6 compelling reasons why start-ups and entrepreneurs do better in co-working spaces

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6 compelling reasons why start-ups and entrepreneurs do better in co-working spaces

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Who would not want to bring down the complexities attached with their work as an entrepreneur?

“Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.” Jim Rohn

 

Entrepreneurship surely is a long journey which demands a lot of courage and confidence. While most people believe it to be a bumpy ride, is it really that way?

There are inevitable and unforeseen risks which entrepreneurship brings along and we surely do not deny that.

  • Being responsible for almost everything
  • Long, undefined working hours
  • Almost no personal life
  • To manage cost and finances

While there is practically no way to get rid of these risks and responsibilities yet there are ways which can help you tame them down. Would you not want to mitigate your work complexities and risks?

With plenty of investment banks, insurances, expert marketing and finance teams being there to offer you the best solutions for your business, outsourcing has become available at nominal and affordable cost. Be it recruitment, implementation, marketing or other business functions, your worries have certainly been distributed and lessened. Co-working, a new style of office management, has made its way to make business easier and better.

The service has surely come a long way from office solution to comprehensive office and community management service. As co-working brings a number of benefits, startups choose to adapt this method more and more with passing time. And why not, when you finally have something which promises to help you in your entrepreneurship to a greater extent. Have a look at some of the reasons which make co-working a better and friendlier choice.

  1. No locking-ins / fixed cost: Your expenses on office furnishings get reduced as co-working spaces are well furnished with all the required apparatus and furniture. The short-term expenditure on such purchases will not be wasted anymore. Superior IT and network infrastructure such as servers, firewalls, Wi-Fi access points are also available in most of the spaces thereby reducing your IT procurement requirements.
  2. Shared resource: Shared consumption is as good a model as shared economy for successful business models. Just like that co-working also depends on shared resources and it is just like the concept of paying guest and car-pooling. This way the pressure of resources does not fall on one or just a few individual’s shoulders, it rather gets fairly distributed among more members who work together in co-working spaces. For instance it can be something as small as a coffee machine which seems a better idea when used by 15 people or more.
  3. Scope for flexibility: As mentioned earlier, co-working is one of the most affordable and efficient way of expanding business which also gives you the freedom to set up your company in any city. No worries about infrastructure or equipments just go for co-working spaces and be assured to get it all. Just rent a few seats instead of renting or buying a property for your company and be easy. Moreover, the additional advantage of cutting down the number of seats is also there in case you wish to contract the size of your team. While here your cost or rent also gets reduced, in permanent spaces it remains same irrespective of your team size. So you may bring down the resources or team size as per your convenience without having to worry about the expenses. This way your company remains dexterous and responsive.

It is not just the economical benefits of co-working spaces but also the strategic benefits which make this model more efficient and beneficial. Most of the businessmen prefer to lay more focus on strategic benefits over economic benefits for obvious reasons. If you are looking for something which is more than a budget office then look at the following points to get impressed by co-working models.

  1. Wider access to skill sets & increased productivity: When you are in a conventional working place it is just your colleges who you can have a conversation with. It’s only the people who belong to the same field that you get to interact with on a daily basis. However, it is not the case with co-working places as you get to communicate with people of varied interests with also helps you widen your horizon. The flow of ideas is better and more innovative as you interact with people who belong to different fields. But if you are the kind of person who would rather prefer to have people from similar fields and networks then you can go for such spaces as well. For instance Hacker Dojo only rents desks to programmers. This also can be immensely beneficial as you might stumble upon your big client in such a place. And the claim is not baseless as a number of companies have admitted that they got their co-founders at Co-working space. The absence of direct competition or envy also makes the environments more friendly and healthy for a start-up to flourish.
  2. More effectively collaborated effort: It is said that the journey to success is lonely and one feels isolated in such scenario. But co-working spaces do not make you feel alienated from others rather they make your feel connected. In the presence of like-minded people at co-working spaces you get to interact and learn new things every day. It is also very inspiring to see people going through similar experiences like yours and you do not feel disheartened. The chances of knowing and coping with the ups and down of entrepreneurship get better and healthier. Moreover, energy is created which in turn inspires you to struggle to thrive.
  3. Hiring becomes easy: The need to hire more employees also lead to the need of co-working for most start-ups. In shared work places hiring potential talent becomes easier due to the productive and effective atmosphere. This way an employee also gets make the best use of his skills as the overall environment is way more disciplined and active. The presence of a great work-culture and mutual feelings work in favour of the entire team and brings a healthy competition and interaction.

 

The above-stated reasons explain why co-working spaces are the best for start-ups and budding companies. Your operations run effectively with ease as most of the services and equipments. Moreover you are also provided with recruitment support, legal support, IT/Admin support. The idea might seem new but it surely is innovative and effective.

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