Much like any business, startups live or die based on a handful of critical factors: offering a kickass product or service, building the right team, and spending money wisely until the business becomes consistently profitable.
Young companies grow by investing their starting capital on building out their new idea while keeping overhead to a minimum. The right coworking or shared office space can be the perfect incubator during the unpredictable early days of your startup’s life.
Here are five reasons why:
1. Affordable meets flexible
Overhead costs like rent are also known as burden costs. Basically, they contribute nothing to your final product. Leasing or renting office space can eat up a hefty chunk of your budget, especially if you’re bootstrapping a new venture and you decide to go the old school route of leasing or renting office space.
On top of that add utilities, insurance, K-cups, and everything else that your growing team needs and you’re already stretched thin. Plan B: Join a coworking space and save money. Memberships, unlike office leases, can fit almost any budget and don’t require long-term commitments.
Coworking space memberships are also flexible in that benefits such as access times (9-5 vs. 24/7) and the option to use private offices or dedicated desks can be adjusted as your business needs and budget change.
2. Network and grow with the best of them
Sure, you can serendipitously meet your future CTO at Starbucks while mooching free Wi-Fi and avoiding dirty looks from baristas – but those chances are slim. Coworking spaces like Bridgeworks cater to entrepreneurs, freelancers, and startups. Mingle and network with people who can give you instant feedback, support, and quite possibly join your cause.
You’re the average of the five people you interact with most so choose the office space to build your business AND your network wisely.
3. Location, location, location
Has your team outgrown mom’s garage? It doesn’t take a rocket scientist to guess what office space rents and leases go for in prime areas like the city center or by the beach. The answer is more than you want to spend. Coworking spaces allow you to be in a desirable location without breaking the bank.
Plus, a physical address on your business cards and website provides added legitimacy which increases consumer confidence. The best coworking spaces offer use of their facility 24/7, a business address, and individual mailboxes.
4 Boost your productivity
You’ll be hard-pressed to find a better community of innovative and driven people outside of a coworking space. Startup life can be psychologically and physically taxing. That’s why it’s crucial to surround yourself with likeminded hustlers.
The drive within coworking spaces is contagious, motivating, and bounces off the walls. It’s way easier to ignore your Instagram feed when the office is buzzing with dedicated creators all around. The most sought after coworking spaces provide your team with access to open areas, dedicated desks, executive conference rooms, and soundproof offices where you can privately take video calls, hold meetings, and focus on projects without interruptions.
Combine the perfect office space with creative people all around and you’ll find yourself and your team getting shit done more efficiently than ever before.
5 The perks you haven’t even considered
What do the best coworking spots provide in return for you daily, weekly, or monthly membership payment? Secure, fast, and reliable WiFi should be a given. Conference, media, and entertainment rooms? Without a doubt. All the locally roasted coffee your team can guzzle? Absolutely. Those are just the basics.
Make sure your coworking space goes above and beyond desks and office supplies to win your business. Consider looking for dedicated parking, bike racks and rentals, surfboard storage, printing services, dedicated mailboxes, kitchens, lounge areas, ping-pong tables, and a jam-packed schedule of incredible networking events.
Bridgeworks is a vibrant coworking space right by the beach on Long Island, NY, offering office space for rent, meeting rooms, networking events and much more. Bridgeworks Long Beach also features countless communal spaces, cafés, lounges and added bonuses like social bikes and ping pong. Corporate NYC commuters and digital nomads alike take advantage of the new creative hub to network, boost productivity, and of course, cut the commute time. Learn more at www.bridgeworkslongbeach.com.