We had the opportunity to conduct an exclusive interview with Melissa Mesku, Founding Editor of New Worker Magazine. As an advocate...
Perhaps it’s just you and your co-founder or maybe you already have a few employees. Chances are the coffee shop or your home office is not going to cut it in long-term, or really, more than a few weeks… but this isn’t a blog about why you shouldn’t work from a coffee shop. It’s about why you should grow your startup in a coworking space.
When you’re starting up your own business it’s no secret there are many costs involved. Whether it’s hiring employees, buying supplies to make your first prototype or getting licenses to sell your service online, it all adds up. One of the biggest expenses for companies of all sizes is space.
By setting up shop in a coworking space, not only are you saving on the cost of the space in comparison to a traditional office, you also eliminate the cost for office furniture, electricity and cleaning, amongst other things. Coworking spaces usually have shared amenities, from free wifi to coffee, printers and community events, so you can spend more time developing your business and less time wondering if the coffee machine has been refilled.
Earlier this year, we interviewed Jay Parmar, CEO and Co-Founder of Picatic, who chose to house his startup in a coworking space.
“If you take a look at the business economics – there is no lease – and from that standpoint you really have that mobility, and the liquidity to go out there and change the dynamics of your business without being tied into a long-term contract.”
By choosing a coworking space, you aren’t committed to a two or three-year lease contract for a space that may be bigger than you need. Your coworking space will most likely also be able to accommodate your growth as you start to scale. Jay started out with just him and his four cofounders, but now the Picatic team is nine and growing.
Coworking spaces are a great place to network and meet potential employees or freelancers for your company. People prefer to work with those they know, like and trust. Manan Vohra, founder of Hadean Labs, based out of London and New Delhi, notes in an interview with The Guardian, “Meeting someone in person is so much more valuable than sending around your CV,” and what better way to get to know someone than through a coworking space.
There’s also the potential to find great customers or partners. Perhaps you provide a service or product they need. Loyalty is built on great customer service, and you can be sure to make an impact if you’re able to walk up to them and ask them if they need help with anything.
There’s a saying “go where the customers are.” As your business grows and expands into new locations, so can your office space. If your looking at expanding and have only a handful of employees to house, coworking spaces allow you to set up an office almost anywhere in the world, instantly. By joining a coworking space in another country you’ll also be able to make local connections faster.
When building your startup, sharing office space becomes an economical route that is cost effective, allows for flexibility, enables you to build networks and connections, expand into new cities and focus on growing your business without the added worries of managing your own office.