With the concept of coworking gaining momentum so rapidly over the years, it’s easy to see why many thought that this would be a passing trend. This, however, wasn’t the case. Instead, coworking spaces have now cemented themselves as a necessity in the modern-day working environment, with just about every type of professional able to benefit from these diverse and forward-thinking workspaces in some way.
While coworking spaces are most commonly associated with freelancers and remote workers, these shared workspaces have been growing in popularity among startup teams too. Compared to the other workspace options out there, coworking spaces, like Circle Hub, offer some distinct advantages, some of which could play a key role in helping to propel a startup to success.
The Initial Draw: Cost-Efficiency
Startups tend to operate on a tight budget. They don’t usually have money to throw away, which can really limit them when it comes to finding a suitable workspace. Forking out for a furnished private office space is often financially unrealistic. Sure, there may be cheaper options out there, but these usually need a cash injection just to make them presentable, which also means extra distractions when it comes to managing renovations. Plus, these offices usually also tie you in for at least a couple of years with a fixed contract.
The cheapest option would, of course, be working from home. This is where many startups first begin, but there soon comes a point where an official, dedicated workspace is essential.
Coworking spaces provide the perfect middle ground. They give you access to a fully furnished workspace, complete with various amenities, for a fraction of what you would spend on a private office of your own. These extra amenities often greatly add to how cost-effective a coworking space is. From the basics, like high-speed WiFi, to the luxurious, such as free coffee and access to an on-site gym, these are all things that a startup would have otherwise had to pay for out of their budget. They can all add up to a significant saving!
Flexibility is Essential Too
Flexibility is crucial for startups. Play the game right, and it won’t be long before your startup grows. This means that your startup team will likely need to expand along with it. Traditional office spaces, with their rigid contracts, could see you outgrowing your workspace long before your time is up, causing the hassle of having to shell out for a second space.
The flexibility offered by coworking spaces circumvents this. Coworking spaces, like Circle Hub, usually operate on a monthly membership fee basis. This means that you can stop and start your coworking membership whenever you like, giving you the freedom to move on if your team rapidly grows.
With that said, many coworking spaces are flexible enough for a startup team to grow within them. All you would need to do is sign your new team members up for the same coworking space. They will then have access to the same workspaces and amenities as you.
The flexibility within day-to-day coworking also lends itself well to the nature of startup teams. At Circle Hub, for instance, our doors are open 24/7. This gives members full control over when they work. Being able to choose where you work, in terms of which desk, each day also provides autonomy. The members of your startup team will be able to pick a workspace that best suits their frame of mind for the day, be it submerged in the heart of a bustling workspace or in a quiet corner nook.
Influential Perks: Growing Your Startup’s Network
If you want your startup to grow, networking is essential. Whether you’re an extrovert who loves to network or an introvert who prefers isolation, there’s no getting away from the fact that networking is crucial for your startup’s growth and success. Research backs this up, with one study showing that 78% of startup founders attribute their professional success to networking.
How does this relate to coworking? At a coworking space, networking is a natural part of daily life. It becomes second nature – simply striking up a conversation with the person who happens to be standing next to you while you’re grabbing some coffee could lead to a whole new world of valuable connections.
Some coworking spaces take this further by offering organized networking events. They tend to be quite informal and down-to-earth events, taking some of the stress and pressure out of networking.
Whether you attend these events or simply choose to be sociable each time you visit your coworking space, the ease with which a startup can promote itself, acquire talent, and build future sales channels just by basing itself at a coworking space makes this a very appealing avenue for startup teams to take.
Earning Credibility
If you want to succeed, your startup needs to be credible. After all, if nobody trusts your business, nobody is going to want to give you their hard-earned cash.
There are several things that you can do to build your startup’s credibility, from demonstrating the expertise of your team to establishing a strong social media presence. The physical location of your startup makes a big difference too. It’s a sign of stability, especially if your startup’s address is in a reputable area.
This is why coworking spaces that offer virtual office services, like we do at Circle Hub, are particularly popular among startups. Sign up for a Circle Hub membership along with our virtual office service, and not only will our workspaces serve as your startup’s physical base, but you’ll also be able to use our prestigious street address as your official business address.
How to Choose the Right Coworking Space for Your Startup Team
While all of the above may have you furiously checking the net for coworking spaces near you, it’s important to bear in mind that different coworking spaces will prioritize different things. With coworking spaces being more popular than ever, many niche workspaces have popped up. This adds to the many options out there, and not all of them will be suitable for your startup.
Here’s how to make sure that you choose the right coworking space for your startup team:
Team-Centric Resources
Back when coworking spaces first became mainstream, they were primarily used by individuals. They were rarely aimed at teams, and some coworking spaces still take this approach today.
If you want a coworking space that’s going to meet the needs of your startup team, you’ll need to find one that offers team-centric resources. Meeting rooms, for example, are essential. While there’s nothing wrong with operating from a shared workspace on a day-to-day basis, there will be times when you’ll need to hold team meetings, brainstorming sessions, video conferences, or partake in other activities that aren’t suitable for a shared workspace. Meeting rooms that can be rented by the hour, like those at Circle Hub, give you privacy when you need it.
You’ll also find private office suites available at Circle Hub. These vary in size, bringing together the benefits of both traditional offices and coworking spaces.
An Accessible Location
We’ve already talked about how a coworking space’s physical address can influence the reputation of your startup. While this may make it tempting to find a coworking space in the most upmarket part of town, keep in mind that accessibility is important too!
The coworking space that you choose needs to be easily accessible to your whole team. If half of your team has to suddenly suffer a long commute each day, this will affect everything from morale to productivity. It could prove to be the downfall of your startup.
This is another reason why Circle Hub members appreciate our workspaces. Both of our locations – Northridge and Ventura – are situated in upscale areas that are easy to get to, whether you’re driving, taking public transportation, or walking. There are plenty of things to do around our buildings too. From bars and restaurants to shopping malls, switching up your team’s environment every once in a while with social activities can give everyone a boost.
Well-being Amenities
Being a part of a startup can be stressful. There’s usually a lot of uncertainty to contend with, along with plenty of pressure. This makes it so important for every individual on a startup team to take care of their overall well-being. Focusing solely on work isn’t healthy and will quickly lead to the burnout that you definitely don’t want your team to suffer from.
Some coworking spaces, like Circle Hub, recognize the toll that this can take on professionals. This is why we offer a variety of well-being amenities that our members can access as part of their membership. Our on-site gym, for example, is a great way to blow off some steam while keeping fit. If heart-pumping exercise isn’t your style, you could join in on one of our yoga sessions instead.
Healthy eating is also a big part of nurturing a person’s well-being. At Circle Hub, you and your team will be able to enjoy everything from free healthy breakfasts to fresh juice bars. This fuels the body in such a positive way to the point where it can really improve productivity.
Coworking at Circle Hub
If you’re looking for a coworking space in California for your startup team to use, either of Circle Hub’s locations would be a great choice. We currently have a variety of startups operating from our buildings. Between the diverse array of workspaces and the extra amenities available, we’re able to provide just about everything a startup needs to help pave the way to success.
Want to know more about coworking at Circle Hub? Click here to book a tour of our coworking spaces today!