If you work in any business district around the world, you might have noticed an increasing trend towards co-working offices. Start-ups and small businesses are not the only ones using these spaces as we see more big business and a diverse range of industries using them as a financially viable alternative to the norm. Moreover, the chance of collaboration and networking is increased, as similar businesses can opt to share the same space and improve and flourish under the same roof. We have looked at some of the key benefits of using co-working spaces and how they may suit your business.
Low Entry Level Cost
For small businesses and start-ups, the operational costs to buy or rent an office and furnish the same can be huge. By using a co-working space as a main office, you can keep costs down and only pay more as you need more seats. Most co-working offices have excellent facilities, which means you have an up and running, fully fitted out office for a minimal outlay. Renting an office can be expensive and you will also need to commit for a set period, this can strain the available finances, especially when your company is just starting out.
Not Just for Tech Companies
Traditionally, co-working spaces have been used primarily by startups and creative companies, but this is changing. This is an emerging global trend and can be seen in places like India, a country traditionally geared towards the IT industries, but where a growing number of leasing and investor activity is present in the emerging office real estate sector. Having a collaborative space has become essential for many industries, and this style of operating a business has become popular due to the often convenient location, available facilities and layouts offered.
Flexible Locations
Many co-working office providers have multiple locations throughout the city or country they operate in. You may rent space in an office on one side of town, but should you need to visit clients who are in another area you can find a space near you and meet with them there, at no extra cost. This flexibility in location has seen many consultant and service industry companies start to use co-working spaces, as they can have a presence across town without the need for multiple lease agreements. Most business leaders agree that successful businesses are flexible, nimble and able to adapt quickly.
Overlooked Office Perks
When a company is looking to rent their own office, they need to consider not just the workspaces but also how they will cater to their staff's needs. Through using co-working offices, you can eliminate the need for a cafeteria or office cleaner as these are usually included. Many have free coffee and tea available and have fully equipped kitchens so employees can store and prepare their lunch in a pleasant and clean environment. The business of running the office is down to the owners, not the companies who use the spaces. Having these perks can also mean you don’t need to hire a dedicated office manager to oversee all the issues that arise when you have your own offices.
Access to Training
Many collaborative workspaces go to extreme lengths to make sure the companies using them can grow to their full potential. You will often find a business leader or similar will give talks every month or so to discuss the pitfalls you may face; they will also talk about how best to approach specific problems that your business may face. Having experienced leaders on hand can help to push your company forward and improve your employees’ skills, which will further help your business be prosperous. Many companies would never get access to speakers of such a high-caliber in the early stages of their operation.
Collaboration
For small businesses it easy to get stuck in a single-track mindset, especially if there are only a few employees. In these situations, most will look to their boss for ideas as to the direction of the company. Having the chance to run ideas past outsiders regarding your business may highlight areas where you are missing revenue or give you the conviction that you are making the correct decisions going forward. When an author writes a book they don’t finish it and then publish the same. The book will go through many stages of editing by outside influences before it ever reaches the readers and businesses need to work the same. Getting input, whether negative or positive, will help any business (and business owner) to make the right choice at critical junctures.
If you have a company that is looking for office space, take the time to research what co-working options are on offer near you. You can get free guided tours, where any questions you might have can be answered, allowing you to determine if your business model will suit this type of office. Look for leasing companies that have multiple locations as this gives you flexibility for your workers and for the needs of your business as it grows.
