Why Coworking Spaces are a Smart Investment for Small Businesses

young professional

Although coworking spaces have always attracted a diverse crowd, recent years have seen a shift in the clientele that uses these spaces. Freelancers and remote workers still dominate, but there has been a noticeable increase in the number of startups and small businesses that now depend on the use of a coworking space.

If you’re a small business that hasn’t yet considered working from a coworking space, then you may be missing out. Sure, coworking spaces aren’t for everyone, but many small businesses have found them to be an extremely smart investment that has enabled them to propel forward in their industry. 

Keep reading as Circle Hub talks you through the many ways in which a coworking space can benefit a small business.

A Lower Capital Investment

business deal

Let’s start by addressing the toughest part of running a small business; finances. When you’re a small company, everything seems to cost the world. However, make the mistake of burning through your budget too quickly and that could be the end of all of your plans.

So, it only makes sense to minimize capital investment as much as possible, and coworking spaces can help you to do this. Not only will you be saving big time on a monthly rental charge for an office of your own, but you’ll also have access to all of the amenities provided by that coworking space. 

In some cases, such as with Circle Hub, this can be extremely cost-effective. From high-speed WiFi to printing services to coffee and refreshments – we’ll provide all of this at no extra charge. Other overheads, including electricity and cleaning services, are included too. In the long run, this can save a small business a pretty penny!

Plus, you’ll also have access to our variety of workspaces that can be hired by the hour. From our conference rooms to our event/video production areas, these are all facilities that small businesses aren’t able to enjoy unless they choose to operate from a coworking space.

Easy Scalability

business man charts

Small businesses often struggle when searching for office rentals. Many come with a long-term contract, requiring you to remain there for a few years. 

At first, this might not seem like a big deal. However, if things go well for you in the next year and you need to scale up, being restricted by your current office space could make this tricky. The same applies to the need to scale down – you’ll be stuck paying high fees for a space that you don’t actually need.

On the other hand, coworking spaces offer the utmost in scalability. Whether you have a small partnership of two or a larger team of ten, coworking spaces are able to accommodate small businesses of every size. Some, such as Circle Hub, will even provide private offices and conference rooms for small businesses to lease by the hour. They’re perfect for when you need some privacy for a team meeting!

A Credible Professional Image

men doing business

So far, we’ve been comparing coworking spaces to office rentals, but many small businesses operate from a residential address. While there’s nothing wrong with this to begin with, it’s not ideal if you want your business to grow. Customers will find it hard to trust a company that doesn’t have a reputable business address, which is something that a coworking space can provide.

At Circle Hub, we provide a virtual office service. This means that, in addition to using our coworking spaces for your small business’s day-to-day activities, you can also use our mailing address as your own. You’ll be able to print our prestigious Californian address on your business cards, website, and marketing material. 

This can really help to boost a small business’s professional image, especially since a high-profile street address is likely to be out of financial reach. It will help to build trust in your brand, which, in turn, should boost sales.

What happens if you need to stop working at Circle Hub for whatever reason? You’ll still be able to make use of our virtual office service. However, rather than picking up your mail yourself each time you stop by, we can forward it on to wherever you are or send you a digital copy.

A Productivity Boost

woman working

In order to succeed, a small business needs to be productive, and coworking spaces help to boost this in a big way. Research shows that people who work in a coworking space are able to be more productive while having greater job satisfaction. 

Why is this?

It’s likely down to a few different factors. Firstly, working from a coworking space makes a person feel as though they belong to a larger community. Small businesses can often feel quite isolating, but a coworking space is so engaging. This helps to improve a person’s mindset and boost productivity.

Coworking spaces also usually have a variety of different workspaces available. At Circle Hub, we have everything from beanbags and standing desks to comfortable chairs and private offices. Being able to choose the type of workspace that best suits you will enable you to feel more comfortable while you work, improving your productivity.

A Creativity Boost

cowork space

When trying to ensure that your small business stands out from the crowd, creativity is just as important as productivity. After all, you can work as hard as possible but if your ideas aren’t fresh and unique, then they’re unlikely to get you very far.

If the creative spark in your small business has run stagnant, then moving to a coworking space could be exactly what you need. Most coworking spaces are designed to enhance creativity as much as possible. From the environment to the amenities, everything around you will be aimed at encouraging your best ideas yet. 

Being surrounded by other productive and inspiring professionals contributes to this too. You’ll be able to exchange ideas with others around you, which could provide the edge that your small business needs.

Networking and Business Opportunities

networking event

Due to their open-plan nature, coworking spaces are a great way to network with other professionals. Most coworking spaces attract such a diverse array of people that you never know who you’ll end up meeting.

And if you don’t like chatting while you work? That’s where our kitchen and lounge areas come in. Take a break whenever you need a breather and strike up a conversation with those around you. After all, you never know when you’ll find your next big business opportunity!

At Circle Hub, we also host networking events that are free for our members to attend. From yoga sessions to fortnightly breakfasts, you can pick any activities that appeal to you from our events calendar. They’re a great way to network outside of your regular working hours while still in a casual and relaxed setting. 

This is something that you wouldn’t be able to experience if you were to set up shop in a traditional office space, or even at your home. It’s usually very difficult for small business owners to network. However, a coworking space could help you build the connections that you need for your business to really thrive.

Better Work/Life Balance

young business man

When running a small business, it’s easy for a person’s work/life balance to suffer. There’s so much that needs to be done, and chances are that you’re the person that needs to do the majority of the work. This then means that you don’t have any time for yourself, which can quickly lead to burnout.

How can coworking spaces help?

Many are designed to enhance a person’s work/life balance. Take Circle Hub’s on-site gym, for example. If you’ve not had time to hit the gym for your regular workouts due to your workload, then you’ll love the convenience of our on-site gym. Whether you release some stress on the treadmill for 20 minutes in the middle of the day or you drop in for an evening session before pulling an all-nighter, spending some time at our gym will help you to feel as though you’ve done something for you.

The same applies to our gaming room. It’s a great way to release stress, meet like-minded people, and take some time out for yourself. 

Plus, don’t forget, it’s not just you that will be able to benefit from these amenities. Everyone else that works for your small business will also enjoy an improved work/life balance when you make the move to a coworking space. And again, this will only help to boost productivity in the long run.

Uncontrolled Access

busy coworking space

While a good work/life balance is important, there will always be times when you need to work unsocial hours, especially if you’re running a small business. Whether you have a looming deadline that you need to meet or a sudden boost in sales has you needing to do some overtime, the 24/7 access that many coworking spaces, including Circle Hub, provide can be a game-changer.

This is something that many traditional office spaces lack. Even if you’re leasing your own, there are likely to be timing restrictions set by building management teams or your landlord due to safety reasons. So, if you need to clock some extra hours or attend a late-night conference call with overseas clients, you’ll have to find somewhere else to go.

With a coworking space, you won’t have that problem. Being granted uncontrolled access gives a small business so much flexibility when it comes to working hours. You’ll be able to work late into the night if you need to, or even begin working before the crack of dawn if required. You won’t be restricted by hours set by someone else, enabling you to really put your all into your business.

Coworking Spaces are Perfect for Small Businesses

If you are a small business owner, then setting your team up at a coworking space could really help to take your company to the next level. Not only will you make some big financial savings, but there are so many extra benefits, from networking opportunities to productivity boosts, that you would never be able to put a price on!

Want to know more about the coworking spaces offered by Circle Hub? Click here to contact us today and book yourself in for a tour!

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