Although coworking spaces were once primarily associated with freelancers and other professionals who work on their own, the tide has recently turned. Now, these shared workspaces are being increasingly utilized by modern startups, with many attributing their success to the numerous perks offered by the coworking spaces they use.
Wondering if a coworking space could give your startup the edge that it needs to thrive? The answer to that question is, most likely, a big yes. Keep reading as Circle Hub explains why more and more modern startups are now being built and run from a coworking space.
Minimal Overhead Costs
Modern startups usually operate on quite a tight budget, meaning that overheads need to be kept as low as possible. Lease a private office space for your startup, and you’ll likely struggle with this. Between rent, utilities, furniture, technology, cleaning, maintenance, and more, overheads often prove to be an insurmountable barrier for startups with low funds.
With a coworking space, you won’t need to deal with any of that. Instead, all you’ll need to pay is a monthly membership fee for each person on your startup team. Not only does this work out to be much cheaper than covering all of those overheads yourself, but it also makes life much less stressful since your coworking space will be the one handling all of the little details that come with each overhead cost.
Easy Scalability
It’s difficult to determine exactly how much physical office space a startup will need, especially at the beginning of the startup journey. If there’s a need for quick growth, you may need to suddenly expand your team. Likewise, if you’ve been working with various professionals to initially set things up, your team might shrink once you’re up and running.
With a coworking space, you won’t need to worry about outgrowing your office or ending up paying for a space that’s larger than you actually need. You’ll be able to expand (or shrink) your team with ease. Coworking spaces are designed to accommodate large numbers of professionals, especially those that are geared toward modern startups. They’ll have the infrastructure to cope with your ever-growing team, ensuring that there’s always the perfect amount of space for your needs.
Access to Talent
Easy access to talent is crucial for a startup. It’s very unlikely that you’ll be able to do everything yourself. Instead, you’ll need to recruit others to help in areas that aren’t your specialty, be that graphic design, marketing, finances, or anything else.
Building your startup in a coworking space will mean that you’ll have access to a buzzing hub of talent. Coworking spaces are filled with professionals from all walks of life. No matter what your startup needs, you likely won’t need to search very hard to find someone who can help when you have an entire coworking space to draw from.
Of course, this works both ways. Not only will you be able to make the most of the unique skillsets that other professionals have to offer, but your startup may also be able to meet the needs of others.
Networking Opportunities Everywhere
Acquiring talent while working at a coworking space means that you’ll need to put yourself out there and mingle with other members. Fortunately, this is exactly what coworking spaces encourage. They’re excellent for networking, which almost 80% of startups say has been crucial to their success.
The beauty of networking at a coworking space is that all of those interactions feel natural rather than forced. A quick chat with someone new while you’re standing at the coffee machine or water cooler could lead to a connection that completely changes the game for your startup.
Some coworking spaces push this further by hosting dedicated networking events. At Circle Hub, we keep these events casual. From free breakfasts to yoga sessions, our events are designed to act as ice-breakers, making it easy for even the most introverted person to make some new contacts.
Daily Flexibility
One of the reasons why coworking spaces are so popular is that they offer so much flexibility. This not only applies to picking your own working hours, which you would already be doing when running a startup, but also when it comes to where in the building you work.
This may not seem like a big deal to some. However, switching up your working environment throughout the day will help to maintain high energy levels for your entire team. Meanwhile, it will also give creativity a boost. Some days may call for your entire team to sit together, in which case, Circle Hub’s Designated Desk service, where you can reserve specific desks in advance, would be very useful. Other days, it may not matter if you’re all spaced out throughout the workspace. Each member of your team can pick a desk that best suits the tasks they’re carrying out that day. Whether this may be a quiet, secluded corner or a desk in the center of all of the action, this flexibility can be a game-changer.
A Professional Image
It’s not easy for modern startups to secure office spaces in credible business areas. Not only are these offices in high demand, but they also often come at extortionate prices that are simply unaffordable for a startup on a shoestring budget.
This is another reason why startups have been flocking to coworking spaces. Pick one in a good part of town, and it will immediately give your business a much more professional image.
This can be enhanced even further if you find a coworking space that offers a virtual office service, like Circle Hub does. Sign up for this, and you’ll be able to use our prestigious street address as the official address for your startup. It’s a great way to impress everyone, from potential clients to future customers to new hires. It will give your startup’s reputation a boost, which, once again, will help your business to succeed. Plus, you’ll be able to enjoy the other services that come with our virtual office scheme. For example, we’ll collect and store any mail that your startup receives. We can even forward it to you digitally, which makes life very convenient!
A Boost in Creativity and Productivity
Coworking spaces are famous for how they can often boost creativity and productivity…in a very significant way. It goes without saying that this would be a huge advantage for a startup to have. It lends a competitive edge that can often make all the difference between success and failure.
How, exactly, do coworking spaces do this? Firstly, the dynamic environment of a coworking space, combined with all of the diverse perspectives you’ll be able to draw from, provides endless inspiration. Ideas flow steadily, especially when you make the most of the insights given by the other professionals using that space.
In terms of productivity, this is boosted in a few different ways. From the flexible working environment to the sense of community that’s experienced at a coworking space, there are numerous factors that play into how coworking spaces have been shown to send productivity soaring.
A Focus on Work-Life Balance
All work and no play can quickly lead to stress and burnout. This tends to be commonplace for people who work for a startup, as long hours are usually required. However, over time, this mentality will slowly chip away at your chances of success.
It’s so important for professionals to establish a healthy work-life balance. This is yet another reason why coworking spaces are becoming increasingly sought after. For people who struggle to achieve/maintain a work-life balance, the way in which some coworking spaces encourage this can make it much easier to build healthy lifestyle habits.
At Circle Hub, we have several amenities available that are geared toward exactly that. Our on-site gym, for example, makes it easy to prioritize physical health and fitness. Meanwhile, our gaming room is perfect for when you need some downtime to refresh your mind. Modern startups often find that these amenities can help their entire team to thrive, so take full advantage of them!
Convenient Accessibility
Coworking spaces tend to be located in areas that are easy to access, whether by foot, car, public transportation, or anything else. If your startup consists of a team of professionals, this is important. After all, nobody enjoys a long commute! Add to that the fact that long commutes can sap away at productivity and morale – it’s something well worth avoiding if possible.
If your startup is based in California, Circle Hub’s two locations could be of use. One of our coworking spaces is in Northridge and the other in Ventura. Both are situated in easily accessible locations, with plenty to do all around.
Finding the Right Coworking Space for Your Startup
Pondering whether your startup should make the move to a coworking space? While there are definitely plenty of advantages to this, it’s crucial that you choose a coworking space that accommodates businesses, as not all of them do.
How can you tell? Look for business-centric amenities, such as the bookable private offices and conference rooms available at Circle Hub. From brainstorming sessions to confidential meetings, these spaces offer modern startups all that’s missing from shared workspaces. Again, this gives you the flexibility to pick and choose where and how your team works each day, ensuring that productivity can be maximized.
Want to know more about how your startup would fit in at Circle Hub? Click here to book a tour and check out our coworking spaces for yourself!