The Benefits of Coworking Spaces for Growing Your Business

11th September 2019 | 3 min read

The Benefits of Coworking Spaces for Growing Your Business

The rise of the coworking space has arguably been one of the most significant new business trends in recent years. It a relatively short space of time what once seemed a fairly novel concept has become a widely accepted alternative to traditional office spaces, especially for budding entrepreneurs and start-ups.

Which isn’t to say that coworking spaces are just for small businesses and freelancers – many of the biggest companies in the world, including Apple, Microsoft and Samsung, now utilise coworking spaces. More and more businesses are discovering the benefits of coworking spaces like those offered by LABS, let’s take a look at a few of the most compelling.

Low costs

Coworking spaces can offer start-ups and freelancers all the benefits of a sophisticated, fully equipped office at a cost that would be impossible if you were to set up your own office. This takes away many of the overheads and cost-commitments that could otherwise present financial obstacles. The time-saving benefits of renting a fully equipped space without having to source furniture and equipment or acquire licences and insurance are also worth considering.

Flexibility

Scalability is key to the success of any growing business and coworking spaces offer a degree of flexibility that makes it far easier to scale up your business, without the fuss of relocating. Typically, you can tailor your contract to your current requirements and grow your space at the same rate as you grow your business.

Location

Situating your business in an enviably central location used to come with at a significant cost. Coworking spaces offer a more affordable way to position your business in a coveted part of town that will prove attractive to clients and convenient for staff. At LABS we offer a choice of desirable Central London locations including High Holborn, Bloomsbury Way and Camden.

Better facilities can help to improve productivity and attract better staff

Coworking spaces are developed to provide an appealing work environment with a variety of perks and social benefits that aren’t always found in convectional offices. A pleasant, well thought out work environment can improve well-being and motivation among your staff, which should lead to improved productivity. It can also help to attract quality staff who like the idea of working in a well-located space with loads of great facilities and networking opportunities.

Networking

Coworking spaces can create effortless networking opportunities that simply would exist in conventional work environments. In a coworking space you and your staff will be surrounded by ambitious people and companies, many of whom will be on a similar path to you. You may even find potential clients, partners and collaborators among your co-workers. Because coworking spaces are more community focused than traditional workspaces they’re great for fostering a collaborative atmosphere that can generate ideas and opportunities.

As you can see, there are many benefits to having a coworking space as the heart of where you wish to grow your business. Check out all LABS facilities and discover how we’re leading the way in terms of co-operation and collaboration across companies.