It’s common to think of coworking spaces as collaborative places for solopreneurs and freelancers, but they’re actually thriving for startup teams and large companies.
When it comes to commercial office spaces, we’re seeing a shift toward a more collaborative environment, which is driving demand for coworking spaces. Let’s start by looking at how businesses are taking advantage of collaborative workspaces.
Working in a shared environment promotes interpersonal interaction and therefore improves performance.
Being in an environment where you can interact with other like-minded people is a major draw for independent business owners, and it’s contagious. Through the creation of an integrated network, these benefits can also be applied to larger groups.
A network that supports the growth of the business itself
To enjoy the same networking opportunities as a shared office space, your business will still need to host or participate in regular networking events. A typical coworking space hosts a wide variety of entrepreneurs from different fields.
Networking can happen both in person and online, depending on where you go. There is an internal app for members of one of the largest and most well-known coworking spaces, where the community leadership encourages users to network and submit project requests, such as “I’m looking for an accountant to help me with my business.”
Make a great impression on clients, job candidates and investors with a well-maintained workplace
At this stage in your business development, a professional meeting space is essential. In order to foster a positive work environment, most coworking spaces have generated millions in funding through private investment. So they know how essential it is to design facilities with quality meeting spaces, welcoming community managers, fruit-infused water and other perks.
Creating a welcoming environment in which potential customers can meet and do business with you can have a significant impact on the success or failure of a business.
As your team grows, coworking is a cost-effective solution
You may have a co-founder and a few employees when you start, but you certainly don’t have the money to sign a long-term office lease and hire a large staff. You’ll need to maintain a low cash burn rate before your business shows signs of growth in terms of revenue, users or investor interest. By watching your expenses, you’ll be able to do this.
Enjoy low commitment and lots of ease
To keep startup overhead to a minimum, most coworking spaces offer monthly memberships and private offices with amenities such as high-speed wifi, free coffee, video conferencing, meeting rooms and related business services.
Your company’s current situation is key, but if you’re planning a lot of changes or developments in the near future, renting office space on a monthly membership basis that can be canceled or upgraded quickly may make sense. It’s not a good idea to sign long-term leases. As your business needs change, you can adjust the size of your space accordingly.
Remember, coworking doesn’t mean you can’t scale your business to fit your needs.
Rapid business expansion may require a custom office, especially if the business has received multiple rounds of investment and is looking to grow. For venture-backed businesses that are growing quickly, some coworking spaces offer entire floors or even buildings.
Just as real estate developers work with you to build and manage your unique development, they also work with you to reap the benefits of a shared community when you move in.