Why do small businesses prefer coworking facilities? Because coworking spaces and small businesses are a winning combination. In the startup stage and beginning stages of your business, you need all the value, scalability, access to talent and collaboration opportunities you can get. And that, and more, is what coworking facilities deliver.
Here are just a few reasons that small businesses prefer coworking facilities:
Value and Scalability
For businesses just starting out, even renting a small office space can be out of reach. Most commercial landlords want you to sign a lease in the three-to-five year range, and sometimes even for 10 years. Coworking facilities offer a much more cost-effective way to move out of your parents’ basement, your garage, or the local coffee shop. At first glance, it may look like these facilities cost more than the free Wi-Fi at the local coffee shop, even if you add in the endless lattes and pastries. But consider that coworking spaces offer memberships on monthly basis, come furnished and provide amenities that include Wi-Fi. And when you consider that they also allow you to add desks or offices as your business grows without signing a long-term lease and moving to a new location, coworking facilities offer the best value and scalability for small businesses.
Productivity
It’s easy to become distracted when we’re not in a regular working environment. Kids, the dog, the new drink someone is ordering from the coffee bar, and even the latest Amazon delivery, all fight for your time. But you need to focus on the business plan you promised your investors, or that project your new client is expecting a proposal on. A study by Stanford University found that working in a coworking facility led to an astounding productivity boost equal to a full day’s work. And, according to Officevibe, 64% of people feel they are better able to complete tasks on time, and 68% feel more focused.
Work-Life Balance
Work-life balance isn’t just a Human Resources buzz phrase. It is an important and serious issue for workers in today’s increasingly connected, “always-on” mentality. That balance is often off kilter when you work where you live. Coworking spaces allow solo-entrepreneurs and small business teams to create a separation between their home life and work life. In fact, 60% of workers report feeling more relaxed at home since they started coworking.
Networking
46.7% of people who work from home complain that isolation and loneliness are a major drawback. The solution for this challenge is coworking. Coworking facilities give small businesses and entrepreneurs the opportunity to collaborate with other like-minded workers, industry resources and mentors across a wide variety of industries. This increases productivity and growth opportunities. And by offering your services to other members, you could bring in new business to your company. A recent survey by Smallbiz shows that 82% of respondents expanded their professional network since joining a coworking office. And 67% of people who use coworking facilities say they have experienced improved professional success.
On-site talent
No doubt your small business does not yet have the internal staff to handle all the projects necessary to serve your customers. That means relying on freelancers. But how do you find them? Perhaps it’s bookkeeping or graphics, or communications skills you need. Whatever expertise you are searching for, coworking spaces often offer a built-in talent pool. Perhaps the person sitting just a few desks or offices away may be the person to design your new logo.
Last year, statistics showed that about 3.1 million people were using coworking spaces around the world. This number is expected to nearly double by the end of 2022.
Choose CoLab at 55 Merritt Boulevard As Your Coworking Facility!
CoLab offers coworking memberships in a safe, convenient, and cost effective environment among a community of professionals like you. With a wide variety of office and shared spaces available to choose from, CoLab provides the value and networking opportunities small businesses need to focus on their clients and to grow Contact us at 203-208-8488 for a tour or schedule a tour here!
