Coworking brings people together from different companies into one (coworking) space. The idea is that people get to share facilities, tools, and ideas.
Coworking itself isn’t an entirely new concept. Indeed, it technically goes back to 2005, when it was invented by software engineer Brad Neuberg.
However, it’s really in modern times when coworking has evolved hand-in-hand with the rise of remote working. Now, thousands of startups worldwide are considering whether coworking is the right move for them.
In this article, we’ll look at a few ways coworking can help businesses perform better—to help you decide if it’s right for your business.
Coworking May Improve Productivity
Because coworking spaces are shared by entrepreneurs and workers who are there to do their jobs and complete tasks, it can help with productivity.
Think of it like this: If you’re stuck at home in your “study,” there are many distractions. What’s more, you’re free to lounge around in your pajamas if you so wish. This can cause a slowdown in productivity and work ethos.
Research has also shown that if people are forced to work in the confines of a traditional office all week long, productivity levels are low.
In a coworking space, you’re thrust into a space with other people who are on the grind. There are fewer distractions and you may find that you and your team feed off the energy of others. This can also stimulate interaction and innovation.
If you struggle to stay productive and focused, a coworking space might be for you.
Coworking Provides Networking Opportunities
Networking is essential for startups because it can help you find new clients and investors, as well as create partnership opportunities that are mutually beneficial.
You may also meet someone who can offer you valuable mentorship and support, as well as useful feedback.
Not only will coworking put you in touch with like-minded entrepreneurs and workers during the day-to-day run of things, coworking spaces often host events that you can attend and meet new people.
And while you won’t meet someone useful every day of the week, there’s every chance you will connect with someone invaluable at some point.
Coworking Puts You And Your Team in the City
If you’re a startup operating remotely from home, that’s fine. But it may not appeal to job seekers—and it won’t help you attract top talent.
If, on the other hand, you move operations into a coworking space in the heart of a city, you will start to establish yourself as a professional business that’s here to stay.
Not just that, but working in the city will also ensure that everyone including yourself has access to transport links, as well as the best bars and restaurants where you can take your team for team-bonding drinks and meals, as well as meet new clients.
Coworking Can Save You Money
Money is everything for startups—and coworking can be a hugely cost-effective solution for startups looking to scale.
This is because your money isn’t being drained by overheads all of a sudden. You don’t need to pay for the “small things” that quickly build up, such as cleaning your office space and replacing broken machines.
You also get access to equipment, such as printers and scanners, that you don’t have to pay for, as well as desks and chairs.
This allows you to pump your startup cash into resources that truly matter, such as software, web design, SEO, digital marketing, and so on.
And if you find that a coworking space is a tad too expensive at first, you can always explore SaaS funding options to cover the costs while you scale.
Coworking = Flexible Contracts
Speaking of saving money…
Another beauty of coworking is that you don’t have to lock yourself into a lengthy contract that you can’t get out of. In fact, you don’t have to sign a lease (which you would have to do if you were to work out of a conventional office).
Instead, coworking means you can sign a month-by-month contract. This then ensures you can take a whole month off as and when you need it, or even move to a new coworking space ASAP if your current one isn’t working out (or you need to switch locations).
Not just that, but it’s natural for startups to experience ups and downs during the first few months. As a result, there might be periods when you’d prefer your whole team to work remotely for a month or two—and coworking allows you to implement this method of working with ease.
Coworking Adapts As Your Business Grows
Continuing from the above point, it’s also worth pointing out that coworking is adaptable to how fast (or slowly) your startup is growing.
For example, if you need to add a few extra members of staff to your team, such as an SEO expert or a digital marketing consultant, and therefore more office space, coworking gives you the opportunity to easily find a bigger space.
Or, it might be the case that you need to downsize for the immediate future—coworking allows you to do that because you can swiftly move into a smaller space for less money.
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Coworking also doesn’t have to be the be-all and end-all. If it allows you the time and space to grow your business before you eventually need to move into a traditional office space, so much the better.
Coworking can be ideal if you want to bring your team together into one space where you and they can interact with others, save money, build partnerships and boost flexibility.
For startups looking to grow and scale, they can be a natural evolution in a world where more and more workers are enjoying freedom and flexibility.
There are lots of interesting coworking options available. Each one has a flexible pricing structure that allows you to get the deal that suits you and your way of working. What’s more, there are coworking spaces available all over the country, which means you get to choose the perfect location.