Recently, there has been a growing trend of startups opting for shared working spaces rather than traditional office spaces. And this is because shared working spaces offer several excellent benefits for startups.
The trend of having a shared working space is becoming more popular because it helps to create a sense of community and collaboration among employees. In addition, it can also provide cost savings since you would not need to lease or purchase your own office space.
Did you know? Around the world, around 50% of all coworking spaces are used by startups. And there are good reasons for this. According to a study by the University of California, startup companies that use coworking spaces have a higher chance of survival than those that don’t.
Benefits of Shared Working Spaces
Some of the benefits of shared working spaces for startups include:
Shared working spaces are often more cost-effective than traditional office spaces. It is because you only need to pay for the space you use and don’t have to commit to a long-term lease. You can also save on furniture, equipment, and utilities. Luckily, many coworking spaces already have the essentials like high-speed Wi-Fi and coffee. Moreover, some coworking spaces offer membership plans that give you access to a community of like-minded individuals, which can benefit networking. Besides, you can get discounts on various services, including event spaces and business lounges. For instance, The Executive Centre offers a flexible approach to working with no long-term commitment and all-inclusive membership plans. However, weighing the cost savings against the location and other amenities is essential.
2. Productivity booster:
Shared working spaces also offer opportunities for collaboration, which can lead to new ideas and solutions. For example, you can join a community of creators and entrepreneurs to share ideas, find mentors, and collaborate. Also, the company provides access to business lounges, event spaces, and other resources to help you grow your business. Another aspect that makes coworking spaces productive is the lack of distractions. At home, many things can take your attention away from work. But in a shared working space, you can focus on your work and get things done more efficiently.
3. Ideal for networking:
In today’s day and age, networking is essential for businesses. And shared working spaces are the perfect place to network. It is because they provide an opportunity to meet like-minded individuals from different industries and backgrounds. You can also attend various events, workshops, and talks organized by the coworking space. For example, Google for Startups offers a variety of programs and resources designed to help startups grow. These include access to Google’s technology, mentorship from successful entrepreneurs, and opportunities to connect with investors.
4. Community support:
Another great benefit of shared working spaces is that they offer the support of a community. It is especially beneficial for startups as they can get advice and feedback from more experienced entrepreneurs. Moreover, many coworking spaces have a mentorship program where you can find a mentor who can offer guidance and advice. You can always contact the community for help, whether you need business advice or are looking for collaborators. The best part is that the community is usually amicable and willing to help. Another aspect of community support is that it can provide a sense of belonging. It is especially beneficial for remote workers who often feel isolated.
Nowadays, businesses need to be agile to stay ahead of the competition. And shared working spaces offer the perfect solution for this. They provide the flexibility to scale up or down as your business needs change. For example, if you need to expand your team, you can simply rent more space. Or, if you need to downsize, you can reduce your space. Shared working spaces also offer the flexibility to choose your working hours. It is beneficial if you need to work odd hours or want to take a break during the day.
6. Access to resources:
Another great benefit of shared working spaces is that they offer access to various resources. It is especially beneficial for startups as they often have limited resources. For example, many coworking spaces have a business library where you can find books, journals, and articles on various business topics. You can also find resources such as meeting rooms, event spaces, and business lounges. Additionally, many coworking spaces offer access to office supplies and equipment, so you don’t have to worry about buying your own. For example, some places provide access to printers, scanners, and photocopiers.
One of the main benefits of shared working spaces is that they are more affordable than traditional office spaces. It is because you only have to pay for the space you use and don’t have to sign a long-term lease. Shared working spaces are also great if you need to downsize your team or business. For example, if you only need a few desks, you can simply rent a smaller space. It is a more affordable option than renting an entire office. Additionally, many coworking spaces offer discounts and promotions, so you can save even more money.
8. Improved work-life balance:
Today, a healthy work-life balance is more important than ever. And shared working spaces can help you achieve this. It is because they offer the flexibility to choose your working hours. For example, if you need to pick up your kids from school, you can simply come in later. The best part is that many coworking spaces have childcare facilities on-site. It means you don’t have to worry about finding a babysitter. Additionally, shared working spaces often have a gym and other leisure facilities, which is beneficial if you want to stay fit and healthy.
The benefits of shared working spaces are numerous, especially for startups. These spaces offer the perfect solution for businesses that need to be agile and flexible. Many resources and amenities are also available, which can help you save time and money. Shared working spaces are also more affordable than traditional office spaces. And they offer the perfect solution for those who want a healthy work-life balance. So, check out a shared working space if you’re looking for new office space, and you won’t be disappointed.
Suman(Kul Prasad) Pandit is an accomplished business professional and entrepreneur with a proven track record in corporate and start-up sectors in the UK and USA. With a focus on sustainable business practices and business education, Suman is highly regarded for his innovative problem-solving and commitment to excellence. His expertise and dedication make him a valuable asset for businesses seeking growth and success.