Creative entrepreneurs everywhere are looking for ways to make their day more enjoyable and productive.
It’s challenging when you’re spending your day on your laptop, especially if it is only a kitchen tablet or sofa – it’s easy to be distracted and start binge-watching a new television series. Perhaps if you have a unique team of people, it isn’t always desirable to meet up in a living room or coffee shop.
Obviously, saving money on rent seems like the perfect choice – especially when you’ve only just started a business.
Coworking spaces are becoming an increasingly popular option, especially for new and upcoming businesses. They appear in big and small cities, in a way to challenge high rent costs and all the other negatives that come with signing a lease.
It might seem like a difficult choice, and you might be researching into coworking spaces. So, how can a coworking space turn your startup into a success?
What is a coworking space?
Coworking spaces have become something of a buzzword. What exactly is a coworking space, and what makes them different from a regular office, or a public area like a library or coffee shop?
They are, essentially, shared workspaces. They’re perfect for those looking for isolation, or great places to have meetings and complete team projects.
These shared workspaces differ from location to location. They offer suite-like offices, private meeting rooms, or shared desks. They even come with kitchens, coffee, and more.
Most of the time, they also come with a particular community behind them. This means that you can find like-minded people passionate about entrepreneurship at these spaces.
For example, freelancers, startups, and small teams can be surrounded by like-minded people. Here are specific ways that can create success for your new venture.
Social interaction
One of the main issues for people that work from home is social isolation. This can both benefit people, and actually, have adverse effects on others.
There may be days when you need a quiet space, and other times you need an area that you can talk to people – and even meet up with the rest of your team.
Coworking spaces offer a freedom that allows you to spend one day in your pajamas and the next at a coworking space in your favorite jeans.
Promoting interaction in a coworking space is an excellent benefit that is a beneficial prerequisite to social inclusion. Many freelancers or startup founders often complain about their lack of conversation. Coworking combines all the benefits of working for yourself and working a 9-5.
It offers a particular type of routine to your day, and also helps you to stay away from Netflix. It’s always important to gain meaningful relationships in life, and starting your own business can be a lonely journey.
Who knows, you might even gain incredible friendships that will offer you valuable insights into the world of business. This is all possible without being tied down to a specific work-space or team. How great is that?
Work-life balance
When it comes to startups, the idea of no -sleep and regular work days is glorified. This shouldn’t be the case at all.
This can lead to burning out, depression, anxiety, and failure. You need a sustainable approach to business, in order for it to be successful. Coworking helps with this mindset shift.
You need to set boundaries and have a break from work every now and then. This can be really difficult when you’re working for yourself, especially in your own home.
A lot of coworking spaces host specific events and activities, which help with this work-life balance. They help you get away from your desk, and engage in something other from work. This is great for your mental health, which may prove useful for your work too.
This can range from drop-in yoga classes, networking lunches, and collaborative coffee breaks. Some even offer at work drinks and provide you with a chance to meet new people, and gain a bustling social life.
The best thing is that this won’t impact any type of annual performance review. Often, if you turn down a networking event or make a mistake at a Christmas party, your bosses may treat you differently. There’s no pressure to attend certain events, and absolutely no reason to worry after-work drinks.
In these cases, you work for yourself, and ultimately, there’s no downside to not attending or attending these events. It’s all your own choice and depends on your free time, interests, and mood at the time.
Find something that works for you, and go with it.
Networking opportunities
We have mentioned this briefly in the above points, but networking is a big part of coworking spaces. It also happens really naturally.
You’ll be sharing your workspace with a wide range of unique people, all from different industries and skills.
With this, you can connect with people in your field. You can also network with those that are in entirely different industries and niches. You can gain valuable insights and advice from both.
Not to mention, sharing your challenges and triumphs will help you personally. It’s an essential part of learning and developing.
You might share a desk with a social media manager, that can offer you fantastic insight into the online world. You could come across a freelance content writer that can prove the perfect addition to your team – helping you with your SEO and marketing efforts.
It really is a great way to meet new people, all who are professional and skilled in their own way.
You will find yourself around some of the most fantastic group of people, that will all offer you learning opportunities that you never thought possible.
Angelica Watts, the Senior Marketing Manager at The Word Point told us that she learned most of the things to land this position throughout the years of collaborating and interacting with freelance professionals in the coworking places she used to work in as a freelance writer and translator.
It’s one of the most amazing upsides to coworking, you’ll gain job-career guidance while working for yourself.
Improved facilities
Coworking spaces offer you an incredible degree of improved facilities. They prove much better than your home office or local coffee shop. There’s very little loud noises or non-business interruptions.
They primarily come with everything that you could possibly need to help you complete your work.
Power sockets, functional furniture, high-speed WIFI connections.
If the thought of sharing a desk with somebody else is off-putting, a lot of coworking spaces also offer private areas. These give you peace and quiet, a chance to catch up on calls, or just work in isolation. This is something that coffee shops or working from home doesn’t really give you.
Ultimately, it’s the freedom and flexibility that make it beneficial.
Coworking spaces also often give you free coffee, tea, and snacks as part of the deal. This can save you some of the change that you would spend on the daily at your local coffee shop.
If you get coffee, WIFI, and power sockets – why would you need anywhere else?
Coworking is a cost-effective solution
Office space rental is expensive – especially when prices are inflating every single day. Signing a lease for a startup seems like such a big decision. This is especially true when the future of your company is yet to be determined.
Office rental is a long-term financial commitment that might not be worth it for your specific company – especially if the majority of your workers are remote.
Coworking spaces are rented for when you need them, on a day-to-day basis or a month-to-month basis. You can rent meeting rooms, or specific area when you need them. There’s no reason to be tied to paying rent, with a lengthy contract.
Coworking spaces are substantially cheaper than an office rental. For example, you can get a shared desk for around $250 a month. However, rent will come in at a minimum of $1,000 a month without including all the bills and extras you will have to pay.
Coworking spaces grow as your business grows
You’re never tied down to a specific desk, or space. The more money you make and the bigger your team gets, the more you can scale up when you need to.
If you suddenly need more resources or facilities, you can rent a bigger coworking space, with private rooms and a meeting area. Your coworking space, for this reason, will be much more flexible than traditional office situations.
The community that comes with coworking will also make you and your colleagues feel much more productive. It’s a great area to be around, which will help you and your team grow.
It’s a much better and more productive environment than, say, a kitchen or coffee shop. Everything will feel much more professional and will help your workers strive towards helping your startup to thrive.
Also, you can hire out private spaces to conduct interviews. This often proves much more professional and worthwhile than conducting skype interviews or even inviting somebody to a public space for an interview. It will help encourage people to join your team and help your business grow.
Companies that started from coworking spaces
Many companies have started from a coworking space. For years, they’ve been seen as something that freelancers and independent professionals use.
However, many startups that are trying to go onto bigger and better things have started from these spaces.
The benefits of coworking can help to develop a business into a game-changing, successful company. Here are some examples of incredible companies that started from a coworking space.
Uber
Everybody knows of this innovative transport app, which has changed cities all over the world. Did you know that they started from a coworking space in New York back in 2011?
It was a team of 8, including the two co-founders, who used RocketSpace to make their dreams comes true.
Now, the company is in 80 countries, and in almost 80 metropolitan areas. It’s also expanded to Uber Eats, Uber Help, and Uber Freight.
Yet another example of a company that started from a successful startup. The concept for the app, which has changed how many of us live our daily lives, was born in a coworking space.
Instagram was purchased by Facebook for $1 billion.
Spotify
Yes, Spotify was also created in RocketSpace Currently, the streaming service has around 159 million active users, with annual revenue that equals approximately $5bn.
They started in a coworking space and grew and grew. Of course, now these companies also have their own offices, and employee some of the smartest minds in the industry.
There’s really no reason why you can’t be just as successful as some of these companies. Who knows, maybe your brand’s name will be on a list just like this.
Ofo
This is a new startup that’s already making headlines. It’s a green company that focuses on sustainability. It started in a London coworking hub and has since launched the service to 21 countries.
This company gives you the ability to hire a bike, in any of 250 cities worldwide. They promote an environmentally friendly life, which has been seen as an alternative to Uber.
How to find a coworking space
There are tonnes of coworking spaces out there. To find the perfect one for you, you need to take certain things into consideration. These are:
- Your budget – What is your budget for your startup space? You can always move somewhere more significant and brighter once you start seeing returns.
- The location – Can you and your team make your way to it quickly and cheaply?
- The facilities do you need – Conference rooms, printing mail handling and reception services, which one do you need?
- The culture – Some areas are built explicitly for technology jobs, art industries, and education niches. You should choose one that will prove the most valuable for you and your niche.
Conclusion
Coworking has proved to the future for many companies. It’s a creative and innovative way to work for yourself, and also meet new people.
Explore your options, and ask for free trials. You might find that making the way out of your house for a few days a week is the best option for you and your company.
