The trend of coworking spaces is on the rise globally, so does the relocation from traditional offices to shared workplaces is gaining widespread attention among established and budding entrepreneurs.
As an early startup starter, many entrepreneurs typically find it hard to manage financial resources for taking their startup ideas off the ground. Therefore, having a cost-effective strategy is in fact imperative for emerging small and medium level startups and enterprises to attain sustainable growth. This blog sheds some light on few key factors that validate the need of coworking spaces for small and medium level startups to thrive.
- Startup’s Support Services
The evolution of coworking space industry has shattered the myth that co-working spaces are predominantly designed for freelancers and remote workers. Today, coworking space industry offers more than just a flexible workspace allocation and amenities.
It may surprise you to know that many successful startups around the world, such Uber, Instagram and Spotify found their roots from coworking spaces. Typically, coworking spaces offer a variety of workspace allocation options, tailored designed for individual-specific needs. For example, working as freelancer, you might be willing to opt for part time desk, shared desk or dedicated desk.
However, entrepreneurs usually prefer isolated workspaces and confined offices for their startup to bring as many team members onboard as their business demands. Furthermore, your startup’s team doesn’t need looking for a conference room for rent or executive suites out of the coworking facility to carry out private sessions, brainstorming events, presentations and meetings with clients and other stakeholders.
- Effective Management of Startup’s Seed Money
Managing your startup’s seed money effectively is critically important. Therefore, exploring every possibility that allows you save each penny is in fact a viable financial management strategy. Taking your startup to the local coworking space means directing your financial resources to more strategic activities, such business development and marketing.
Before your startup starts generating revenue, the idea of going for coworking space helps reducing various overhead expenses that may otherwise eat up your startup’s working capital. For instance, cost associated to paying utilities bills, such as internet, power and acquiring miscellaneous office appliances like printers, water dispensers, air-conditioner, multimedia tools, stationary, ergonomic chairs and settees. Additionally, coworking spaces also take care of all maintenance and office cleanup tasks.
Knocking down all such cash-outflows is the first and foremost reason why many budding entrepreneurs find coworking space as a feasible solution for venturing into their entrepreneurial ideas.
- Incubation Services
Many professional coworking spaces today establish joint-venture with local business incubation centers. This collaboration helps providing onsite incubation and professional consultancy services to facilitate budding entrepreneurs with their startups launch. Hence, coworking space seems like a win-win situation for small startups to attain business growth with considerably low prices. As an entrepreneur, you don’t need to hire a private business development consultant if you can get one right in the corner of your coworking space unit.
- Mutual Collaboration and Networking Opportunity
Extensive networking opportunity and collaborative working environment is another key factor that compels entrepreneurs to make their ways to local coworking spaces. Since many professionals from different industries come together with diverse expertise and experiences which allow coworking member to mingle and network with each other
Conclusion
Coworking spaces play an indispensable role in the success of small and medium level enterprises and startups. Signing up for coworking space services comes with many undeniable benefits.
Coworking spaces facilitate early business initiators to eliminate unnecessary cash outflows, provide startup support services and opportunities to foster meaningful connections with professionals and other entrepreneurs.
Muhammad Irshad is Tech Marketer & Content Developer at TheDesk— the leading coworking space based in Islamabad, Pakistan. He adores reading by night and writing by daylight. Mr. Irshad is passionate writing about Entrepreneurship, Coworking Space Industry, Technology, eCommerce, Marketing Automation and Digital PR. Be at ease reaching him out on Linkedin. About Author