One of the biggest challenges in starting up your own company is finding affordable office space. In fact, one of the most common reasons that most startups fail in their first year is because their expenses far exceed the profits they can make. By minimizing the startup costs, your business stands a better chance of being successful.
But this can be challenging as finding traditional office space such as renting buildings or floors can be expensive. Plus, working from home offers serious disadvantages in trying to grow your company. However, one popular alternative that combines traditional office space while being affordable to rent has arisen in recent years. The coworking space has become quite popular thanks to the advantages it offers for small businesses, startups, and those establishing their profession online.
What is a Coworking Space?
Sometimes called shared working spaces, a coworking space is where several different businesses occupy the same room or building. Instead of renting a floor, you rent space at a desk or table for your computer. You sit next to others who are also running their own businesses. The coworking space is often a traditional office building or floor that has been divided up to house several different businesses at the same time.
You rent your space which can be a seat at a table or a private office. Many coworking spaces have meeting rooms which can be rented by the hour. In addition, many who run coworking spaces will do their best to create a happy working environment. This includes providing the proper facilities and addressing any concerns that their renters bring up.
Why Choose a Coworking Space?
For the entrepreneur or small business owner who works online, there are good reasons why a coworking space is right for your needs. This is especially true if you need to expand your business quickly, meet with clients, and find the right networking opportunities to help grow your company.
Low Cost: The most notable advantage is the low cost. For a fraction of what it costs to rent a traditional office floor or building, you get the same benefits when you rent a coworking space. This means that you only pay for the area that you use, and you can expand at your own convenience.
When you consider that so many businesses that fail do so because their expenses exceed their profits, then renting only what you need instead of a much larger area, floor, or building provides a powerful advantage.
Professional Location: A coworking space is basically a traditional office space. The only real difference is that you are renting a small area on the floor instead of the entire floor. This means that you enjoy the following advantages;
- Working in a professional setting instead of at home
- You can hire personnel and expand your business within the coworking space
- A place that has meeting rooms to conduct business with clients
All these advantages are located within the same building. This means that you can start and grow your business quickly and transition to a larger space when you are ready.
Solid Work Environment: While there are conveniences by working at home, there are also some serious limitations as well. Being at home means being distracted by many things that are outside of your work. Studies have shown that many people who work from home take longer to get their jobs accomplished because they are being pulled away from the distractions of being in their residence.
A coworking space avoids the disadvantages of being at home. Plus, it provides a healthy work environment that is non-competitive, since the people there are working at their own businesses. This means that everyone is focused on their job which allows you to be focused on what you need to accomplish.
Networking: Another key to success for all new businesses is the ability to find clients that offer support services. A coworking space offers a natural environment for finding business owners who can help your company grow.
Whether they offer their services directly or if they know someone who can help, the networking possibilities of a coworking space are considerable. Plus, all you have to do is ask your neighbor to find out if they can help.
Coworking spaces offer considerable advantages in improving work efficiency, minimizing the cost of office space, and providing powerful networking opportunities all within a strong work environment. This is why coworking spaces are becoming more popular every day.
