Escaping from the clutches of 'the man (a boss)' and starting your own business is perhaps one of the top items on every employee's wish list. But, as fantastic as it may seem, it has its challenges. One of the biggest challenges for small businesses or startups is limited resources.
An equipped office space is essential for any business, but it can be difficult for small businesses or startups to set up one due to limited financial resources. A coworking space is a solution to this dilemma. Over the past decade, several innovative business practices have been introduced and are widely being used. Shared office space is one of these novel ideas which have caught on like wildfire.
The term 'coworking' was first coined by DeKoven in 1999. It was presented as a place to facilitate the gathering of individuals who are still working independently yet have similar ideals and are interested in the synergy that may result from collaborating with persons who value operating in the same area.
Despite the apparent benefits of a coworking space, many small businesses still hesitate to take the plunge. To help such businesses take advantage of coworking space benefits, Folio Offices shares twelve fantastic benefits of coworking spaces for small businesses.
Benefits of a Coworking Space
Boosts Creativity and Productivity
A study by Steelcase revealed that employees who had the opportunity to choose their workspace reported higher levels of satisfaction and productivity. In a coworking environment, you are surrounded by like-minded people from various industries, which can help to stimulate new ideas and promote creativity.
More Networking Opportunities
Making connections and networking with other businesses can be challenging for small businesses. In a coworking space, you can network with people from various industries, which can help you expand your business contacts.
Renting an office can be expensive, especially for small businesses. Coworking spaces offer an affordable alternative with various membership options to suit your budget.
Access to Resources and Amenities
You can access various resources and amenities that benefit your business in a shared office space, such as meeting rooms, printers, Wi-Fi, and most importantly, free coffee!
Many small businesses begin working from home and stick to it for a while due to financial limitations. But working without a structured environment can be very challenging and lead to distractions and a lack of productivity. A coworking space can provide you with a structured routine that can help you stay focused and be more productive.
Conventional office rentals require long-term leases, which don't allow small businesses the flexibility they need due to limited financial resources. On the other hand, coworking spaces offer short-term leases to help companies manage resources better.
Working from a coworking space allows businesses to use as little as one desk while having the option to add or decrease the number of employees at any moment. This scalability enables businesses to expand their team at their pace without having to worry about being locked into a long-term lease.
Shared office spaces are not only flexible in terms of the number of employees but also in terms of location. With coworking spaces in major cities around the world, businesses can quickly relocate their team without having to sign a new lease or purchase new office furniture. Many coworking spaces offer membership packages that allow companies to access multiple locations. This enables businesses to recruit team members in different time zones or other countries.
A Higher Level of Employee Satisfaction
Research shows that employees who work in coworking spaces are happier and more productive than those who work in traditional offices. In one study, employees reported higher levels of satisfaction with their work-life balance and increased feelings of autonomy and control over their work. In addition, people who work in coworking spaces are more likely to feel a sense of community and belonging than those who work in traditional offices.
24 Hours Availability of the Office Space
Traditional office spaces are typically open only during business hours, which can significantly inconvenience employees who work long hours or have irregular schedules. On the other hand, coworking spaces are generally available 24 hours a day, seven days a week, allowing employees to work when it is convenient for them.
Short-Term Space for Projects or Startups
Another coworking space benefit is that they offer short-term space for projects or startups. This can benefit companies working on a tight budget that cannot afford to rent traditional office space. In addition, it can also be helpful for companies who are looking for a temporary space to work on a specific project.
Business Development Opportunities
Small business owners must find ways to overcome the challenges of starting and developing their company while still learning the ropes. By offering exceptional networking possibilities, coworking locations provide some comfort to the intense pressure that small business owners face.
You can grow your business by getting to know and interacting with industry specialists and other company owners. Who knows where a random discussion might lead? Through these interactions, you might find new sources for funding and even make business deals that could help your company grow.
Are you looking for a coworking space in Berkley, MI, or Ferndale, MI?
Folio Offices is offering some spectacular, fully equipped membership-based offices for small businesses and entrepreneurs in Michigan. Our spaces include all the facilities and assistance you'll need to thrive.