Having the perfect workspace is one of the key success factors for startups. An awesome corporate headquarters is a great way to attract and retain the best employees in a competitive market. With companies like Google, Apple, and Facebook offering beautiful sprawling campuses, personal sushi chefs, and rooftop hammocks, the pressure to build a totally unique space is quite high. Unfortunately, the cost of doing so tends to be quite high too. The good news is that business owners don’t need to build an office from scratch to have a killer corporate culture. Many are discovering that a shared office space can offer comparable benefits at a fraction of the cost. Especially for small and medium businesses, a coworking environment is often the smarter decision for several reasons.
Can Coworking Spaces be Profitable?
The decision to move into a coworking space is a big one, especially for businesses still working out of a home or office. Working from home can be an isolating, emotionally-draining experience. Luckily, renting a shared office space is considerably cheaper than buying or leasing. Bootstrapping and saving money wherever possible is important when starting out, but having a professional office space turns a business into a more professional operation and leads to better results. More than anything, not having to conduct interviews and make business calls in Starbucks is worth it.
Business Owners Already Have Too Many Decisions to Make
Researchers have discovered that making too many decisions degrades our decision-making abilities. It’s called decision fatigue and it’s why Steve Jobs wore the same turtleneck literally every day. This does not mean you need to abandon your sense of fashion to be successful, but your number one priority is figuring out how to grow your startup business. Letting someone else worry about buying, furnishing, and managing the utilities of an office space will free up that precious decision-making power for important things like increasing sales and delivering for your customers.
Growing Pains Don’t Need to be a Pain
Coworking spaces also offer more flexibility than buying an office. A team may grow or shrink depending on what happens to their business, and having an office that’s either too cramped or gigantic and cavernously lonely can be a real downer for employees. A shared office offers the ability to upgrade or downsize based on what the business needs at any given moment without having to relocate or hire a construction crew. Moving to a new building is an expensive time-consuming headache, but moving to a different shared office space is a hassle-free process that can be completed in a day or so at minimal cost.
Keep Coworkers Comfortable and Productive
A coworking environment isn’t just good for business owners, it’s good for employees too. Unlike the stuffy old offices and cubicles of the past, a coworking environment allows new employees to work in and around their supervisors and peers to build a better sense of belonging. Spending time together builds trust organically and creates a sense that everyone is working together on the same goals. And if employees need some privacy, that’s cool too. Common spaces and quiet rooms empower them to work in whatever way makes them comfortable.
Eat With Your Family
Face it. Meetings suck. Nobody likes them, and competing priorities and limited resources can strain relationships among employees. Fortunately shared office spaces usually provide comfortable areas for employees to eat and socialize outside the confines of standard work. Just like families who make time to eat together, providing a fun social environment where employees can relax amongst themselves builds camaraderie and respect. This often leads to collaboration amongst individuals and departments who otherwise wouldn’t realize how much they can help one another.
So Much Networking
Business owners are a tough breed who pursue their dreams despite knowing that the success rate for startup businesses is very low. 90% of small businesses fail, great employees come and go, and finding and recruiting great talent is a skill unto itself. Thankfully coworking spaces provide an infinite amount of opportunities to network. Walking down the halls every day seeing hundreds of other professionals all pursuing the same kinds of goals is a great way to keep motivated. In addition to being a built-in talent pool, it’s also a natural way to discover other companies searching for partnerships and business solutions. Getting to know the neighbors can open all sorts of new doors without having to waste time and money prospecting for leads.
The Bottom Line
Coworking spaces offer all the key success factors for startups with less cost than buying or renting and less hassle than running a business out of your home or garage. It’s easier than ever to rent a space and begin the next phase to grow your startup business, so why not start today?