For many entrepreneurs and small business owners, making the leap from home office to full-fledge office space feels expensive and overwhelming. It’s a big step to go from an at-home start-up to a more established business with rent, utilities, and multiple employees coming and leaving every day.
Now though, in cities around the world, coworking spaces are popping up as a happy middle ground. Small business owners see the value of coworking hubs and are jumping to rent out space in these professional workspaces.
One great thing about this trend is that there are different types of coworking spaces tailored to different types of industries. Some coworking hubs are more professional and business-oriented while others are more creative and free-spirited. Whichever makes the most sense for your business is a good place to start.
Read on for three ways to leverage the power of the coworking trend to increase ROI for your small business and enhance your odds for long-term success.
Networking Opportunities
Coworking can lead to socializing and “talking shop” with those who you otherwise wouldn’t cross paths with. Many entrepreneurs spend days on end focusing on their ideas without ever communicating their thoughts with others in the industry. As a single entrepreneurs or small business owner, you might find yourself isolated in a working-from-home situation. Coworking allows you to mingle with others and network when the opportunity presents itself. This can lead to valuable connections and even funding down the line.
Affordable and Temporary Office Space
This is the real reason most people turn to coworking to begin with. Rather than renting out office space in a pricey, central location and outfitting the workplace with expensive furniture and office equipment, coworking lets you walk in with your laptop and just get started. In most cases, the spaces are fully furnished and include amenities like coffee, water, and even snacks. There’s usually lightening-fast Internet and plenty of printers and copy-machines for the floor. It’s a great way to shift from working from home to working in temporary office space without investing huge amounts of money in physical space before you can afford it. When you grow your business and finally expand, the money you saved by renting pre-furnished space in a coworking environment can go towards a new, gleaming office of your own.
The Illusion of Success
Though we’ve all heard stories of the Google guys launching their company from a garage, this is not necessarily the most appropriate situation for the average entrepreneur. When angel investors and other high-power individuals come to meet with you to discuss funding or expansion, it’s a great asset when you can invite them to a legitimate space to show off your product. Even if you can’t afford a full office of your own, inviting guests or colleagues to coworking space is a significant step above meeting at your house or a local café. If you know you have some big pitches coming up, consider working out of coworking space in a city near you to demonstrate your place in the professional space.
Coworking is not the answer for every small business in its early stages, but for many entrepreneurs, a coworking hub nearby can be a huge boon for business.
Kyle Haze is a freelance writer and digital media associate who works with entrepreneurs and small businesses to enhance online presence and improve search rankings.
Marty Huggins
