Almost 70% of US entrepreneurs begin their startups at home.
While a home office may be all you need when you’re setting up your business, eventually you’re going to outgrow that space. When that time comes, you should know why co-working spaces are great for your business.
Whether you need to hire additional employees or you just need more reliable wifi, co-working spaces are a great option for a growing business. A relatively new alternative to traditional offices, co-working spaces are on the rise for a reason.
Keep reading to learn what those reasons are.
Why Co-Working Spaces are Great for Your Business
The increase in co-working spaces and the number of people using them is linked to the rise in freelance workers and entrepreneurs. Regardless of whether you have a personal brand or a more conventional business, co-working spaces have benefits for you.
Below, we pick the top 5 best reasons why co-working spaces are great for your business.
To get yourself set up in a traditional commercial office you need a lot of time, resources, and money. You’ll have to find an ideal location, negotiate leases, find and buy furnishings, and meet with IT installers and service vendors. That’s a lot of effort that could be better spent on continuing to grow your business.
A co-working space, on the other hand, has all the benefits of a traditional office with none of those setup costs. It comes fully equipped with all the supplies and resources you need, and at an affordable daily, weekly, or monthly costs. You won’t have to worry about leases, insurance, or office equipment.
Co-working spaces are usually centrally located, too. Meaning you can have an office address in an area you might not be able to afford at the regular rental rate. The Hoxton Mix is another way to get a great address without the high costs.
Moving into a commercial office space is a long-term commitment. And if you’re only in the startup phase, you may not be able to anticipate your long-term needs. Which means you could be getting in over your head, or you could end up coming up short.
A co-working space offers you more flexibility. They have various pricing structures to suit different commitment levels. In most cases, these range from daily to monthly contracts.
If and when your business continues to grow, a co-working space scales with you. As your team grows, you can move to semi-private spaces. If you have freelancers that don’t require a consistent desk, you can use the hot desk feature at most co-working spaces.
Co-working spaces usually also have conference rooms that you can book for big meetings with employees or clientele. You’ll also have all the high-tech gadgets you’ll need for presentations.
4. Work-life Balance
Work-life balance is important for productivity as well as well being. Co-working spaces promote this balance by holding social events as well as health and wellness activities. Most co-working space also has dedicated spaces for things like meditation, prayer, breaks, and lunch.
Perhaps one of the most important reasons why co-working spaces are great for your business is the opportunity for networking. As a personal brand or an entrepreneur, co-working spaces surround you with like-minded professionals. That opens up opportunities for collaboration, increasing your brand presence, as well as sharing ideas.
More Startup Advice
It’s not hard to figure out why co-working spaces are great for your business. They offer an affordable alternative to a traditional office with all the same resources and technology. As your business grows, a co-working space grows with you.
And if you’re just starting up, you need all the help and advice you can get. Be sure to check out our blog for more.