The Valley has dozens coworking spaces, including CO+HOOTS in Phoenix. (Photo by Erica Apodaca/Cronkite News)
The benefits of coworking spaces for entrepreneurs and startups
A coworking space is a facility with which different independent professionals come together under one common roof to share facilities that are normally present in a normal office environment. These facilities have changed the way we work for the better and are especially great choices for startups and freelancers who do not have the funds for renting their own building as an office space. Coworking spaces have been growing in different areas, from the likes of SOMAcentral in the heart of San Francisco’s startup hub which has been home to now-famous companies such as Instagram, AngelList, and Instacart, to smaller players in towns all over the US. Coworking spaces also come with different features and offer a variety of advantages for anyone planning to start or have a business. These advantages include;
• A coworking space is very cost effective as you do not have to worry about any charges for renting a building as your office space. You do not have to worry about managing the building as everything is taken care of. This helps you to save a lot of money that can be used to grow the business.
• The fact that you have centralized systems in a coworking space also acts as a way to reduce costs. You do not have to worry about having to incur costs for office facilities as they are already provided. These office facilities may include; Printers, WiFi and even access to clean water.
• Having a coworking space for your startup also reduces the cost as you have a centralized reception rather than having different receptions for different arms of your business. In a coworking space, everyone works under the same roof thus fewer employees will be needed saving you on cost.
• As a coworking space is shared between different people, it brings about the interaction between these individuals. Through these interactions, one is able to gain more insight into emerging trends. This community-based interaction also brings about the sharing of ideas. Ideas which can be used in bettering one’s business and also for individual development.
• Humans are an interactive species meaning that we as humans like to communicate with each other and share knowledge. Coworking spaces foster communication between people as they work under the same roof. This will lead to more motivation when doing work as there is a friendly environment. In the long run, this boosts the productivity of your employees thus your business grows exponentially.
Availability of facilities
• Most coworking spaces are well equipped with A-class office facilities that include; telecommunication services, conference rooms, adequate parking, printing, and scanning facilities. These range of facilities can be used to increase the production of your startup. When working in a coworking space, you do not have to worry about the management of these facilities and these also act as an advantage as you can concentrate on your work solely and thus achieve more.
• Working in shared offices also gives you the advantage of having wide access to knowledge from other professionals. You can thus get help when you face any challenges along the way. This knowledge also opens up a range of opportunities for you to explore as you get ideas from other professionals who are experienced in other areas.
• Working in a coworking space is fun as you meet new people who you can interact with. This is better than working from home where you do not talk to anyone the whole day and thus you are not able to express your feelings leading to depression. In this community-based work environment, you build relations with people who inspire you to work even harder. This relations also give you motivation as you go to work knowing that you’re going to meet your friend there and have a good time. A good working environment is key to any production in business.
Gain more knowledge
• Most coworking spaces usually host events and shows that bring people from different professions together. These events and functions help entrepreneurs build a network and thus enabling them to grow their business. These events also provide more knowledge to entrepreneurs, knowledge that can be applied to help their business develop and prosper. Coworking spaces also help in the collaboration between different people which leads to innovations and new technologies being created.
• Most shared offices are located in areas with high security and a peaceful environment. This allows you to be more productive in the work that you are doing as you are able to give more focus.
• These shared offices also offer a place that is free from distractions thus you are able to give maximum concentration when doing your work enabling you to achieve more. The fact that everything is provided to you also brings about comfort as you do not get the usual stressors that you would experience when running your business in your own building.
In conclusion, I would recommend coworking spaces to anyone who is starting out and does not have enough capital to rent their own building. It is also a good choice for freelancers and those who work while traveling.