Top 5 Reasons Why Entrepreneurs Thrive In Coworking Spaces

Thinking about starting your own business? Here’s a straight-up fact you need to know right now: startup entrepreneurs THRIVE in coworking spaces.

And not just entrepreneurs - freelancers, remote and hybrid employees, contractors, consultants, small, medium and even large business teams… Everyone is jumping on the coworking bandwagon these days! 

Why do entrepreneurs thrive in coworking spaces?

Coworking offers a variety of advantages that entrepreneurs can use to their advantage. Some of the biggest problems every startup encounters are either a lack of cash flow or networking opportunities; problems that working in a coworking space can help to solve.  

Here are the top five reasons why entrepreneurs thrive in coworking spaces.

1. A coworking space is similar to a traditional office setup

A coworking space is more than just rooms with chairs and tables. 

One aspect that entrepreneurs love about coworking spaces is that they offer similar resources to an office setup. There are a variety of spaces, including conference rooms and meeting rooms. You can use these to host meetings with clients, interview applicants, or even collaborate with your other employees. 

Moreover, every ideal coworking space should also be equipped with the following office resources:

• Printers and scanners
• Reliable high-speed internet
• Break or recreational room  
• Ergonomic furniture
• Free beverages

2. A coworking space is cost-efficient.

Investing your cash flow in leasing an office or making hasty decisions can put your business in a hole. If you really want a formal business address or a location for your staff to work on-site, consider coworking spaces. 

Unlike a traditional office lease, coworking spaces offer flexible membership plans. Hence, there is no need to make a long-term commitment you can’t keep in case your business goes sideways. In fact, depending on the type of membership you acquire, the top coworking spaces should give you the choice to have either:

• Full-floor private offices
• Virtual mailbox services
• Custom office layout
• Prebuilt offices 

Everyone who works in a coworking space shares the cost of a professional shared workspace. When starting a business, you must find the most cost-effective means of meeting your organization's needs. 

* Tip: Even if the coworking space offers affordable membership plans, be sure to conduct a physical inspection of the site. Some coworking spaces are not always a seamless fit. While you can save on short-term costs, you’ll lose out on all the benefits a great coworking space offers.

3. A coworking space increases networking opportunities

Another reason why entrepreneurs thrive in coworking spaces is the potential to expand one’s network. 

In a coworking space, you’ll find individuals of different talents and backgrounds that can help move your business forward. It can be through sharing different tips and referrals, or by collaborating on a future project.   

Take this for example: 

Say you’re an entrepreneur who’s an expert in marketing, but have no knowledge when it comes to graphic design. Instead of wasting time watching tutorials on how to create the perfect logo, use this as an opportunity for collaboration. 

You can ask for tips on how to efficiently make this process easier. What tutorials did they use to learn graphic design? Do they have certain tools to make design easier? If you want to avoid the steep learning curve, you can also offer a fee in exchange for a logo. Doing this will give you more time to focus on other matters of your future business. 

You can also barter skills - you share yours with them and they share theirs with you. Win-win!

A coworking space is also an excellent place to acquire new clients or employees. It provides an ideal networking environment where you can meet the right individuals. 

You never know who will walk through those doors and make a positive impact on your business. 

Having those time-saving options can be the biggest difference in creating a successful business. As Swedish billionaire and founder of IKEA Ingvar Kamprad once said: 

“Time is your most important resource. You can do so much in ten minutes; once it’s gone, it’s gone for good.”

4. A coworking space improves efficiency and productivity

As an entrepreneur, chances are you’ll have an erratic work schedule. There will be days when you’re entirely at the office, while there are occasions when you’ll need to travel. 

At times, completing a project at home can be very difficult… a common theme among remote workers. The different distractions and lack of social interaction can result in poor productivity. 

To maximize efficiency, entrepreneurs make use of the other perks offered in a coworking space. This includes a virtual mailbox service to have a formal business address and 24/7 access since you don’t work on a fixed schedule. 

For your employees, working in coworking spaces can help improve their efficiency and productivity by:

• Limiting employee bias and office politics
• Interaction with other professionals 
• Providing an alternate office space aside from their home office
• Improving overall performance through the social facilitation theory

5. A coworking space increases happiness and decreases isolation.

Working from home can feel monotonous at times. Indeed, this can result in poor mental health and overall performance. When you work in a coworking space, you can eliminate this feeling by simply being in the presence of others. 

In a survey conducted by Harvard Business Review (HBR), the following statistics were obtained:

• 89% of respondents reported that they were happier since joining a coworking space
• 83% said they felt less lonely since joining a coworking space
• 54% socialized with other coworking members after work or on weekends 
• 80% shared that they sought help or guidance from other members beyond work-related matters
• 84% said working in a coworking space made them motivated to work

From the statistics shown above, coworking can do more than help your business. It’s the perfect avenue for you to achieve an optimal work-life balance. 

Final thoughts

Coworking spaces can be the biggest game changer for entrepreneurs and startup businesses in different industries.

Always remember, every coworking space is unique. With the rise of coworking spaces, it can be difficult to find a space that will fit your every need. Be sure to visit or make use of the different membership options. One idea is to book a coworking space for a day just to get a better feel for the area.

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