More and more entrepreneurs are now choosing to launch their startups from a coworking space. It’s a growing trend that shows no signs of slowing down, with an increasing number of startups recognizing just how advantageous it can be to have a coworking space as a base.
How can the shared environment of a coworking space help with launching and scaling a startup? Keep reading as Circle Hub talks you through some of the main benefits that entrepreneurs experience when they have a good coworking space to depend on.
Affordability
Most entrepreneurs don’t need a huge amount of office space for their startups. In fact, many don’t even need to use an office space on a daily basis. This makes it even more painful when an entrepreneur needs to fork out for a traditional office space that’s hardly going to be used. Leases are expensive and are usually accompanied by long-term contracts, something else that’s difficult to commit to when you’re launching a startup. A long-term lease can be seriously restrictive, especially when your startup turns into a scaleup.
This is one of the biggest perks provided by a coworking space – they’re so much more affordable for the average entrepreneur. The monthly membership fee charged by a coworking space is usually a fraction of the cost of renting a traditional office space. This makes it hardly surprising that these cost-effective shared environments are attracting more and more small businesses.
Of course, it’s not just the monthly rental cost of a traditional office space that you’ll be saving. When you run a startup from a coworking space, you won’t have to worry about overheads either. Everything from electricity and WiFi to heating/air conditioning and cleaning services will all be included in the monthly membership fee that a coworking space charges. This not only helps to pad out the finances of a startup but also means that the entrepreneur in charge can focus more of their attention on their business. They won’t have to spend time on all of the admin and bills that these extra overheads come with.
Flexibility When Scaling Up
If you’ve found a good niche for your startup, then it won’t be long before you’ll need to start thinking about scaling up. This usually involves expanding your team, which means finding somewhere for your new employees to work from. This can be expensive. From finding a larger office space to purchasing new furniture and equipment, scaling up comes with a number of costs and challenges.
However, when your base is a coworking space, scaling up becomes so much easier. Your new team can join you in that shared environment, enabling you all to work together when needed. Many coworking spaces also offer working environments that are ideal for teams. At Circle Hub, we have private office spaces that can be hired by the hour. Even if the rest of your team is working from home, our office spaces are perfect for when you need to host a team meeting.
If you have a client that you need to impress, we also have conference rooms available for hire. There are several rooms to choose from, with the smallest holding four people and the largest capable of hosting 12. Each conference room is kitted out with flat-screen TVs and whiteboards, giving you everything that you need for a successful meeting.
Of course, this flexibility is also beneficial if you ever need to scale down. You’ll be able to easily downsize if required, without having to worry about breaking long-term contracts. Once things start looking up again, you can scale back up once more without any problems, thanks to the total flexibility offered by your coworking space.
Access to Talent
We’ve talked about expanding your team when the time comes to scale up. However, where exactly do you find these new team members from? The hiring process can eat up a fair bit of time. This is especially the case if you’re looking for someone who would be the perfect fit for your startup.
Again, a coworking space makes this aspect of scaling up so much simpler. You’ll have instant access to a huge and diverse talent pool. So many freelancers and remote workers frequent coworking spaces, which gives entrepreneurs an amazing networking opportunity.
At a coworking space like Circle Hub, it’s so easy to approach others. Whether you strike up a conversation with the people sitting beside you or you get chatting with others while you’re taking a break in the kitchen area, people that use coworking spaces are usually more than happy to make new connections.
Of course, there’s also a good chance of a potential new team member approaching you, rather than the other way around. You’ll have your ideas and concepts out in the open, so you never know when you might attract an interested new party.
At Circle Hub, we make networking even easier with our organized events. These are informal get-togethers where you can meet some of the other members who are also using that coworking space. Between free breakfasts, juice bars, and yoga sessions, you’re bound to find an event that you’ll enjoy and feel comfortable at, which makes networking even more rewarding!
A Sense of Community
It’s common for entrepreneurs to feel isolated. Research shows that so many entrepreneurs experience occupational loneliness because of the nature of their work. An entrepreneur needs to wear so many different hats in order to complete their many tasks. This leaves little time for socialization. It doesn’t help that many entrepreneurs spend so much time working on their own. This goes against the primal need for community that human beings have.
For many people launching a startup, the sense of community provided by a coworking space is a huge draw. Sure, you may be working beside different people each time you turn up, but you’ll still feel a connection to all of the other members that are there.
The community that you’ll be exposed to at a coworking space will also likely be quite different from one that you would naturally be attracted to. You’ll be surrounded by people from all walks of life, with experience in a variety of different industries. This makes for an inspiring buzz in the atmosphere, one that enhances creativity and motivation.
At Circle Hub, our members share ideas and experiences, which encourages productivity. This also fosters a sense of belonging, which is something that would benefit every entrepreneur!
Professionalism
When initially launching a startup, it’s common for entrepreneurs to struggle to establish a sense of professionalism. Many spend the early days of their businesses working from home, which doesn’t exactly inspire credibility in a startup. Whether you’re dealing with a potential investor, trying to attract a new client, or looking to hire an employee, having to give out your home address as your startup’s base doesn’t convey the sense of professionalism that an entrepreneur needs.
However, this all changes once you become a Circle Hub member. Not only will you be able to host meetings in our sleek offices and conference rooms, but you’ll also be able to sign up for our Virtual Office service. This enables you to use our premium Californian street address as the address for your startup. You’ll be able to put it on your business cards, your website, your marketing material, and anything else that requires a professional address.
When you receive mail, we’ll hold onto it for you until you come to collect it. Alternatively, we can also forward it to you digitally. This means that you will still be able to use the address even if you’re somewhere else in the world. Having assistance when it comes to handling your mail may not seem like a big deal at first. However, let’s not forget how you’ll hopefully be scaling up soon. The mail can get pretty intense at times, so it’s always reassuring to know that it’s in safe hands.
Access to Extra Services and Amenities
We’ve already talked about how entrepreneurs hugely benefit from not having to worry about overheads, such as WiFi or a cleaning service, when they make use of a coworking space. However, most coworking spaces will offer access to other amenities and services too. These can be a game-changer, both when you’re launching a startup as well as when you’re scaling up.
Take Circle Hub’s on-site printing facilities, for example. You’ll be able to use these whenever you want, along with our kitchen and break room. You’ll even be able to enjoy complimentary refreshments in the kitchen. Not only will this save you a bit of money each time you need a caffeine fix, but it could really make a financial difference once you scale up and start working with a larger team.
Mental Well-Being
Studies show that entrepreneurs are extremely susceptible to problems with mental health and addiction. The exact reason behind this isn’t yet understood. However, there’s no getting away from the fact that entrepreneurs need to start learning how to prioritize their mental well-being.
It’s difficult to do this when you’re working alone at home. However, sign up to a coworking space and you’ll notice that mental wellbeing is actively encouraged. You’ll be reminded to think about your mental health more often than you would if you were working on your own. This is the first step in doing something to give your mental well-being a boost.
At Circle Hub, entrepreneurs are able to do this in a few different ways. We have an on-site gym, which is always popular when people need to release some stress in a productive way. Our gaming room is also a hit with our members. It’s ideal for when people need to kick back for a while and take their minds off the task at hand. Giving the brain a breather in this way really does so much for a person’s mental health.
Coworking and Entrepreneurs: The Perfect Match
Whether you’re only just beginning to launch a startup or your recent success has enabled you to start scaling up, setting yourself up at a coworking space can really help to propel your business forward in so many ways. Not only will you save some serious money, which you’ll then be able to put back into other parts of your business, but you’ll also have access to an incredible talent pool, an inspiring community, and so much more. It’s no surprise that some of the most successful startups out there began their days at a coworking space, with this being something that we can all expect to see plenty more of!