FlexibleHub

Top 5 Benefits For Startups When Joining A Coworking Space

29 April 2021

Unsure of the benefits of coworking spaces for startups?

If we can only take one thing away from working from home, it is that every company must make an active effort and a decision to figure out how to best possible support their team going forward. 

 

Placing your startup in a coworking space comes with various benefits – some are more obvious than others. Naturally, there are exceptions to all cases, but most startups can expect to receive the benefits listed below. 

 

This article is based on various surveys with occupiers, internal data from FlexibleHub, data from the largest providers and various other sources.

#1 Networking Opportunities

Many coworking spaces offer exclusive events and is great at connecting people internally for various things – hiring, getting outside assistance for your business etc.

“If you view shared office space as a community of like-minded people, rather than just a service available to your business, the benefits could be profound. 

With such a mix of professionals under one roof, you’re bound to connect with people who might eventually become your clients, suppliers, mentors, business partners or friends.” Fora, serviced office provider in London & Reading, UK said in 2019.


An example of how powerful networking within coworking spaces can be is that a client placed in a serviced office space in London providing web-design services by FlexibleHub.


They received such an influx in referral enquiries upon moving in forcing them to hire an additional two people to their sales staff – all from joining a flexible office space in London.

#2 Attract And Retain The Best Talent

Placing your business in a coworking space can be an impressive way to attract and retain top talent.

 

With people having been forced to work from home, the top talent has now realized that they are in a position to make demands for their work life and is actively reviewing what the workspace setup is like before deciding between job offers.

 

This can be achieved in many ways and may even include letting employees choose their own coworking location or by having your own private office in a coworking space. 

 

“The coworking space has been a great recruiting tool. Our shared office in Boston, WeWork, offers great amenities, contemporary meeting spaces, and access to fun events. When you’re young, you still want your working space to have a nice buzz. 

 

Coworking spaces are well-designed and have a modern feel that improves the candidate experience.” Workable mentioned in an article outlining their success with coworking spaces.

#3 An affordable way to start up

Nick Clark, who spent seven years in commercial real estate before starting The Common Desk, a provider with locations in Dallas, TX says a 2,000-square-foot office space for six workers could cost $4,000 monthly, not including supplies or utilities. 


He compares that, as an example, with a $200-per-person membership; a team of six would add up to $1,200 per month, including most utilities and supplies, making the economic benefits of coworking clear.

“There’s obviously a point where it begins to make more sense for a business to have their own office space,” Clark says to Chicago Tribune. 


Studies are however showing that the threshold of when it makes sense to take a traditional lease is increasing, and rapidly. 


FlexibleHub are seeing an increase in the average number of desks rented per deal with companies of 15-25 people starting to choose flexible office space or coworking over traditional leases.

#4 Better and more productive communication

There shall be no doubt about it – software like Zoom, Microsoft Teams, GoToMeeting, Slack, etc. can be attributed a majority of the success of working from home during the COVID-19 pandemic. 

With that being said, people crave human interaction. Interaction that is physical, and interaction which doesn’t experience internet-lag and people talking over each other. 

“The danger of miscommunication with fully-remote working is higher, and companies have realized how important it is to have meetings, brainstorming sessions, and social events actually in-person.”  TechRound

In-person meetings in coworking spaces can also do incredible things for morale. 

While there are some benefits to remote working or working in a traditional office, providing a creative space and a space where employees actually want to spend time can do wonders for productivity and overall performance.

#5 Increased agility and flexible contracts

One thing which is keeping many startups from renting traditional spaces is the increased agility and flexible contracts which are readily available in coworking and flexible office space.

While a standard lease can be hundreds of pages, coworking agreements are typically 3-4 pages. Additionally, you can make very little commitments and no longer need to rent space in advance for the next 15 years – you can operate on easy month-to-month agreements in all coworking locations.

This also proves extremely beneficial once your team grows and you’ll need to take additional space. You can, most typically, scale your space in the same building while continuing to only pay for what you need on a per-desk basis.

So in the end, there are many advantages of co-working. Some are very industry specific, and some (like the ones mentioned in this article) is much more broad and typically applicable to all startups.

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