Why CoWorking is the Great New Way to Work
It’s hard to scale a startup because that’s when you realise you have a real business a stake and there are much more expectations and a lot more resting on the line. It can be slow to scale a business as well; while some grow quickly, others take years to expand. One of the new options available to startups is coworking, and companies are leveraging this tactic to boost their growth quicker. Why is coworking so good at quickly scaling a company? Here are the top 4 reasons why.
1. People Can Work When They Want to
People don’t necessarily want to work 9 to 5 jobs, or they’re not at their most productive during this time, even though that’s when most businesses operate. When you have employees that want to start at 7am because that’s when they do their best work, and another wants to work later into the night, it can be difficult to handle that in a classic office set-up. There are two main problems with it: the first is that there are security implications with leaving the office open at all hours. And the second issue is that different employees will have different commutes so it would be difficult for their arrival and departure at different times.
Instead, with coworking, you can have employees work from a number of different locations, and reduce your commuting practices. As Tammy Ludlaw, a communication manager at Australianreviewer and Essayroo explains, “you can also allow employees to work whenever they want and when they’re the most productive because most coworking space are open 24/7 and secured by the building owners. This maximizes your employees’ productivity.”
2. You Can Have Great Collaborations With Other Professionals
When you’re working in a single space with your colleagues, it helps to form good connections with them. However, this doesn’t allow for new perspectives and creativity or innovation to shine because you’re too similar. Scaling a startup means you should be very creative and energetic to find inspiration. One of the best ways to do this is to be exposed to other companies in a similar industry.
In coworking environments, you’re constantly surrounded by opportunities to meet people with fresh perspectives. Even if you’re in completely different industries, you can be inspired by approaches and ideas. It also helps from a mental health aspect to leave your bubble and find that there are other businesses out there with similar issues.
3. Your Employees Will Be Happier and More Engaged
For these first two reasons, and many more, coworking increases employees’ happiness. By having more control over when and where they work, a shorter commute, and opportunities to meet new people, people tend to be more excited about work. Having happy and excited employees boost productivity and it’s just what you need when scaling a startup.
When you want to grow, you often can’t rely on your team working their regular hours at their regular pace, you need extra effort, creativity, and work, so the best way to have a workforce that’s interested in working longer weeks and putting in more effort is to make sure they’re happy and motivated.
4. There are No Costs When the Space isn’t in Use
When a business rents office space, it’s on a monthly if not annual basis. This is only worth it if your workforce is there all day, every day. If employees are on vacation at the same time, you’re still paying for their spaces even if they’re not being used. The same goes for a company business trip.
“Coworking spaces, on the other hand, are much more flexible with their arrangements. Managers can agree with the owners on a space that they need for which dates and for how long. If one space isn’t used for a few days, the company might not need to pay for it,” says Danielle Oliver, a writer at Ratedwriting and Subjecto.
5. Using a Coworking Space is Really Flexible
Coworking is great for those beginning their startup venture, as the costs are so much lower. You’re simply paying for the use of the space, without having to deal with all the extras that you’d typically have in an office building. That gives you the time and ability to grow before you have to start thinking about it.
At some point, you’ll want your own workspace though, and that means moving out of the coworking space. The great thing about it is that all you have to do is give notice, which is usually about a month, and you’re done. You don’t have to move your phone lines, internet connection and more as that’s all handled by the coworking space.
As well as this, you’ll find it’s flexible if you need to take on more staff. All you have to do is rent extra space for your new team, and you can take them on. Plus, many coworking spaces are part of a network, so you can easily move cities and still stay in the same network if needs be.
6. Find Clients Within the Building
Finding new clients is a big part of creating a startup. You need to find those new customers somewhere, and that can feel like an uphill struggle. The joy of a coworking space is that you’re sharing it with many other businesses, and some of them may well need your services.
You’ll find it very convenient to work with a company in the same building as you, and it saves a lot on time and communications costs when you can simply walk over to your customer’s desk. For them, they’ll love that their provider is easily accessible to them when they need you.
7. Get a Great Location for Less
Here’s something you may not have even thought of as a startup company. As a new business, you won’t be able to afford the traditional office space in the most desirable locations. That can affect the kind of customers and clients that you’ll attract.
With a coworking space though, you’ll find that they are often in some of the best locations in your city. That makes it so much easier to get that desirable address, and access to your audience. It also makes things a lot easier for staff, as central locations make it easier for your staff to commute in.
8. Improve Your Cash Flow
Finally, using coworking spaces when you’re just starting out means that you can drastically improve your cash flow. You’re not paying out all the start up costs for moving into an office, such as the deposit or utility set up fees.
Because of this, you can redirect your focus and budget on other things. For example, you can dedicate more budget towards recruitment. You’ll also find it a lot easier to budget, as you’ll be able to handle just one monthly bill. Having less to pay out when you get started helps you a lot.
Coworking is a great option to quickly grow a startup for these eight main reasons. If you’re the owner or manager of a startup, think about how a coworking space could work for you, from your budget to your employee happiness and productivity.
