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3 Reasons Why Your Startup Should Operate in a Coworking Space

Deborah Sweeney

Contributor at Fundera
Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best.

In 2017, Officevibe.com released an infographic on coworking statistics you might not know about. The infographic stated that by 2020, 40% of the current workforce will be made up of freelancers, solopreneurs, and independent contractors.

That’s less than three short years away!

While there’s no way to know yet where all of those independent workers will be conducting business from, it’s safe to assume many will be setting up shop in a coworking space.

coworking-space

For entrepreneurs starting up their own businesses, operating from a coworking space offers a series of advantages for both the entrepreneur and their startup. In fact, we advocate for small businesses to skip renting a traditional storefront in favor of embracing being a part of the sharing economy—at least in the early years of being in business.

Here’s a look at the goodness a shared workspace has to offer.

1. It’s Fairly Inexpensive

Anyone who has ever started their own business can tell you it’s not a cheap endeavor. Now’s the time to bootstrap, not spend money like it’s growing on trees. One area that easily adds up each month is buying or leasing an office.

Here, you’re paying for the space and depending on the area you’re in, you might be paying much more than anticipated. Add utilities, internet, furniture, and tech gadgets like computers into that bill.

You also probably need a cleaning service to keep everything tidy. Oh, and if any repairs need to be made on a clogged bathroom toilet or leaky roof that’s coming out of your wallet too.

Want to get out of the lease sooner if your bank account heads into the red? That might not be possible depending on the agreement you signed.

Sounds like it’s time to get a membership with a coworking space. Here, you’ll receive a workspace based out of a bigger building, loaded with amenities like WiFi and break rooms (including snacks and drinks), the ability to use office equipment like fax machines and printers, work out of common areas, and use meeting rooms for conferences with clients.

While prices for each coworking place vary depending on where you’re located, you can rest assured that on a yearly basis you’ll still be paying far less than you would with a private office.

2. You’ll Get Your Work Done—Happily

In open spaces like these, there’s always the worry that there will be too many distractions to keep from getting work done. You might even be concerned that you’ll spend too much of your time waiting to use certain rooms or pieces of equipment since it’s a shared environment.

However, Officevibe’s coworking infographic offers up a surprising amount of figures that contradict all of the above.

coworking-space

In a shared space, 92% of workers say that they are satisfied there. They’re able to get work done on time (64%), can focus (68%), and even feel healthier (70%) out of these spaces than they would a traditional office location.

Whether you’re working solo or with a team, you’ll have the flexibility and openness of the coworking space to thank for getting the job done and well.

3. You’ll Gain a Sense of Community

One of the downsides to working out of your own office or remotely from home is that it’s not uncommon to feel a little lonely. This is why so many listicles insist that solopreneurs make the time to get outside and walk around or work out of a coffee shop for a change of scenery.

At a coworking space, community is all around you. Take advantage of the fact that other entrepreneurs and freelancers work in close proximity to your company. Introduce yourself and get to know more about them and what they do while sharing your own elevator pitch about your business.

According to the infographic, 91% of workers have better interactions with others after coworking and 90% even admit to feeling more confident too.

Make it a point to step away from your screen and get to know your respective neighbors each week. You never know who you might meet in your coworking building—could be a potential collaborator, new employee, or possible investor who can help take your startup to the next level!

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Deborah Sweeney

Contributor at Fundera
Deborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best.

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