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<h2>Why Utilising a Shared Office Space Makes Your Startup More Successful</h2><p>90% of startups fail. If you wish to avoid becoming another failure, continue reading. The top reason behind startup failure is high expenses and earning too little. Consistently posting losses undermines a startup’s ability to stay afloat. Therefore, startups need to focus on ways to manage their expenses. There are numerous ways to achieve cost savings, such as automation.</p><p>However, instead of focusing on complicated solutions, it is better to stick to less costly and easy-to-follow suggestions. As the title indicates, coworking spaces are an easier way to guarantee your startup’s success. While it may seem absurd, <a href="https://cocospace.pk/blog/benefits-of-coworking-spaces">coworking spaces offer numerous benefits</a> and influence a startup’s success probability. How? It is precisely what we plan to discuss in this post.</p><p>The article discusses how a coworking space can make your startup more successful. Let’s start.</p><h3>Benefits of a Coworking Space for a Startup</h3><p>&nbsp;</p><p>As said earlier, <a href="https://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/">90% of startups fail</a>. It means even before establishing your startup, the chances of failing are much higher than succeeding. Utilising a coworking space can help you avoid many pitfalls of running a startup and ensuring its long-term success.</p><p>&nbsp;</p><h4>1. Lower Your Expenses</h4><p>If you are spending more than you are earning, you will exhaust your finances eventually. This is what happens to most startups. With no more funding available, startups have no option but to fold. We acknowledge it takes time to refine your <a href="https://cocospace.pk/blog/startup-business-ideas-in-pakistan">startup idea</a> and make it sellable. Therefore, profitability is not something startups focus on in the starting years.</p><p>However, it does not give them a license to waste money. Startup owners must be careful regarding their finances. They must proactively look for ways to reduce costs without impacting productivity or the product. This is where a coworking space can prove highly beneficial. It is incredibly cost-effective.</p><p>It does not come with the traditional office expenses such as utilities and maintenance. The membership fee is significantly less than you would pay for leasing a similar traditional office space. A startup can use the saved money to hire more experienced resources to refine the product further.</p><p>On top of it, coworking spaces come with amenities such as a shared kitchen, meeting/conference room, printing/scanning facilities, waiting area, and internet connectivity. They are a part of the membership fee. In a traditional office space, you would be responsible for setting up and managing all these amenities yourself.</p><p>&nbsp;</p><h4>2. Networking</h4><p>Even if you have a great idea, you still need to refine it. A coworking space can be a great way to refine your idea. How? In any coworking space, you will find a diverse set of members. If you are running a marketing startup, you may find startups or established businesses in web development, automation, logistics, or numerous other fields.</p><p>These entities can provide you with unique insights into your business idea by leveraging their own expertise and knowledge. This may very well help you refine your product to make it more attractive to the audience. You can explore new opportunities in the form of partnerships or collaborations.</p><p>&nbsp;</p><h4>3. Helps You Relax</h4><p>If you wish for your startup to succeed, you need to stay focused and relaxed. Your preoccupation with other tasks can prove costly. In a traditional office space, you will be responsible for managing the entire office. It includes paying the bills, providing the required furniture, and ensuring the safe workplace environment.</p><p>In addition to being safe, you must ensure that it motivates your employees to perform as per their capabilities. For this, you need to have a creative and appealing design. Employees also demand ergonomic furniture, break rooms, game rooms, and more. Catering to all this is mentally, physically, and financially exhausting.</p><p>This pressure may force you into committing a mistake or making a decision detrimental to your startup. In a coworking space, you don’t have to worry about these aspects. It allows you to relax and concentrate on the sole thing that matters – your startup’s success.</p><p>&nbsp;</p><h4>4. Meet Potential Clients</h4><p>Other members in your coworking space are potential clients. For instance, you are a marketing startup. Every freelancer, entrepreneur, and established business needs marketing services. Over time, you may develop a good working relationship with them. You can talk about creating value for them using your innovative marketing product.</p><p>Also, coworking spaces have fully equipped meeting rooms. If you wish to invite clients for a product demo or a meeting, you can do so in the meeting room. Indeed, hosting clients in a proper meeting room is more professional than hosting them in a restaurant or home. It is also cheaper than renting a meeting room in a hotel.</p><p>&nbsp;</p><h4>5. Access to a Large Talent Pool</h4><p>Recruitment and selection feel like a straightforward process. For instance, a company requires a resource. They post about it on their LinkedIn page, career portal, and other job posting portals. They receive hundreds or thousands of CVs. They shortlist a few candidates, interview them, and offer a job to the best candidate(s).</p><p>While the process in any organisation is like what we have narrated, it does not consider the challenges. For instance, recruitment and selection is quite expensive. On average, the <a href="https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/the-real-costs-of-recruitment.aspx">process costs three to four times a position’s annual salary</a>. Suppose the annual salary is $50,000.</p><p>In that case, an organisation will spend between $150,000 to $200,000 to fill the position. This cost also includes the soft cost, such as the time spent on recruitment and selection. For a startup, these costs need to be minimised. A coworking space offers easy access to a large talent pool.</p><p>You can talk to freelancers, remote workers, and other employees working in the <a href="https://cocospace.pk/shared-office">shared office space</a> for a job opportunity. Since you may have known these individuals for some time or have interacted with them in a professional setting, you can quickly assess their fit to your startup’s culture.</p><p>&nbsp;</p><h3>Conclusion</h3><p>These are some of the ways you can ensure your startup’s long-term success. Remember that not all startups are equal. With an increase in coworking spaces globally, you need to ensure that you are joining a <a href="https://cocospace.pk/">reliable coworking space</a>. Otherwise, you may not realise any single benefit listed above.</p>

The article discusses how a coworking space can make your startup more successful. Let’s start.
