6 Benefits Of A Coworking Space That SMEs And Startups Enjoy
The concept of a coworking space has been around for more than a decade now. It first began in 2005 as a solution to independent working merged within an organized workspace and has progressed ever since. Today a coworking space is not just about a workspace for low budget startups but has evolved into a community where individuals and businesses can learn, work and grow with each other.
Networking is one of the biggest benefits that a coworking space offers to its members. Especially for startups and SMEs, many coworking spaces act as a stepping stone to meet investors, future business partners, and employees. But apart from the numerous networking opportunities and good value-for-money space, there are a lot of other benefits of a coworking space that drives startups and SMEs to work out of one.
Here are the top 6 benefits a coworking space offers that impact SMEs and startup companies:
1. Low-cost setup
One of the major factors that drive startups and SMEs to take up a coworking space is their financial condition. Renting a commercial office space will normally require signing a one or two-year lease with a hefty deposit amount. Especially in Bangalore, where the deposit amount is charged up to 1 year’s rent, it becomes difficult for startups to rent out a private office space.
On the other hand, coworking spaces function on a monthly subscription or membership basis that can be discontinued anytime. Some coworking spaces also go as far as to rent the space on a weekly, hourly or pay-as-per-use basis too. Apart from this, there is no extra cost for setup, WIFI, parking or even housekeeping.
With no cost setup and flexible membership options, coworking spaces are ideal for startup companies and growing businesses.
Coworking spaces are an ideal working environment for entrepreneurs, startups, and SMEs that do not constrain themselves to rigid working hours. Most coworking spaces operate 24X7 which is suitable for individuals working at odd hours of the day.
Getting 24X7 access to a private office is not always convenient or safe for employees who want to stay late. But coworking spaces provide full-time access to their space along with security, WIFI, and other facilities which offers flexibility and independence to access the workspace anytime they want.
3. Networking Opportunities
One of the biggest benefit that a startup enjoys is the networking opportunities in a coworking space. Since these spaces attract a diverse set of members which include entrepreneurs, freelancers, investors, CEOs, startups and SMEs it provides numerous opportunities to meet and collaborate with fellow members and discuss business ideas.
Apart from organic networking, coworking spaces are also popular for business meetups and events to help startups and SMEs network within the space. Business workshops and informative seminars are also conducted wherein guest speakers are invited to address the challenges, motivate startups and do one on one sessions on the subject matter topics.
4. Productivity & Workspace Efficiency.
A startup company thrives on the creativity and efficiency of its employees which requires a dynamic office space to boost their productivity. Coworking spaces are designed to nurture the concept of a productive workspace into reality. With spacious seating, phone booths, private offices, and well-designed meeting rooms coworking spaces are able to offer efficient and ergonomic office spaces to work peacefully and collaborate.
Working in a private office space can also become a dull and isolating experience for your employees. When the team size is small, the office environment becomes monotonous and uninspiring after a few months. Coworking space, on the other hand, fosters a lively and cheerful vibe with community managers hosting fun events and interacting with the members on a daily basis.
For startups and SMEs, coworking spaces are value-for-money because of the pool of amenities offered along with the office space. Coworking spaces offer its members professional services like receptionists, administrative staff, guest management, and IT support. These prove to be an invisible factor in the growth of a company.
Startups and SMEs can take advantage of these services to exhibit the professionalism required in their business and impress their clients. From daily cleaning service, uninterrupted WIFI, F&B options, office supplies to reception services, coworking spaces take care of all your workspace needs so that your company can focus on the business front.
6. Work-life balance
Coworking spaces are all about fulfilling your work needs which also includes maintaining a healthy work-life balance. Community managers who take care of the space and its members understand that every individual requires some time off their work to enjoy and communicate within the workspace. Therefore, coworking spaces also host fun and entertaining events for members to enjoy and blow off steam at the end of the weak.
Most coworking spaces organize creative workshops, game nights and fun events that their members can be a part of and enjoy together. This also provides startups and entrepreneurs with an opportunity to interact and network as well as bring the entire community together.
For startups and SMEs, it is important to decide on a helpful and productive working environment for their employees that also aligns with their business model. A coworking space is beneficial for both startups and their employees. It has essentially become an all-in-one package for small businesses and growing startups that require stability in their work environment without spending a fortune on it.
At Kafnu coworking spaces, we package all these benefits together to provide a dynamic co-working space where your startup can scale. With a global community to network with, expansively built workspaces, and flexible plans for all our members, Kafnu builds a diverse community where you can work, learn and grow together.
Learn more about our offerings. Book a free tour of our space at ‘Kafnu Bengaluru’ today!