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Start-Ups

Benefits of a Coworking Space for Your Startup

By Townes Haas   |    June 2, 2015   |    9:15 AM

Why Your Startup Needs to Use a Coworking Space

Typically, it isn’t practical for a fledgling startup to lease a full office space, even if it’s a small space. Coworking spaces are the perfect solution for cash-strapped startups who still need access to state-of-the-art technology, professional-looking office space, and more. Plus, they sure beat working out of the garage or a coffee shop.

There are so many benefits that a coworking space can offer a startup company, and here are some of our favorites.

Reduce costs

One of the biggest perks to utilizing a coworking space is also the most obvious—you’ll save a sizable amount of money versus renting a traditional office. When you’re leasing a traditional office space you might be responsible for broker’s fees, security deposits, and more. With coworking, it’s as easy as calling up a coworking hub, telling them your needs, and learning more about how their space can serve you best.

You’ll save money in other ways, too. Most coworking spaces come pre-stocked with office equipment like printers, scanners, phones, and other essentials, leaving you with more money to invest into other parts of your business.

Build relationships and channel creative energy

The best part about coworking is the “co” part. Working from home can be great, but it may not give you as many opportunities to network and connect with other entrepreneurs. Their enthusiasm could very well be contagious, too. Inc.com interviewed Michael Noble to find out why he loves his coworking space. According to Noble, “Everyone is optimistic about what they’re trying to do. Sometimes you just need to be around other people who are wanting their own business to succeed and that’s kind of contagious.”

Coworking is also great for networking and collaboration. Do you need some help with your website? There’s probably a web designer somewhere in the building. How about a lawyer? Chances are, there’s an attorney down the hall. That’s good news for you, too, because someone might need your expertise.

Coworking spaces are flexible

In the startup world, things are constantly changing, as you’ve undoubtedly already learned. Why can’t your office space change, too? Coworking spaces offer workers tons of flexibility that can’t be found anywhere else. Here are some examples of how flexible coworking spaces can be:

  • Maybe you’re at the beginning of your entrepreneurial journey, and you don’t need office space full-time. You’re in luck, because many spaces across the country allow members to purchase a set number of hours per week or month.
  • Do you need a conference room or meeting room, but only occasionally? Most coworking offices give members access to executive-level space when they need it.
  • Will you need a receptionist, but only during busy periods? Many coworking companies have well-trained staff on hand that you can hire on an as-needed basis, so there’s no need to spend time and money hiring via traditional methods.
  • You don’t sign a lease with a coworking company, so there’s no need to worry about committing to a fixed monthly rent. Pay only for what you need, when you need it.

How to find the best coworking space for your startup

Coworking has become extremely popular throughout the country, so you have plenty of variety when it comes to selecting a space. Consider touring a few different spaces so that you can compare, contrast, and find the spot that’s best for your startup. Some things to consider include:

  • What is the culture and environment like? Is this space mostly occupied by a certain industry or a particular business demographic? Some coworking spaces also function as startup incubators, which could be helpful.
  • Is the location convenient to you and your team? If the space is in a busy downtown location, how is parking?
  • Does the space have all of the office equipment that you’ll need?
  • Do you like the way the space is set up? If it’s an open concept, will you be able to work in that setting? Are there cubicles or other areas where you can go for more peace and quiet, if necessary?
  • What are the terms of membership? Many coworking entities are flexible, but you always want to confirm.

Coworking spaces are available to suit every budget, and they’re an excellent way to take your startup to the next level. A quick Google search will point you toward options in your region so that you can locate the perfect space for you and your startup team.