It’s hard to scale a startup because that’s when you realize you have a real business a stake and there are much more expectations and a lot more resting on the line. It can be slow to scale a business as well; while some grow quickly, others take years to expand. One of the new options available to startups is coworking, and companies are leveraging this tactic to boost their growth quicker. Why is coworking so good at quickly scaling a company? Here are the top 4 reasons why.
1. People can work when they want to.
People don’t necessarily want to work 9 to 5 jobs, or they’re not at their most productive during this time, even though that’s when most businesses operate. When you have employees that want to start at 7am because that’s when they do their best work, and another wants to work later into the night, it can be difficult to handle that in a classic office set up. There are two main problems with it: the first is that there are security implications with leaving the office open at all hours, and the second issue is that different employees will have different commutes so it would be difficult for their arrivals and departures at different times.
Instead, with coworking, you can have employees work from a number of different locations, and reduce your commuting practices. As Tammy Ludlaw, a communication manager at Brit Student and 1Day2Write explains, “you can also allow employees to work whenever they want and they’re the most productive, because most coworking space are open 24/7 and secured by the building owners. This maximizes your employees’ productivity.”
2. You can have great collaborations with other professionals.
When you’re working in a single space with your colleagues, it helps to form good connections with them. However, this doesn’t allow for new perspectives and creativity or innovation to shine because you’re too similar. Scaling a startup means you should be very creative and energetic to find inspiration. One of the best ways to do this is to be exposed to other companies in a similar industry.
In a coworking environments, you’re constantly surrounded by opportunities to meet people with fresh perspectives. Even if you’re in completely different industries, you can be inspired by approaches and ideas. It also helps from a mental health aspect to leave your bubble and find that there are other businesses out there with similar issues.
3. Your employees will be happier and more engaged.
For these first two reasons, and many more, coworking increases employees’ happiness. By having more control over when and where they work, a shorter commute, and opportunities to meet new people, people tend to be more excited about work. Having happy and excited employees boost productivity and it’s just what you need when scaling a startup. When you want to grow, you often can’t rely on your team working their regular hours at their regular pace, you need extra effort, creativity, and work, so the best way to have a workforce that’s interested in working longer weeks and putting in more effort is to make sure they’re happy and motivated.
4. There are no costs when the space isn’t in use.
When a business rents office space, it’s on a monthly if not annual basis. This is only worth it if your workforce is there all day, every day. If employees are on vacation at the same time, you’re still paying for their spaces even if they’re not being used. The same goes for a company business trip. Coworking spaces, on the other hand, are much more flexible with their arrangements. Phil O’Hara, a business writer at Australia2Write and Next Coursework, shares that “managers can agree with the owners on a space that they need for which dates and for how long. If one space isn’t used for a few days, the company might not need to pay for it.”
Coworking is a great option to quickly grow a startup for these four main reasons. If you’re the owner or manager of a startup, think about how a coworking space could work for you, from your budget to your employee happiness and productivity.
Michael Dehoyos, a business expert at PhD Kingdom and Academic Brits, shares insights and suggestions with startup companies and entrepreneurs for expanding their business, establishing their marketing strategies, and managing their workforce. He also writes for the Dissertation Help blog.