Do you own or manage a small to medium-sized enterprise (SME)? Or perhaps you're just about to launch a startup. If so, congratulations. Running a business can be a tough road, but with some determination, hard work, a quality product or service, and a touch of luck, running a business can be a pathway to success. Sure, there are hiccups along the way, and no growth ever comes without some pain, but if you want limitless earning potential and to live the life of your dream, then business ownership could very well get you there.
That being said, running a business by yourself can be lonely, as well as intensely limiting, simply because nobody achieves anything alone. Working alongside others can have massive benefits for your enterprise. This handy article will share five benefits of coworking spaces for SMEs and startups. You'll learn about collaboration, cross-pollination and the social benefits of coworking.
Collaboration and Cross-PollinationOne benefit of utilizing a coworking space is being surrounded by like-minded entrepreneurs and creatives. For instance, one corner of your coworking space might host a graphic design firm, while in another, a fin-tech startup is getting up and running. Working alongside other professionals can allow you and your budding organization to reap all the benefits of collaboration and cross-pollination. You may learn something new, such as how to use a project management application or practice agile working methods, amongst other valuable skills.
Alongside reaping the benefits yourself, other individuals who are sharing your coworking space may also be able to benefit from your expertise in your chosen field. In fact, it is common for all the different companies that occupy any given coworking space to support one another, and cultivate a network of professionals that may help their businesses grow over the future, whether they grow independently or join forces to offer a greater range of products or services.
In essence, by renting out a coworking space, you may allow yourself to build professional networks that can last your entire career. And you can’t deny how valuable networking can be for professionals on the rise.
A Place to WorkMany entrepreneurs begin their enterprises from a home office, a converted garage, or even a friend's couch. While this may be fine for the earlier days of your startup enterprise, you'll eventually need a dedicated place to work. And there are certainly personal and presentational benefits to using a coworking space instead of your home or garage.
For one, you get to leave work at work. The coworking space is where you deal with the business, and you can return home each day and relax without seeing reminders of your work everywhere you look. Furthermore, commuting to and from the coworking space can be used to catch up on podcasts, books, or phone calls to friends and family.
Finally, having a defined office space can make it infinitely easier for you to condut interviews or meetings with prospective clients or job candidates. If you’re able to host professional interactions in a professional space, it’ll naturally help you and your organization feel that much more established and authentic.
You'll Save MoneyYour startup or SME might be at the point where you are making decent revenue, but leasing an office would seriously eat into your margins. In this case, a co-working hub can be the perfect solution for addressing the issue that is securing office space on a very strict budget.
You get all the benefits of office space, such as private meeting rooms, workstations, and other amenities, without the massive rental costs that your office entails. And once you scale up considerably and develop a body of staff, you can then consider moving on and finding a dedicated office space to cater to the changing needs of your growing enterprise.
Increased Social Connection and MoraleAfter months and months of working remotely during the COVID-19 pandemic, many of us may have reprioritized the value of being social at work. Although not all of us enjoy our jobs for their social aspects, there’s no denying that being part of a work environment with strong and positive workplace culture, can greatly enhance your every day. And while yes, work is predominantly a place where you should focus on getting things done, you can still enjoy some chit-chat and a laugh as you get your work done.
As you would imagine, a coworking space provides professionals with an abundance of opportunities to connect with one another, which can contribute to consistently high workplace morale and a strengthened sense of belonging within your wider workplace. This can, in turn, drive productivity, as professionals can balance productive hours with social breaks, allowing them to return to their desks feeling reinvigorated rather than simply sitting and trying to ‘trudge through’ their workday.
Flexibility and a Tailored SolutionThe final benefit we'll discuss is that a coworking space allows for flexible use and a tailored solution to your enterprise's needs. If you need only two or three desks - you can feel free to just book these desks alone. If you need a whole wing, you can hire it. Meeting rooms are often paid per use, so you can pay for them as required, meaning that you’re never paying for more than you need. This is a highly flexible and tailored solution for startups that traditional office rentals don't offer.
Working in a startup or SME, you'll find that the flexibility offered by a co-working hub is truly second to none.