For many entrepreneurs and small business owners, making the leap from home office to full-fledge…
Until recently, beginner entrepreneurs only had two options when choosing their company location. They could run their newly-incorporated business from home, or rent an office headquarters. Both of these options come with a few benefits and the long list of disadvantages. Running your business from home may sound great in the first place, but after only a few months, you’ll realize that your productivity is declining and that your attention is constantly being diverted from your business tasks. Renting an office is expensive, especially if you need to redecorate it and brand it. In addition to this, office maintenance costs can completely ruin your company’s budget.
None of these two options can satisfy the needs of the fast-growing startup business, so the real estate experts created the new form of office renting that is tailored to the needs of startups and freelance professionals. That’s how the co-working space have come to life, and in this article, we’re going to list five reasons why this type of environment is the best choice for the development of your startup.
It helps you to build your network
As Porter Gale would say, in a Startup World, “your network is your net worth.” In the first few phases of your company’s development, you need to find business partners and investors and build strong relationships with other industry players. Co-working space allows you to share ideas and build relationships with dozens of other entrepreneurs and freelancers.
It improves your motivation
Even if you’ve decided to run your business as a solopreneur, the co-working crowd will motivate you and make you more productive. It’s much easier to work when you are surrounded by professionals, who are equally passionate and goal-driven as yourself. In this type of dynamic environment, you will find friends to share your ideas. Some co-working owners go an extra mile to turn their offices into an inspiring and creative workspace, meant to enhance creativity and spark innovation. They hold lectures and other similar events and help their clients to educate themselves and prosper.
It’s not expensive
Apart from running a business from an office at home, this is probably the most affordable option you can choose. Most co-working spaces don’t ask their clients for a lock-in contracts, and some places even allow daily and hourly office rents. Month long contracts are also common, and they allow you to use all of the amenities and equipment.
It provides better quality equipment
If you rent an office space, you’ll probably need to buy lots of office equipment. The basics usually include computers, printers, scanners and the office furniture. Since you’ve just founded your company, your office budget won’t be sufficient to finance the purchase of top quality equipment. Co-working spaces invest a lot of money in their equipment because that’s what makes them competitive on the local market. That is why, in most co-working spaces, you can expect to get the most comfortable chairs, powerful computers and top-quality printers and scanners. Some co-working spaces also have fully equipped conference rooms, meeting rooms and relaxing and fun chill out zones.
It provides mentorship
Many co-working spaces provide mentorship to their tenants. Mentorship and guidance are usually provided in cooperation with third-party consultant companies or the more experienced entrepreneurs, who work in the same space. In most cases, these services are bundled with the regular co-working plans, so entrepreneurs don’t need to pay extra fees. Mentorship and guidance are very useful for beginner entrepreneurs and business owners, who don’t have an MBA.
Co-working spaces are the most popular hubs for the creative and ambitious millennials. They nurture the culture of entrepreneurship in the best possible way and enable young talents to materialize their ideas and turn them into successful businesses. This concept is so popular at the moment that there are co-working places that offer full board lodging, which includes the room or the dorm rent and all you can eat packages. Co-working concept will continue to grow and follow the development of digital technologies, and in the next few years, many professionals will replace their boring cubicles with these cozy and fun office spaces.
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