As an entrepreneur starting out, it can be difficult to decide where you should work. You’ll minimize costs by working from home, but that atmosphere likely won’t allow you to maximize your productivity. Renting an office could be much more expensive than your budget can handle. One option to consider is a co working office space. This is where you work at a shared office space, typically around other entrepreneurs like yourself.
Wondering if sharing an office area is right for you? Here are seven benefits of coworking space:
1. Minimizes Costs
Just like sharing the rent in an apartment, sharing the rent on an office space results in much lower costs for everyone involved. A long-term office lease is a significant and unnecessary expense, especially if you haven’t generated much in the way of profit yet. With a coworking arrangement, you’re able to get many of the same benefits that you would have in an office at a bargain.
2. Fully Equipped
The amenities at a communal space are typically top of the line. Many of these spaces have spacious lounge areas with comfortable chairs and couches, conference rooms to hold meetings, mailboxes so you have a business mailing address, and high-speed Wi-Fi. This saves you even more money that you would have needed to spend setting up your own home or office, and all those amenities also help you maximize your productivity.
3. Networking Opportunities
As the saying goes, it’s not what you know, it’s who you know. Connections are key for an entrepreneur, and working in a shared office space gives the opportunity to make new connections every day. And since everyone at your office is a professional, you’ll also be making quality connections. Maybe one of the people at your office will be able to connect you with a few clients. Or perhaps they know a supplier who can cut you a deal. Meeting more people is always a good thing.
4. Talent Nearby
A communal office space brings together a group of people with all kinds of different talents and skills. As an entrepreneur, it’s likely that you’ll need people with different skillsets, and at a shared office, the person you need might be sitting right next to you. Looking for a graphic designer to create your logo? Someone at your office may be just who you need, and if not, they probably know someone who is.
5. Instant Feedback
It’s hard and often times impossible to judge your own ideas. You’re going to be biased and your emotions will likely come into play. Some entrepreneurs overestimate their ideas, thinking they have a brilliant business plan when it actually needs quite a bit of work. Others underestimate their ideas and never feel that they’re good enough.
The great thing about being in a coworking space is that you can get feedback on your ideas at any time. You can ask your neighbors there and conduct your own idea testing in minutes. You may find that they bring up perspectives you hadn’t considered, allowing you to improve on your ideas much more than you would have if you went at it alone.
As your business grows, its needs are going to change. You might need more space as you bring on more people to help you with moving forward. If you signed an office lease, you won’t be able to just expand your operations on a whim. Instead, you’ll need to make do with what you have. However, in a shared space, you can typically upgrade at any time and get an area with more space and amenities. You can suit your space to the needs of your business, instead of the other way around.
7. Positive Energy
Perhaps the most significant benefit of a coworking space is the dynamic energy that it has. It’s full of other people coming up with ideas, using their creativity and trying to make the next big thing. The positive energy at a shared office can make all the difference in your success, and coworking statistics show that 46 percent of people who started working at a coworking space reported an increase in their income when they did so.
The life of an entrepreneur can be lonely, as you’re often working on your own. This is difficult to deal with day in and day out, which is why a shared space is an excellent alternative.
Coworking spaces are all over, and more are popping up every day. If you think one of these spaces is the right choice for you, look around your area and try a few out. You should be able to go to events at these spaces or try them out for a day. Check out spaces until you find the right fit.