Coworking spaces distinguish themselves by offering much shorter leases and lower monthly costs, a complete office set up with all the amenities and features needed to get started on day one without making large investments in office infrastructure and facilities.
Access to invaluable networking and collaborative experiences are invaluable to young companies and entrepreneurs looking to form partnerships, develop new products, or expand in diverse markets.
If you’ve never considered using a coworking space for your business, here are simple ways it can help you expand and scale your company realistically and over long distances.
The first and most apparent way coworking can help a business grow is by drastically reducing the costs of maintaining an office, freeing up more working capital for product innovation, marketing, and sales.
In other words, less money being spent on an annual lease and a large down payment means more cash to spend on new hires, better development tools, or new client acquisition.
Apart from the lower costs, coworking spaces require a much smaller commitment, as most are built to operate around flexible monthly leases rather than long-term commercial property leases.
Coworking spaces live and thrive on the quality of their facilities and the local reputation of their administrators, which means that the work of setting up a brand-new office is done for you.
Coworking spaces truly shine for larger companies and multinational corporations as a cost-effective way to establish satellite offices. Larger companies that require a physical presence in another city, region, or country set up satellite offices as secondary and tertiary workplaces.
Nothing beats a face-to-face onboarding process, whether it’s due to ongoing or voluntary COVID restrictions, or because you’ve decided to embrace a remote or hybrid model.
When onboarding a new hire, doing so in person allows you to introduce them to members of the team in person, as well as give them a sense of the company culture they’ll be joining and allow them to be much more direct and communicative during their first few days on the job.
Hires who are onboarded solely through screen sharing and video conferencing may struggle to assert themselves when they are confused or have a problem with a task or step, and they may feel isolated or distant from the company as a result of their lack of face-to-face interaction.
You may not require an additional office because you want to take advantage of the location and the opportunity to meet clients face-to-face through your company’s own representatives, but you may require one because a large portion of your development team is working from home in the same city or region, and you believe they would work more effectively and efficiently if they had a workspace in which they could physically collaborate.
Remote teams can also use coworking spaces to organize a meetup and discuss business without having to go to a coffee shop or sit in a park in the dead of winter.
Some coworking spaces allow you to rent meeting rooms specifically for conferences, client meetings, project planning, troubleshooting major issues that aren’t easily resolved while remote, and more.
Finally, the possibilities for what you can do with a coworking space are endless. We’ve said very little about the advantages of working in a coworking space with other companies and professionals, or about how coworking spaces foster productivity, innovation, and make employees feel satisfied and more positive than regular office spaces.