Wondering whether a coworking space would help to lead your small business down the path to success?
Many others have had the same thoughts, with more and more businesses now signing up to coworking spaces instead of opting for traditional offices. In fact, some of the biggest names out there attribute coworking spaces to their success, with the likes of Instagram, Uber, and Spotify all having turned to coworking spaces at the start of their ventures.
Want to know more? Read on as Circle Hub explains how to navigate the success of your small business from a coworking space.
The Benefits of a Coworking Space for a Small Business
Wondering how a coworking space would benefit your small business in the first place? Here are just some of the ways:
It’s Cost-Effective and Flexible
The most enticing aspect of coworking spaces for small businesses is how budget-friendly they are. This is particularly the case when compared to the option of leasing a private office space. As you probably know, those private offices are usually accompanied by a high price tag, as well as a long lease that ties you in for a few years.
For some, the cost of a private office completely eliminates this option, leaving small businesses stranded when it comes to finding a professional base to work from. Coworking spaces fill this gap, providing a professional environment at a fraction of the cost of a private office.
Even better, most coworking spaces are paid for on a monthly basis. This gives you a flexibility that a long lease can’t compete with. If anything changes in the future, you won’t be forced to still fork out for an office space that you aren’t using.
It’s Scalable
Chances are that you have long-term goals for your business that involve growth. Sure, your business may be small at the moment but, if you get things right, there’s a likelihood that your business will expand over the next few years. However, if you’ve signed up for a traditional office space and are tied into a three-year lease, expansion can be difficult, simply because you won’t have enough room to physically squeeze all of your employees into one space.
With a coworking space, it doesn’t matter how large your business gets. You’ll pay the same monthly fee for each of your employees. Even if your business grows in a big way, that monthly membership for all of your employees will still work out cheaper than leasing a traditional office space. This is why some of the biggest companies out there, such as Microsoft and IBM, heavily rely on coworking spaces.
Of course, you may want to take your business in the opposite direction; scaling down instead of up. Again, it’s easy to do this when working from coworking spaces.
You’ll Have More Networking Opportunities
In order for your small business to succeed, you need to be making the right contacts and connections. When working from your own private office space, this can be difficult. You’ll be surrounded by the same people, your employees, each and every day. That office space will be yours, meaning that no one else will be able to use it.
At a coworking space, however, things are very different. Coworking spaces are used by so many different professionals. As a result, you’ll likely meet new people each time you turn up to your coworking space.
This can be a huge asset for a small business. The people that you meet at a coworking space will all be professionals in their fields, meaning that you could make some very useful contacts.
Plus, if you need to grow your business and take on more team members, you won’t have to look very far. You’ll be surrounded by a diverse talent pool, with many of the professionals at your coworking space being more than happy to work with/for new clients. Whether you’re looking for someone to help file your taxes or want a freelancer to design a logo, the search for the right person becomes so much easier when you have potential candidates sitting beside you each day.
You’ll Have Access to Resources
Another perk that coworking spaces offer is access to resources. Sure, not all coworking spaces provide this – some give you a desk, a chair, and not much else. However, others, including Circle Hub, offer so much more, saving you from having to purchase those resources yourself.
WiFi and printing services are just two resources that almost every small business would benefit from. Other office supplies can make life easier too, as can a choice of workspaces. For example, if you’re working from a very basic coworking space and need to host a professional meeting, you may have to then find a second location to hold that meeting from. At a good coworking space, you’ll have all of those options under one roof (keep reading as we’ll soon be talking about how to pick the perfect coworking space for your small business).
You’ll Enjoy Increased Productivity
No matter what your goals and ambitions for your small business may be, you won’t get very far if you aren’t being productive. Research shows that when compared to larger companies, small businesses often struggle with productivity. In fact, around 78% of small business owners cite a lack of productivity as one of their biggest concerns.
Once again, coworking spaces can come to the rescue here. Experts have found that people who sign up to a coworking space witness a surge in productivity levels.
Why does this happen? It comes down to a few different reasons. Firstly, people find that they’re more focused when working from a coworking space, which enables them to complete their tasks in a timely manner. The sense of belonging that coworking spaces provide helps with this too. People feel happier and mentally healthier, which allows them to work productively.
The open-plan nature of a coworking space is also very beneficial for a small business. Many find that working side-by-side when collaborating on a project helps with productivity, as opposed to a traditional office space where people are separated by walls and cubicles.
Choosing the Right Coworking Space for Your Small Business
Tempted to see for yourself how a coworking space could help your small business? As mentioned earlier, coworking spaces are extremely flexible. You could sign up for a month and see how it goes, without having to worry about being tied into a long-term contract.
With that said, your experience will vary greatly depending on the coworking space you choose. Here are some tips to help you make the right decision:
Location, Location, Location
A good location is vital when choosing a coworking space. Ideally, you need somewhere that’s easy for your entire team to access. Choose a space that has good car and public transportation links so that your employees have options when it comes to their commutes.
If you happen to be in Ventura or Northridge, Circle Hub’s coworking spaces would be an option. Both of our locations are easy and convenient to get to. They also happen to be situated in upmarket areas, which will portray a good impression of your business when meeting with clients.
Types of Workspaces
As discussed above, some coworking spaces don’t provide much more than a desk and a chair in a shared room. At Circle Hub, however, you’ll have a choice of different workspaces.
The first is our Hot Spots. These are shared areas that all of our members can work in at any time. You don’t need to pre-book a space – simply turn up and pick an available desk before getting to work. With that said, if you’re concerned about not being able to find a desk that you like, you can also opt for our Designated Desk system, where you can reserve your chosen desk in advance.
Some small businesses don’t like the idea of coworking spaces because of the lack of privacy. Sure, working in a shared space may suit you most of the time, but what if there are occasions when you need to work on something confidential? This is where Circle Hub’s private office suites come in. You can book one for however long you need it, making it a very cost-effective way to have some privacy for a few hours.
If you need to host a meeting, you’ll also find conference rooms available at Circle Hub. These can be rented hourly, making them perfect for a team meeting or brainstorming session.
Again, not all coworking spaces will offer such a range of workspaces. If this is something that’s important to you, make sure that you look into your options fully before making a decision.
Amenities and Resources
Finally, let’s talk about amenities and resources. These give you even more value for money when signing up to a coworking space.
At Circle Hub, you’ll find all of the regular office supplies that you need, plus some extras. We also provide amenities that will help you to achieve a healthy work-life balance, such as our onsite gym and our gaming room. You’ll have access to our kitchen area too, complete with complimentary refreshments!
If you’re a Circle Hub member, you’ll also be able to enjoy the community events that we host, completely free of charge for you. From the breakfast spreads to the juice bars to the yoga sessions, not only do these provide more bang for your buck but they’re also another great way to network and meet new people.
Would a Coworking Space be a Good Move for Your Small Business?
When it comes down to it, coworking spaces offer so many benefits, most of which will help to propel a small business to success. If you’re still on the fence about whether or not a coworking space would be right for your company, the only way to know for certain is to give it a try!