For start-ups, securing the right office space can be a problem. The high cost of traditional office spaces is one factor that comes into play, but the life cycle of a start-up often demands flexibility, which a commercial lease does not typically provide.
To solve the problem, many start-ups are turning to co-working options. This alternative provides entrepreneurs with an environment that can facilitate a growing business without the financial pressure that a long-term commitment to a specific space can bring.
“Co-working space provides the perfect solution for start-ups looking to grow their business while keeping costs low,” says Dimitrios Topaltzas, owner of Venture X Columbia East. “They encourage client communication and collaboration, creating a sense of community that helps businesses of all sizes channel their success and attain growth by focusing on their business.”
Dimitrios is an accomplished entrepreneur and innovator in the wireless telecommunications industry. He is currently leveraging his extensive business expertise to launch Venture X Columbia East, a co-working space that provides flexible workspace solutions for professionals and businesses of all sizes.
“Co-working serves the entrepreneur community by offering start-ups an inclusive, diverse, and vibrant community in which to participate,” Topaltzas says. “It’s a place where individuals and businesses expand and achieve success.”
Office space that scales with your start-up
For the bootstrapped entrepreneur, the financial flexibility that co-working provides is definitely one of the top benefits.
“The last thing that a start-up should do is overextend itself by signing a long-term lease for more office space than it really needs,” says Topaltzas. “With co-working spaces, start-ups get a flexible membership that gives them access to an office that can be increased or reduced as needed. You can start with what makes sense for where you are and have the option to expand as you grow. In essence, you get a scalable office.”
Organizations that provide co-working opportunities also understand that start-ups often do not work normal business hours. Using a co-working space allows you to work at your own pace and on your own schedule. In the vast majority of cases, a co-working membership grants you 24/7 access to office space, often in a variety of locations.
Many co-working providers even offer virtual office options for the solopreneur or freelancer who is still working from home, which provides a professional address for receiving mail and virtual receptionist services. In addition, virtual office solutions can help to improve a start-up’s SEO efforts by providing a local business address.
“Presenting a professional image can be challenging for start-ups that are operating out of someone’s home,” Topaltzas warns. “Hosting a meeting with a potential client in the conference room at your co-working location can boost your image in a way that gives you a competitive edge.”
Co-working promotes focus and inspiration
For those working from home, transitioning to a co-working space can provide the increased productivity that they need to take their start-up to the next level. Those who work from home know that distractions — be it the kids, noisy neighbors, or pets — can be a normal part of your workday, but co-working spaces allow you to have the professional amenities you need without personal distractions.
“Entrepreneurs and others who work from home often report feeling isolated, which can quickly lead to a lack of motivation,” says Topaltzas. “Co-working fixes that, providing a creative and collaborative environment where productivity and creativity can thrive.”
Co-working environments also provide start-up founders with valuable networking opportunities. “The person co-working at the next desk could be a freelancer, entrepreneur, or professional with the information or connections that are needed to take your start-up to the next level,” Topaltzas explains. “The co-working ecosystem is one where collaborations, partnerships, and new business opportunities evolve.”
Co-working provides a path for preventing burnout
Entrepreneurs carry a heavy workload and a lot of stress, often with very little professional or emotional support. As a result, burnout is always a risk. Among all of its other benefits, co-working can help to mitigate the issues that lead to burnout.
The demands associated with maintaining and supporting office space are an obvious example of the stressors that co-working can do away with. The burden of ensuring that technology is up-to-date and operational, offices are clean, and break rooms are stocked with coffee and other supplies all fall upon the organization that runs the co-working space. Start-ups can even benefit from the services of virtual staff without the associated HR and management responsibilities.
By shifting out of a home-office setting, entrepreneurs can also take steps toward establishing a healthy work-life balance. When you work from your home, you never leave the office; with co-working, entrepreneurs have an easier time taking a break to recharge. The community that is found in a co-working space can also inspire and motivate entrepreneurs to commit to a healthy balance between work and personal life.
“There are a number of factors that are essential for start-up success,” explains Topaltzas, “not the least of which are agility and adaptability. Co-working provides start-ups with the flexibility and resources to quickly adapt as opportunities appear, as well as a host of other benefits that inspire and support growth.”