The Hidden Value of Coworking for Small Businesses

What happens when a startup company has no office? Of course, working from home is an option. After all, with all the technologies companies use now, it is easy to stay in touch with co-workers or clients. But working from home all the time can also present challenges. How do you know your employees will be reliable and complete their work? How will you establish work-life balance when the boundaries between home and office are blurred? And, perhaps most important, how will you maintain strong connections with co-workers, customers, and clients?

Luckily, small businesses and start-ups that don’t have office space yet have another option! Many cities now have coworking spaces that are designed to give solo entrepreneurs and small work teams a collaborative space to meet, work, and connect.

There are many benefits to using coworking spaces as a small business owner:

1. Co-working spaces are cheaper than offices. Renting office space can be a costly endeavor for many small businesses. When you opt for a co-working space, you get the benefit of a collaborative workspace without the steep price tag. Co-working spaces typically charge a small membership fee at a monthly or annual rate that is much more affordable than office rent.
2. Co-working spaces increase your visibility in the local community. Many co-working spaces host multiple local small businesses, which make them natural hubs for networking. When you go to work, you’ll have an automatic, natural way to meet new people in the community. You never know, your next client or vendor partner could be sitting right next to you!
3. Co-working spaces make collaboration easier. Our BookWerks™ team uses our co-working space to hold meetings and collaborate on different projects. For example, we recently held a meeting on the rooftop patio of our co-working space to discuss the BookWerks™ “Machine” and how to add value to our clients. Coworking helps BookWerks™ grow as a company because it gives us a central location for employees to meet at. Also, did I mention that there’s coffee AND dogs are allowed?
4. Co–working provides a structured space for work. Using a co-working space solves the classic issues of working from home by providing a space where employees with shared goals can meet to get their work completed. Managers can meet with employees in-person to check in on progress and resolve any lingering issues.
5. Co-working often leads to higher productivity. Lastly, to solve the lack of productivity issue, coworking provides a work environment where everyone is focused on their work. Seeing the people around you be productive with their time motivates you to be productive with yours. Seriously, you can’t be the guy in the office who sits and watches Netflix all day.

It’s undeniable: co-working spaces have a positive impact on your bottom-line. If you’re trying to be mindful of business expenses AND create a structured work environment, consider investing in a co-working space membership.

Wondering if you can afford a co-working space membership? Reach out to BookWerks™ for bookkeeping support. Our small business bookkeepers can help you get your business financials in order so that you can confidently take on new overhead expenses when needed.