Some years ago, most people visualized the term ‘coworking spaces’ as a trend that would probably die out as time went by. Fast forward to 2020, the coworking industry has become one of the most lucrative businesses worldwide. It is currently valued at about $26 billion in today’s global market. And it seems coworking is here to stay, at least for another decade or so.
The reason behind the success of this industry is, since the inception of coworking spaces, numerous businesses have experienced an enormous amount of rapid growth and breakthroughs. Did you know well-known companies like Instagram, Spotify, Timehop and Uber all started out in coworking spaces? It’s true! This positive trend has facilitated the springing up of more spaces where various businesses can co-exist and thrive.
But what really is the reason for the high success rate of the businesses in these coworking areas? Below, we’ll take a look at what makes all the difference in contributing to the success of businesses within a coworking space.
How Coworking Spaces Can Help your Business Thrive.
Setting up your business in a coworking space has a lot of advantages, some that add to your development as an individual and others that affect the entirety of your business. Let’s take a look at three of these advantages.
1.) Coworking Provides the Perfect Work Atmosphere: A lot of entrepreneurs who use coworking spaces typically have some form of home office or frequent coffee shops. While some can well work from their homes, it can be a far from ideal environment due to comfort and distractions. With the average coffee shop, which is notoriously a hub for newly-minted and some seasoned entrepreneurs, working from here is not ideal either. Your local café is not designed to be a professional workspace. Your space isn’t guaranteed every day, you don’t have access to necessary business amenities, meetings can be a fight against the noise (ever take a call or conduct and online conference in a coffee shop?), and you don’t get 24/7 access like you would in a coworking space like Work/Place.
Having a distinctive balance between your work life and other areas of your life makes all the difference in ensuring the success of your business. And there’s no better way to ensure this than having a dedicated space used for carrying out all your business-related tasks. Hence why a coworking space is every entrepreneur’s go-to option. When you have your own space, you can focus on building your business, growing your team, and satisfying the needs of your clients and customers.
2.) Interaction and Networking: Coworking spaces are often times occupied by startups and small businesses. These businesses are controlled and maintained by driven individuals, people whom like you, are looking to make a difference in their communities.
Interacting with such like-minded individuals often leads to the sharing of ideas and ultimately grows your network. Networking with such people helps to improve your business and positions it for greater exploits. Beyond that, these connections can lead you to future clients, employees/contractors, business investors, and other high caliber opportunities you won’t get at home or at a coffee shop.
3.) Cost Effectiveness: Renting a coworking space is cost-effective as the money you pay covers not only the office area and furniture alone. It also provides amenities such as steady internet connection, security systems, kitchen and recreational amenities as well as other amenities at your disposal. Not having to worry about these as well as the cost of maintaining the office building frees up much-needed funds that can be directly invested into your business.
Unlike the conventional office spaces which must be bought or rented on a long-term basis, renting a coworking space comes with more flexibility. You can decide to rent daily, weekly or on a monthly basis. This is another added advantage entrepreneurs enjoy with investing in coworking spaces. Plus, your membership at a coworking space affords you access to weekly sponsored events, reservations of special spaces within the building (i.e. conference rooms, A/V rooms, etc.).
Generally, the level of any entrepreneur’s productivity increases when they can work deeply and quietly and surround themselves with other like minds who are constantly working and achieving things. This serves as motivation and makes it possible for such a person to hit goals at a faster rate.
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