Is Coworking a Better Option For Startups?

It is really a tough job to locate an appropriate workplace which will help the team to increase the productivity and at the same time, it should fit into your planned budget.

In the last few years, we have witnessed the stories of many startups which got abandoned prematurely due to various reasons. One of the strong reasons behind those failures is the inability to manage the upward expenses. While renting or leasing a workplace is bare minimum necessary to start your work, the high cost creates a big hole in your pocket. And further, it requires additional investment on the initial setup to design the place according to your theme and work culture.

Some people try to avoid those initial investments by rolling up the new venture from the comfort of their home. Many freelancers and small startups prefer working from home instead of renting a place. That can surely save huge bucks for them but what about the productivity? A home environment has many other things like kids, family members, and other house chores which can distract your concentration and can potentially decrease the overall productivity of yours and your team. A professional environment is always needed for perform the professional work in a best possible manner.

So, is there any solution for all such worries? Yes, instead of renting a new place or working at your home, there is a better option available. That is called Coworking space, an affordable place where you and your team can work instantly in a professional way surrounded with many like minded people. Let us discuss how the coworking space can be a better place to start your business keeping the risk profile lower.

Normally, when you rent a building for your office you may not get all the infrastructure ready initially. There may be some chairs and desks to place your PCs and Files, but there are many other things like the cabins, racks, and drawers that need to be built to start your work smoothly. That will again increase the expenses and also delays your work.

While using coworking space you need not worry about the basic infrastructure. The coworking space has everything that you need to start your work from the first day. There are places to keep your PCs, Laptops and other stuff as well as conference rooms for the meetings.

The coworking space also provides the basic amenities such as hot and cold water dispensers, along with coffee, tea, and other refreshments. Also, you need not worry about the Wi-Fi, printer, scanner, and photocopying machines. You will get all those in a coworking space to start your work without any hindrance.

Working in a coworking space can keep you motivated always to achieve your goals. Because you are not alone, there are many such startups working under one roof sailing on the same sea managing similar hurdles on their way. The related experience, like minded people and the professional environment, will surely help to keep your motivation intact.

Apart from that, there are chances that you may get some outstanding resources to work on your project while working under the same roof. That surely saves hiring and recruiting cost as well as the time requires searching for the right skill. As a startup, probably you do not have enough money to hire people from outside for team expansion. But working in a coworking space will give you the opportunity to acquire freelancers easily under the same roof to carry out the urgent work that too in a shoe string budget.

And who knows while working in the coworking space you may get a partner or another founder to take your business to a new height together. There can be a possibility of collaborations, mergers of your startup with another startup while sipping coffee with some like minded people under the same roof.

For any business, it is always challenging to win the confidence of the clients. Especially for the startups, it requires series of meetings with the clients in regular intervals to showcase the in progressing works. That not only helps to win the trust of the clients but also ensures that you are going in the right direction as per the expectation of your client.

The coworking space can be the right choice for clients meeting as they have meeting ready conference rooms. No need to book those expensive hotels or restaurants which may impact your budget. And the best part about coworking space is that it is available in many cities around the world, So, suppose you are going to New York to meet a client, you can book a conference room of any nearby co-working space for the meeting instead of paying a high cost for a hotel or restaurant.

The chances are high that you may get an idea or two while working in a coworking space. Yes, it is possible, because you are working with groups of like minded professionals who are also thinking in similar directions to boost their businesses. So, while discussing over a lunch or coffee break, you may get a nice idea or a probable solution to run your business in a better way.

Generally, in the initial phase of your startup, you may not have expert resources for all the required skills to run your project. So at some juncture when you stuck with a problem, you may get an expert help from someone working in the same working space.

Also, who knows the professionals working with you in the same coworking space can become your client one day. That can be possible as they may need your skills to develop their products. There are also numerous possibilities of getting a new client, a new business using the references you have in the same coworking space.

At the initial years of your startups, it is important to control the expenses by taking some cost cutting measures. The coworking spaces are the better option to start your first office under a common platform of like minded professionals. It does not only provide you all the basic amenities required to start your business but also render you a highly professional place at an affordable cost to sustain in this competitive market.

These places will provide you the desks, chairs with high-speed internet connection, and also the suitable professional environment to increase your productivity. The coworking spaces offer various plans from monthly to yearly occupancy by paying the required charges. You can also rent for a day or two when you are moving to another city for a client meeting or any other business related tours.

Finally, If you are going to start a new business and requires a professional workspace to keep you motivated then it is better to go for a coworking space instead of renting an individual commercial space or doing the work from your home.