Coworking spaces have become very popular in recent years. A coworking space promotes a shared work environment which has proven to be beneficial for business growth. Initially, it was assumed to be a good fit for freelancers and remote workers. But lately, small and large businesses have started using them.
Should small businesses opt for it? Certainly, yes.
Small businesses have small teams, tight budgets, scope for growth, and a list of requirements they would need to achieve their growth milestone. A coworking space can accommodate every requirement. They are designed to touch every aspect of the work environment positively. Let us understand how coworking space works for a small business. We have listed down 7 ways small businesses can benefit from coworking spaces. They are:
1. Low investment
Starting a business comes with many upfront costs which include expenses on infrastructure and furniture. Unlike traditional brick-and-mortar offices, coworking spaces exempt you from the expenses of setting up your infrastructure from the basics. Small business owners can save money and stay financially secure by focusing on how to keep track of business expenses. They can easily get started with all the infrastructure and resources. All they need to pay is the membership fee. This allows small businesses to focus their resources on productive work such as marketing and hiring new talent.
2. Scalability
Small businesses can benefit from the membership scheme of the coworking spaces. You get a variety of options, from private offices to hot desks. Small businesses can go for the membership plan that suits their need and only opt for the necessary services. Coworking spaces offer the flexibility to scale and grow. If the businesses need more spaces, extra amenities, and longer leases, they can opt for it. They can change their plan. Coworking spaces also offer month-to-month membership which is a great plan for small businesses as they get the agility to make changes in their work culture every month. Coworking spaces like TRIOS even offer rebates and guidance to startups. Choosing such coworking spaces will only boost the growth of small businesses.
3. Higher productivity
Productivity can be one of the main perks of coworking spaces. In a survey, 46% of professionals said that their productivity has increased when working in a coworking space. 47 % of professionals also agreed that the work quality has improved after they started working in a coworking space. Professionals work together with each other in coworking spaces which allows them to find creative solutions to the problems. New perspectives keep adding up to the solution and give birth to new thought processes. Working collectively helps employees to immediately solve any standing issue, optimize the workflow, and proceed further at a fast pace.
4. Networking opportunities
Unlike traditional offices, coworking spaces have many relaxing corners like coffee shops and sports facilities. These spaces promote communication and collaboration among the employees. Small businesses can use networking in coworking spaces to increase their contact database. Many freelancers and startups work in such spaces. Professionals can initiate communications and make meaningful connections. Such connections can also help in boosting the business. You can come up with new business collaborations and better social media marketing. Many corporate events and workshops take place in coworking spaces. Small businesses can participate in these events and increase their visibility in the industry.
5. Access to amenities
A regular day in any business would require amenities at length including a meeting room, high-speed internet, and scanning facilities. Installing every facility may not be possible in a traditional office as it would lead to overhead expenses. A coworking space is equipped with all the amenities and an in-house staff to manage them. The cost of all the amenities is included in the membership fee. The availability of all the amenities enhances the employees’ convenience and overall productivity. Small businesses get a budget-friendly deal with coworking spaces.
6. Better talent hiring
Every business keeps on looking for new ways of expansion. In this bid, you would require new talents and experts. Let’s say you might need to get a new web designer or social media expert on board. How do you do it? The normal process of hiring a new talent consumes time and resources. Coworking space can help you expand your networking. You get to work amongst different professionals. You might come across someone you want to hire or get a reference about any potential candidate. Coworking spaces are flooded with freelancers. You might come across someone who fits in the required portfolio. This can ease your talent hiring process.
7. Lively atmosphere
Traditional offices can be boring for small businesses with a limited number of employees. This can leave them flushed out of enthusiasm. Coworking spaces have a lively atmosphere that has greenery, natural light, ergonomic furniture from brands like Multimo, artistic walls, coffee bays, and many other elements that help the employees break the monotony of work and restart with more enthusiasm. With many professionals from different fields working around you, you can feel motivated and inspired to work. Moreover, these coworking spaces have their offices in different locations. So, the employees can join the coworking spaces nearest to their residences. This also adds to their enthusiasm and inspiration to come to work.
Conclusion
Coworking space can benefit small businesses in many ways including cost-effectiveness, scalability, productivity, networking, and hiring. It is not about creating space for the employees and resources. It is a one-stop destination for businesses looking forward to growth and productivity.
Coworking spaces offer every element that any business would require to flourish. Additionally, it offers the community, inspiration and support for growth.
Author Bio
Pratik Potnis is the Founder and CEO of TRIOS Coworking Space. With over a decade of entrepreneurial experience and a strong business network, he has helped 200+ companies with his world-class coworking space services including Microsoft and Dunzo. At Trios, Pratik ensures all the operations are streamlined and aligned to business growth. He is well-versed in business forecasting and generating strategies for innovation and sales. You may connect with him on LinkedIn, Twitter, and Facebook.
