There has been a significant increase in people working from home or settling into hybrid working since 2019. Because they are more accessible and flexible, coworking spaces have grown in popularity, especially among startups and new business owners. Their objective is to maximize efficiency and foster interaction among users.
The purpose of coworking spaces is to eliminate the divide between working from home and working in a traditional office. Businesses can rent portions of these flexible spaces for a lower fee. They also offer a professional office atmosphere and amenities to create a dedicated workspace for their staff. Working in a coworking space has many advantages for every growing business.
How the Philippine Startup Ecosystem is Changing
The startup ecosystem in the Philippines is expanding rapidly as more and more young professionals launch their businesses. A survey by QBO Innovation Hub and PwC Philippines showed that there are currently more than 300 companies operating in the nation. Majority of them came about between 2012 and 2017.
According to the 2017 Philippine Startup Survey, 54% of the founders surveyed continued to launch new enterprises between 2016 and 2017 despite local and global concerns. The report added that this is a sign of the high degree of trust in the nation’s economy, government, and overall business environment. In fact, according to 86% of the 106 CEOs and founders polled, the business outlook for the nation will improve over the next 12 months.
Why Coworking Spaces are Best for Startups
Given the research and statistics on how the Philippine startup ecosystem is drastically changing, we have listed the major reasons why coworking spaces can contribute to its evolution and further development.
1. Flexibility To Grow
Several startups generally find it difficult to locate a workplace that gives them the freedom to expand their workforce as the business grows. If you intend to add personnel in the upcoming months, signing a two-year office lease is the last thing you want to do. This should explain the rise in the number of entrepreneurs adopting coworking spaces.
Coworking spaces provide the flexibility that so many businesses need by providing membership options that range from shared offices to private offices, especially during the early phases of growth. A business with just two or three employees may need just a small space, and when the staff grows, they can move into a bigger space.
2. Opportunities To Make New Connections
Developing relationships and connections within the industry to expand your business is another crucial factor when you are a startup company. If you are new to the market, this may be very challenging. Startups can benefit greatly from the networking opportunities that coworking spaces provide. You will be among people you can learn from and who can learn from you, whether you are in an organized networking or social event or just introducing yourself over coffee.
Since coworking spaces are usually populated by like-minded individuals, they are a perfect place to network, establish collaborations, and make valuable connections.
3. Managing Resources More Efficiently
One of the most important considerations and often limitations when looking for an office for a startup company is price. Renting, running, and furnishing a traditional space can get quite expensive. And you’ll need to pay for the amenities and Wi-Fi.
Normally, coworking spaces rent out completely furnished and with Wi-Fi. Every area is planned and furnished with the typical working professional in mind. So, you can find anything you would need during your typical working day.
4. Easier To Achieve a Work-Life Balance
The popularity of working from home is at an all-time high. However, coworking spaces are ideal for people who want to combine the two types of work. While there is no time commitment required of flexible office space users, having a place to go to work is really good for the employees’ mental health.
It’s crucial to be able to separate your personal and professional lives, especially for young business owners or startups. It is quite simple to develop early habits of working long hours and through personal time. But this leads to overworking and tiredness. A practical way to create a boundary between work and leisure is to use a coworking space during working hours.
5. A Space for Sharing Bright Ideas
Coworking areas are ideal places to generate ideas. Startups operate on ideas, thus the more you have, the better your chances of succeeding. People in coworking spaces can collaborate and exchange ideas with others who share their interests.
You can work with individuals from various industries and find out if they can be potential business partners. Coworking spaces offer more laid-back settings than traditional networking gatherings, making them the best place to connect with others. As a result, people find it easier to venture outside their comfort zones and establish new connections.
6. Promotes Better Productivity
Since many startups begin at home, it is easier to carry on with your work from a distance. Working from home can be advantageous, there are many pointless distractions that take your attention away from your task.
To maximize productivity, coworking spaces are constructed with ideal lighting, desks, chairs, and access to kitchen and restroom facilities. When working from home, it is incredibly simple to become engrossed in household duties or television. In a coworking office, you are put in the company of others who are engaged in similar activities. This helps you come to identify the office with efficiency.
7. Amenities and Services Designed for Startups
For startups and new businesses that want to create a professional working environment for themselves and their workers without having to commit to the extensive leases of a traditional office, coworking spaces are an excellent option. They provide a wealth of chances for companies to develop their networks, gain new skills, and build stronger teams.
Every startup needs access to a setting where they can connect with and communicate with others that share their interests. One approach to achieving it is to utilize coworking spaces. It makes it possible for startups to interact with like-minded individuals and give them the confidence to express their ideas.
If you’re looking for a coworking space that is both flexible and customizable, you can check out Weremote’s private office spaces. If you want to learn more about coworking spaces in Metro Manila, check out this article on hybrid work.