The successful launch of your startup is dependent on many factors, including the employees you hire, the funding you receive, and the environment you work in. 

And let’s face it, working out of your garage to launch your startup is so last century. So, hello there, coworking spaces! For many early-stage startups, coworking spaces have become the new norm. They are the ideal launching pad for when your company is just getting off the ground.

But what exactly are coworking spaces and why have they become so integral to modern startups?

To answer the first part of the question, consider a coworking space to be a twist on the typical office. It offers many of the same amenities as a standard office, such as conference rooms, kitchens, and internet access, but instead of traditional desks and workspaces, it has collaborative work areas where frequent and occasional workers can use the space.

To address the second half of the question, we’ve compiled a list of four reasons why coworking spaces are a great option for your early-stage startup. 

Networking

Because coworking spaces are frequented by a community of creatives, business owners, and early-stage startups, there are numerous opportunities for networking with others who are attempting to grow a company. Having access to other people with whom you can discuss your day-to-day challenges will be critical to your growth.

If you’re not sure where to begin your networking journey, coworking spaces are a great place to start making those everlasting connections.

Find mentors and talent

Depending on your startup’s development stage and needs, and because coworking spaces are highly collaborative and innovative environments for workers of various backgrounds and experiences, you may be able to find people to join your team. If you needed help with a marketing campaign and someone offered to help, this could be the beginning of a potential hire. Who knows, you could also meet someone with years of experience in the startup game who could evolve into your mentor. The resources available in coworking spaces are seemingly endless.

Connect with investors

Coworking spaces can even be a part of accelerator and incubator programs; however, you may have to apply and be chosen. Moreover, both can be sources of information on how to expand your business — in other words where the money trail flows. 

On the flip side, shared workspaces are almost like gold mines for investors who are yearning to be a part of the next Amazon or Tesla!

Keep fixed costs low

Many businesses fail within the first few years of their existence, as most of us are aware, and becoming successful takes much longer. Your money and resources should not be spent on the most fashionable office, complete with snacks and sparkling beverages. This style of workplace gives your startup more possibilities to test the market and get your feet wet in other critical areas like PR and marketing, which can help you expand your company. 

Startups like coworking spaces because they provide them access to all of the amenities of a traditional office for a fraction of the price of setting up their own. You can utilize the space on a day-to-day or month-to-month basis, and you won’t be obligated to pay rent for several months at a time.

Although coworking spaces are budget-friendly and flexible, they do not provide confidentiality. So if privacy is a top priority for your startup, then you should consider looking elsewhere.

About Kennedy Nunez: Kennedy is a Business Development Associate for Swyft, which is a tech PR firm in Austin and Houston and a top digital marketing and PR agency in Denver since its founding in 2011. Swyft also has a small satellite office where it offers tech PR in San Francisco. Swyft has been listed as one of the top tech PR agencies in Texas for two years running by the B2B services review site, Clutch.co.