find the perfect work environment if it is a particularly busy or noisy day. One of the main benefits of coworking for startups, business owners, and remote workers is that coworking spaces provide a professional space whenever you need it, whether it is for an important phone call or to focus on hitting your deadlines on time.
#9. Private and Shared Options
Long gone are the days of boring cubicles in shades of greige. Coworking spaces have evolved to provide their members with a wide variety of spaces that fit their members’ changing needs, whether it is a colorful collaborative room when you need to get the creative juices flowing while brainstorming with your business partners or a private office for important one-on-one meetings.
#10. Work-Life Balance
Although working from home has its advantages, it can also blur the line between work and relaxation. Whether you are having issues staying focused at home or disconnecting at the end of the workday, taking a toll on your family life and mental health, a coworking space can provide the environment you need to put yourself in work mode as well as shutting down after hours so you can regain a better work-life balance.
#11. Inspiration and Creativity
Working from home can be a lonely endeavor, especially if you find yourself stuck on a particular issue, and it can be difficult to get out of your head to see the bigger picture or think outside of the box. By working in a coworking space, you will find yourself exposed to other talented professionals who may offer the breakthrough suggestion you need or introduce you to another entrepreneur who can offer a fresh take on the problem.
#12. Services and Amenities for Startups
As comfortable as your home office or your favorite coffee shop may be, they probably do not include all the bells and whistles your business needs to reach the next level. As part of your membership, coworking spaces come with numerous benefits included or easily accessible and on-demand based on your changing needs. Here are some of the amenities you may find in your coworking space:
- Private rooms for meetings and video calls.
- Lounging spaces to unwind.
- Business amenities such as dry-erase boards, reliable internet access, printers, scanners, etc.
- Complimentary snacks and coffee.
#13. Support and Feedback
Many of the individuals you will find in coworking spaces are business owners, freelancers, and startup entrepreneurs who face similar challenges as yours, both on a personal and professional level. They constitute a readily available community that can provide support and feedback when you need it as well as a sense of camaraderie you may be missing out on when working alone so you can look forward to going to the “office”.
#14. Mindset on Success
If you surround yourself with other successful entrepreneurs who inspire you and motivate you to reach higher, it is only a question of time before your business truly takes off. There is no better place to find support to see yourself through the harder times and challenges that come with any entrepreneurial enterprise or to celebrate your successes.
Coworking Spaces Are Not a Perfect Fit for Everyone
As advantageous as coworking spaces may be for many remote workers, some may find that these working arrangements do not fit their personal or business needs. Here are some of the situations when coworking spaces may not be the right solution for you:
- You easily get distracted by the coming and going of other workers
- You cannot find a coworking space within your budget or in your desired location
- Your work requires a high level of confidentiality and privacy
- You must have a private office to match your business branding
The numerous benefits of coworking spaces for startups make it a cost-effective and realistic option for new businesses and budding entrepreneurs, as well as freelancers needing an alternative space for productive work. If you require coworking space for rent in River North, Chicago, then contact us for a free consultation. We have designed the perfect space to accommodate modern working life at 620 N LaSalle.
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