23 Aug 2022 - 4 minutes to read
Many start-ups and small businesses choose to use a coworking space in their infancy and beyond.
Opting to run your business from a flexible office space allows you to make connections whilst you also build your business, offering you the opportunity to engage with numerous businesses on a daily basis.
A coworking space can benefit the growth of your business in various ways. Ways in which flexible office space can benefit your small business include:
One of the biggest benefits of opting for flexible working space is the low overhead costs.
When you consider that 20% of businesses fail in their first year, and 60% within their first 3 years, it’s clear that high overhead costs can place unnecessary pressure on your small business as well as stunt its growth.
Investing in a flexible coworking space membership gives you the freedom and flexibility to run your business from various locations, without committing to the costly overheads that come with renting your own office.
As the first three years can be uncertain, the lower you can keep your overheads the better.
By keeping your overheads low whilst you’re still a small business, you’ll be able to reinvest the money that you save back into the business.
A huge benefit associated with flexible working space is the scalability it provides to accommodate your growing business.
As you only pay for a membership to use the coworking space, you therefore won’t need to commit to a long-term lease for your business. At Tramshed Tech, you have a variety of coworking memberships, including a day pass, part time, or full time.
As you won’t have a long-term lease, your small business can be scaled in line with whether your business is growing and doing well or suddenly begins to lose money. This provides you with the flexibility to scale up or down depending on your circumstances.
Bearing this in mind, it’s the perfect option for start-ups as well as small businesses, particularly when you’ve not yet established how much space you’ll need to begin with.
A notable benefit of flexible office space is the networking and collaboration opportunities that it provides.
When your business is situated in a flexible office space, you’re surrounded by different businesses run by people with unique experiences from all walks of life.
The open layout of a coworking space means that communication is always open, allowing you to engage with a variety of people whilst also giving you the opportunity to absorb and learn from your environment.
This can provide you with opportunities to collaborate with businesses you might not otherwise get the chance to network with, and scale your business around like-minded people.
One of the biggest benefits of flexible office space is how it can help to build culture.
Culture is a huge part of ensuring your employees feel valued, helping to drive employee engagement and satisfaction.
When you’re first starting out as a business, it’s likely that you’ll have a small team. While this has its own benefits, being surrounded by various businesses in a coworking space can help to create company culture and enjoyment.
In fact, Deskmag’s coworking survey found that 59% of people choose to use a coworking space thanks to its enjoyable atmosphere.
In addition to this, a co-working space can reduce loneliness and create a sense of community, resulting in happier employees. According to Small Business Labs, 89% of people claimed to be happier after joining a coworking space.
As happy workers are hard workers, you can expect to see a rise in productivity as a result of this culture.
Unlike renting an empty office building, one of the biggest attractions for start-ups choosing a coworking space is that all of the amenities are provided and the office is already furnished.
Bearing this in mind, you needn’t worry about factors such as employing receptionists or finding the best high-speed internet, as this will already be set up.
This allows you to focus on what’s important: ensuring your business succeeds!
Hopefully this article has given you a better understanding of the benefits associated with scaling your business with flexible office space.
We are Tramshed Tech: a startup ecosystem home to 50+ companies ranging from pre-revenue start-ups to scaling businesses with 600+ registered members from the digital, creative and tech communities. We’re currently based in Grangetown, Cardiff Central & Newport, and are soon expanding to other sites across South Wales to Barry and Swansea.
If you’re interested in joining us at any of our locations, please don’t hesitate to get in touch.
Written by Jemima Thomas for Tramshed Tech.