Benefits of Coworking Space: How Startups Can Worked Out a Multi-Billion Dollar Idea

June 7, 2022
benefits of coworking space

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Benefits of Coworking Space: How Startups Can Worked Out a Multi-Billion Dollar Idea

Recently, most start-ups have been searching for the ideal workplace solution to enhance productivity and keep employees motivated since the dawn of the contemporary office environment. As a result, we’ve recently saw a ‘wellbeing and collaborative movement.’ Open floor patterns from sheltered cubicles, which attempt to enhance cooperation and team bonding; investment in organic coffee, and healthier snack d lunch alternatives. Many organisations have gone miles in even installing facilities like ping pong tables and sleep pods to alleviate tension and exhaustion.

Coworking will only grow over the next decade as more jobs provide flexibility and remote work. So consider joining a coworking space near you to save money, network more effectively, and boost productivity.

Because of the surge in remote workers worldwide, coworking spaces have validated their market. Individuals who have the freedom to work from anywhere can discover an affordable coworking space in their area; this includes, but doesn’t limit to, entrepreneurs, start-ups, freelancers, and anyone who operates remotely.

If you want to work from a coworking space or are considering reserving one for your team, this article will highlight six benefits of coworking space for startups. Continue reading to learn how:

1. Inspiring Creativity

It all starts with passion and imagination. Start-ups are inherently original, and they rely on creative fuel to sustain their life-blood, especially in the early years. As a result, nurturing them in an atmosphere that doesn’t suffocate the flames should be a priority. Unfortunately, traditional workplace spaces give little room for creativity. On the other hand, working from home may be lonely and, if not disciplined, can foster unhealthy behaviours. A coworking space presents the perfect solution. 

2. Affordability

When establishing a start-up, you cannot afford to rent an ample office space that will cost you much money; this is why coworking spaces exist: to provide entrepreneurs and their teams with a dynamic environment and a fully-equipped office space without having to go through the difficulties of setting up a whole office. These communal areas make it possible to run a business without spending a huge chunk of money. Expenses that include office rent, fire insurance, acquiring office equipment, proper furnishings, and other costs are among the things you pay when working at the traditional work office. Whereas most coworking spaces provide daily, weekly, monthly, and yearly passes, and you may pay based on how many months you require the space and extra equipment in the price catalogue. It’s also one of best benefits of using coworking space.

Deskimo’s pay-as-you-go model is one of the most sought after by these startups as users will only pay by the minute they’re using and track everything through the app.

3. Networking

It should be no surprise that entrepreneurs’ coworking spaces have a strong community and provide excellent networking possibilities. Individuals and teams from many sectors collaborate in a single space, allowing them to communicate and share ideas in ways they would not otherwise be able to. In addition, many start-ups see the benefits of coworking spaces since they can cooperate with other firms, connect with talented experts who can assist with projects, or share advice and support as younger and smaller organisations look to expand their brand.

Also Read: Why Coworking Spaces Are Great For Productivity

4. Emotional Assistance

The ability to touch the human element of empathy is perhaps the best benefit of coworking spaces. You are not alone if you have experienced self-doubt as a start-up owner. However, stepping out on your own takes away the safety net; surrounding yourself with other entrepreneurs helps you overcome periods of self-doubt. You may also utilise them to get feedback on your ideas.

5. Flexibility

You are never genuinely constrained in coworking space lease. Office spaces may quickly become pricey as the prices of everything. However, you have much better control over the costs than in a real estate office contract, as you set the rule of how long you need the space, rather than being bound to use it. Coworking spaces may be rented on a long or short-term basis, but if you work from home and want to get out of the house now and again, a co-working space is perfect.

6. Top-notch amenities

Another benefits of using a coworking space is that they frequently provide access to services that small firms and start-ups would not otherwise be able to afford (e.g. a business address in CBD). As a result, coworking spaces offer the sense of a luxury lease at a low price, modern furniture, a professional front desk, gorgeous design, and more.

Also Read: Should Human Resources In Singapore Embrace Coworking Spaces?

Case Study: Uber

Uber began as a concept to alleviate taxi problems in San Francisco. Now, it operates in 80 countries and is valued at more than $75 billion. Back in 2011, a crew of eight, including co-founders Travis Kalanick and Garrett Camp, were actually worked out of RocketSpace. It’s a San Francisco tech coworking space that is specifically catered to corporate innovators and premier technology companies. Support on networking opportunities and the provision of business flexibility have come together to bring a feeling of motivation that all comes with lower real estate overheads.

This is how a multi-million dollar company started, from an idea and working out of a coworking space. It’s astounding how much a brilliant idea can achieve in a collaborative setup with a dedicated team.

Conclusion

Coworking spaces serve as primary centres for creatives from various walks of life and sectors. That said, networking and creating partnerships that can help grow your business will be much easier. By working with individuals from different backgrounds and exposing yourself to new perspectives, coworking spaces can provide a whole new way of thinking. It may be a good idea to move into a new space at a certain interval. It allows you to refresh your mind and uncover alternative solutions.

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