The traditional office environment has seen great growth since its inception. There has been a lot of progress in the ways and methods of getting work done. The organizations we work for, the way we work, or the space we use for working have seen great changes over time. Co-working is a “thing” these days. We all come across questions like why is co-working becoming so attractive? Why do most successful startups have a history of co-working? So, what is co-working?
What is co-working?
It is a situation defending the idea of various entities sharing the same working space, thus cutting costs by sharing equipment, utilities, and other relevant services. Co-working is known to offer business innovation, growth, and workspace productivity through the spirit of collaboration and healthy competition.
The major difference between co-working spaces and traditional offices is that not everyone working there is under the employment of one company. It provides a chance for independent contractors, freelancers, and small startups to work under the same roof so that they can keep their motivation levels steady and learn from the environment altogether. The co-working spaces are known to come equipped with traditional office utilities like the internet, communal areas to work as opposed to traditional office cubicles, meeting rooms, pantry, and constructive environment, etc. Now comes the great question:
Why is co-working so good for startups?
With everything said and done, the question still stands as to what makes co-working so good for startups. On average startups usually, employ 5 to 10 people at most and sometimes only 2 people developing an idea. At the outset, it is okay for a startup to operate from a basement or garage. What follows are a few reasons why co-working spaces are quite suitable for a startup:
One of the greatest benefits of a co-working space is its cost-effectiveness. It takes out all the worries of renting, maintaining, and managing a building thus saving you money that can be utilized effectively for business development. The spaces are designed to increase productivity at a minimal fee for the time of your choice.
Centralized systems also help with cutting costs as you as an individual business does not have to worry about basic office amenities like printers, Wi-Fi, electricity, and clean running water. You can always pitch ideas for better business utility solutions to your co-working space management like that of high-speed and affordable CenturyLink internet plans.
Most startups have a fair idea of how they want to scale their business and operations in the future, there is no ceteris paribus in real life, and no one knows what the future holds. Therefore, if you think spending money on creating a workspace of your own at an early stage of your business is a good idea then sit back and think again! There might be a possibility that you end up spending (a lot of) money on something that is not even important. Especially at a stage when utilizing the capital smartly should be your prime concern, investing in an office space at this stage of the business can prove to be a huge burden and commitment for a newly born venture.
Co-working space also offers the flexibility of utilizing that space for however long you please. You can always leave whenever you deem right, just like that, without any considerable financial repercussions.
There are times when the clients want to meet you in person before making any long-term commitments. Losing potential clients because of a lack of a presentable space can wreak havoc on your business, right. It is always better to meet clients in a conference room than a noisy coffee shop. A pleasant working space leaves a lasting impact on the client and presents the best of your business that can go a long way.
In addition, you can always go to meet your client in another city if your co-working space has a branch there too. In short, you get to take the benefit of exploit fully functional office facilities like conference rooms without putting too much at stake.
What kind of startups should go for co-working?
Co-working spaces have a million benefits and growth opportunities at your disposal but those benefits are directly proportional to the nature of your business. For example, if your business needs privacy, your operations and standard operating procedures cannot become public knowledge then co-working spaces are not a good idea for your business. In co-working spaces, people are going to be walking around knowing a bit, of what you do, so businesses like lawyers, accountants, etc. cannot afford someone keeping an eye on them. Hence, co-working is not a good choice for such businesses.
However, the businesses that grow via discussions, brainstorming, and sharing ideas, co-working spaces provide them a thriving platform to expand their knowledge base. These spaces would allow them to share ideas and learn new trends as soon as they come and see their impact on other businesses in real-time. Companies like marketing, advertising, design, apparel, and e-commerce can conveniently exploit the benefits offered by co-working spaces. Share your thoughts in the comments below!