Published 11 August 2017 Category: Compass Insights, Business, Startups, Entrepreneurs, Workplace

Why Entrepreneurs Should Consider Working in a Co-Working Space

Being an entrepreneur is a not an easy job. It demands extra-long work hours at work and sometimes even work on weekends. Entrepreneurs rarely get free time to spend with their families. Besides the huge costs they have to bear to start a business, they must also bear full responsibility for all decisions taken. Managing core functions tends to become difficult and co-working has developed as a response to this. More and more startups and established companies are shifting to co-working spaces. Co-working offers many tactical and financial benefits for entrepreneurs.

The best part about choosing to work in a co-working space is that it is cost-effective. While rents are not cheap, you will most definitely get something that suits your pocket. Instead of a long-term lease for your office, this is a workable solution which is appealing especially to newcomers.

Another significant advantage of co-working for start-ups is that you can add more space as and when you need to. Co-working space is flexible and meant to accommodate growth. In case you want to make your business grow in a new location, you can simply rent a portion in a co-working space. You do not have to shell out a fortune for a new building for your new office. Co-working is useful because when you feel the need to cut down on your staff, you can always give up the extra space. In comparison, in a regular office, you will never be able to get your rent reduced if your team is downsized. A co-working space allows you to lessen the resources when your needs decline.

Support Services
When you choose to rent a co-working space, you will get many resources which you did not know about. These workplaces are cognizant of the services which businesses require from time to time for growth. Sometimes the company itself can be of direct assistance. At other times, any of your neighbors can advise you correctly on different operational problems.

Networking Benefits
The ecosystem of businesses and people is varied and for every business which is starting off, there will be professionals from other backgrounds to help out. You will be surprised at the help and collaboration you can get from various professionals.

Moral Support
Every established business has gone through its ups and downs. Startups are bound to experience their own challenges and roadblocks. It is natural to start having doubts about your own credibility. You are likely to get frustrated when you fail to get results even after tireless work. It is in such situations that you can greatly benefit from a co-working space. You will invariably be surrounded by other entrepreneurs who have similar experiences to share with you.

Their relentless hard work and commitment will motivate you to keep faith. When you notice people around you overcoming hurdles that you are facing, you can draw from their support and strength. If you are looking to start something of your own then it is very important to sit with people of your temprament who can not only be your moral support, but also teach / guide you. So, the time you spend in a co-working space actually serves like a crash course in entrepreneurship.

Better productivity
With co-working, you can actually increase your work productivity. Interactions are likely to be much more in this environment compared to a regular office environment. This offers greater scope for sharing news and information. Networking is more and you can find prospective customers and vendors through such an ecosystem. Politics common to stand-alone offices are not likely to happen in a co-working space. Here, every member stands to benefit from his co-worker.

Better Collaboration:
Co-working means better collaboration and cooperation. There is no feeling of isolation which is common in a regular office. If you are a student and trying to be an entrepreneur in your university, then you might face a lot of loneliness apart from the homely things you would be missing if you are studying abroad.  In co-working spaces, you can be motivated by working with people sharing common ideas and work ethics. The way they are handling challenges can also inspire you to do the same.

When you choose a co-working space for your business, you do not have to worry about long-term leases. There is no need to buy equipment and office furnishings. Co-working spaces are equipped with the necessary networking and IT infrastructural amenities. You can even benefit from features like firewalls for security, servers for storage, Wi-Fi access for connectivity etc. These can translate into huge savings. There is no need for down payments and zero lock-in periods.

Sharing Resources
When you can share resources with others, you can save costs. Saving operational costs helps your business to succeed. Co-working is based on the same principle; it is like living in a house as a paying-guest. Resources are collectively used by many people and this explains why all necessary amenities can be got at reduced costs. On a lighter note, a co-working space should not be considered exactly like a paying guest or homestay accommodation (if you are a student) because its comes with its own pros and cons.

Easy Recruitments
Co-working is the perfect solution when you need more workers for your business. This need for extra talent is easily met in a shared work environment that is more productive. Owners of businesses can gain from an overall feeling of positivity and wellbeing. Co-working spaces offer many add-on services like legal help, admin support, and recruitment support.