The Benefits Of Coworking Space
Coworking spaces are becoming extremely popular among freelancers and startups in most cities around the world. This can be attributed to a number of factors such as millennial’s that are driving innovations and disruptive thinking, a general increase in the number of startups and small businesses, increased technological innovations, the high cost of doing business and soaring real estate prices.
Whereas most coworking spaces were established to save money, there are numerous benefits conferred by these spaces that have overshadowed the issue of cost. If you are just starting out, and are not sure if your home office will continue to hold your business further, here are reasons you might want to consider a coworking space.
Cost cutting is the most obvious benefit of starting out in a coworking space as opposed to an individual office. Think about the cost of refurbishing and furnishing office furniture. You will also need to acquire a lease that can be costly for your freelancing business. They will also ask for a growth curve to predict the income expectations and the stability of the business in terms of sustaining lease payments. These requirements can weigh heavily on a business that is starting out. In a coworking space, you receive a furnished space, internet connection, kitchen and sometimes a receptionist to handle your meetings.
Build personal and professional networks
You will get an opportunity to work in a community of freelancers and entrepreneurs like you. It is up to you to leverage the coworking space and build networks that are good for your business. For instance, some coworking spaces organize workshops and innovation events where members can be addressed by different industry players.
A coworking space attracts people from different industries and backgrounds. This mix of innovators and professionals can offer your business a much-needed network. In your home office, it is highly unlikely you will get a chance to meet such people. Actually, even in a conventional office unless you can go out to events and professional networks, you do not have these business and personal networks at your disposal.
Access to peers, mentors, and experts
According to a recently published Harvard Business Review report, businesses that started in coworking spaces registered higher success rates compared to other startups. Coworking spaces expose you to business founders that are successful in their own right. They can guide you in terms of market penetration strategies and growth hacking. Peers will challenge you to think differently in a way fellow employees won’t in a normal working space. They also give you an opportunity to hire and get hired. Peers will also offer you opportunities to collaborate and share ideas. You can take advantage of shared marketing, joint supply channels and other ways of devising market penetrating strategies. There are different industry experts operating in the same coworking space that can give you subsidized or free consultation.
Sense of professionalism
You don’t just build networks; a coworking space gives you an opportunity to impress your network. Unlike your home office or a coffee shop, they have conference rooms that are freely accessible to members. You can hold your meetings with clients, potential clients and associates. This leaves an impression of professionalism and dedication to your work. Besides, an office space with a professional environment helps you stick to a routine so that you can accomplish more every day.
Imagine all you do is move from your bed to the fridge, and from the fridge to the bathroom and then to your desk, and then from the chair to the fridge and then TV. You need to get out there and meet new people, walk to work, or just laugh with colleagues. A home office can lock you out of the real world and you can end up feeling lonely and secluded. At home, you can end up doing less for many hours, but in an office setting, you can accomplish more in less time, and not ignore your social life. You will be more productive in your personal and professional life.
The idea of coworking spaces was conceived to take advantage of innovation and technology hubs that were driven by tech entrepreneurs. Coworking spaces now allow players in different industries to share research technology and the latest innovative breakthroughs. If you would like to propel your startup, and do not have adequate resources to fund research labs or innovation technologies, look for coworking spaces. You will share the latest advances in technology that can propel your research and development.
Shared resources for business efficiency
Besides collaboration, there are business resources to be shared in a coworking space setting. You can share 3D access printers, broadband, cleaning services, conference rooms, kitchen, and sometimes labor. These resources would be very costly for a single business or a freelancer.
Attractiveness of a community
A coworking space is an attractive community of innovators, business founders and vibrant tech startups determined to revolutionize the business world. A community of like-minded people with a passion for their work. Creativity and genius flow in such an environment. They make a very interesting community that is attractive to investors. The possibility of accessing funding and potential partners is higher in a well thought out coworking community.