In today’s modern workplace, a regular 9-to-5 job is slowly becoming a thing of the past. With the amazing innovations in wireless technology and communications, mostly due to the power and reach of the internet, the number of startups and entrepreneurs is increasing year after year. Still one of the biggest hurdles that new businesses face, especially those with multiple team members, is where exactly to work. Home offices are all well and good, but what about if you need to meet with a client, or have a team planning session?

One solution to your problem is to consider a coworking arrangement. Here are some benefits of considering coworking instead of renting office space for your startup:

1. You minimize the initial investment — Unlike when you rent a vacant office space, coworking arrangements typically include furniture, 24/7 security, Wi-Fi or cable Internet, along with all the utilities and taxes. Since it is move-in ready, you can start almost right away. Some coworking spaces will even throw in your company logo for free. Of course, the office design factors into the productivity of your workers. That is the reason why you should always schedule a walkthrough of the facilities before making a long-term commitment.
2. Potential to expand your network — In a coworking building, you share the space with several other companies. You will meet multiple talented people on your floor alone. Chances are, you may hit it off and decide to enter into a joint venture for an entirely new business. You can make diversity work for you. In most instances, different tenants have varied skills and specialties. There is no competition, so you will only get support.
3. Sense of community — What is true for most coworking spaces is the sense of community. Everyone quickly develops an “us against them” mentality. Everybody is rooting for you to succeed, since your success amid the non-traditional environment also means that they, too, have a chance. In recent years, in fact, coworking has become a social movement that is attracting more and more advocates. The principles are collaboration instead of competition and community goals instead of personal agendas.
4. Location, location, location — If you want to build a headquarters in a major city, you will often run into the issue of high demand and low supply when it comes to office space. This means that the prices are set high and you will likely have to fan out to the suburbs and the fringes to find enough space for a fair price. With a coworking space, you are right in the center of the city and for a much lower monthly cost than it would take to rent out a whole office. For instance, Novel Coworking Madison is just three blocks away from the Capitol. And most of the modern conveniences, including public transportation, are all a short walk away.

One of the significant problems of entrepreneurs is how to stretch their already limited resources. It keeps them from finding the perfect time to launch their business. If you are a startup or a young business, you will benefit from the coworking space because of the minimal capital investment. Don’t worry, you can always upgrade to an office once you get some profits going with your next great idea.