5 Benefits of Coworking Space for Startups

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How coworking spaces can be beneficial to those starting out in business

Written by: Julie Marie Bedas

US is leading the nations with the highest number of startups. The emerging startup culture has also paved the way for the popularity of coworking spaces.
Most startup founders are starting from scratch so renting an office—which can be expensive—is not a viable option. That’s why coworking spaces, which offer a flexible and less expensive workspace, are the more preferred option for those starting out in business.

Definition of Coworking Space

Coworking space is one of the by-products of the phenomenon called the “sharing economy” or collaborative consumption. The term “coworking space” applies to sharing workspace with workers or business owners and startups with various backgrounds and companies. It is also defined as a business or organization dedicated to the concept of sharing workspace where individuals can work independently or collaboratively. It is a place where different companies or individuals work under the same roof, minus the divisions and minus the hefty price. Coworking spaces are the hype of today’s startup businesses.
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5 Benefits of Coworking Space for Startups infographics

Below are the major benefits of coworking space that might convince you to start working in one.

1. Relationship Building

Coworking space brings together a group of like-minded individuals driven to succeed in the respective goals that they have set for themselves. Just like in business events, you meet people who might make potential contributions to your startup and introduce or refer you to individuals who can. A coworking space is even better since you’ll be seeing these people more often which means you’re not only building connections, but also long-lasting relationships. The relationships you make with these people will help you through the growth of your business. Hera Hub located in San Diego is a coworking space that is made especially for women. This institution provides a space for driven female entrepreneurs to help and learn from each other’s businesses.

2. More Idea Generation

Because of the diversity of the workforce in a coworking space, there will be plenty of ideas you can fish out in the ocean of brilliant minds. You might get advice from founders, experts and freelancers, who are also working in the coworking space. These nuggets of wisdom can help you realize what your business needs to take it to the next level. You can also directly ask your tablemates for advice on accounting, management, or anything that their different expertise can offer.

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3. Positive Environment

When you step inside a coworking space, the positive energy is very evident as opposed to dreary offices. A research by Wix and Officevibe reported that in working spaces 70% felt healthier, 90% felt more confident, 91 % have better interactions, 92% are satisfied with their workplace, 68% focus better and 64% are more able to complete tasks. The kind of environment that a coworking space provides is more conducive and productive compared to working at home or at an office.

4. Affordable Rates

Affordable rates is the primary reason why most startups stay in a coworking space. For as low as $50, you can own a coworking space for a month in CoCo (located in Minneapolis) or Miami Shared (located in Miami). You can even have a free coworking space in Coffee and Power located in Santa Monica and San Francisco. Their only requirement is that you be active on their online platform where you can buy and sell online and offline tasks. Gangplank in Chandler, AZ, is also for free so long as you contribute to the projects handed down by the city government.

5. Collaboration with people who have different expertise

Different people with a variety of skills and expertise are working around you. Need help designing your website? You can ask the web developer sitting a few tables away from you. Need counselling on your finances? Ask for advice from the accounting graduate sitting next to you. A coworking space is a united community where everyone thrives by giving and taking. Don’t be afraid to share your skills to those who need them. Not only will this practice help you learn more, it can also help you build meaningful relationships.

There are many more benefits of coworking spaces other than the five that are mentioned above. But if you’re looking for an option that will provide you with connections, more ideas, a positive environment, reduced cost, free advice and expertise from fellow startup entrepreneurs, then a coworking space is more than you could ever ask for.

FG Editorial Team
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