When Kevin Systrom and Mike Krieger came up with the brilliant idea of setting up Instagram, they knew the importance of starting up in an environment that would enable them kick-start work faster, enhance networking, and start operations with a relatively low cost. Ultimately, they started up at Dogpatch Labs, a co-working hub in San Francisco.
Many businessmen and entrepreneurs see co-working spaces as work environments for freelancers and small start-ups, but this isn’t true in its entirety. Co-working helps start-ups jump-start their business faster, and the fact many successful businesses today that started-up in a co-working space are now multi-million corporations is genuinely inspiring. Popular companies like Spotify, Uber, Instagram and Indiegogo all began operations in co-working spaces.
Simply put, co-working spaces are communal offices where different small companies and entrepreneurs share the space. The cost is relatively low and businesses can use features such as conference rooms, photocopiers and internet service, at their disposal.
It is undeniable that co-working spaces can positively impact start-ups and entrepreneurship. Through the availability of key facilities in moderately set spaces, companies will accrue lower overheads, thus freeing up more resources to be channeled directly to boosting productivity.
Here are some other benefits of co-working spaces;
One of the disadvantages of working on your own from home or in a traditional office setting is that you rarely have the chance to network with peers and like-minded individuals. Co-working spaces are better than renting private offices or working from home when it comes to networking.
By sharing the same work-space with others, you have an increased chance of meeting great thinkers, established businessmen and entrepreneurs. This gives you the benefit of linking up and pitching your projects to people who could potentially contribute to the development of your business. You may also find out about industry events to attend, or receive some critical advice on business development strategies since everyone is working toward the same goal of building a business.
Less office expenditure
Setting up an office can be a tedious task which requires a lot of funds. Co-working spaces affords start-ups and entrepreneurs the opportunity to work in a fully equipped office without having to go through the stress of setting up their own private office. Thus, you can start operating your business without indulging in expenses that come with setting up an office.
Even though you pay for the facilities through subscription, you always have the flexibility of controlling your expenses through the preferred office facilities you want available.
Boosts productivity and creativity
Working alone in a secluded environment, such as one’s home can prove to be quite dull. Also, there can be many distractions at home that are not present in a professional work environment.
Working in a co-working space rids you of distractions, while enhancing focus and productivity. The presence of other teams in the working space affords you the opportunity to reach out for business advice and other technical inputs. Similarly, they might ask for your practical suggestions when in a fix, thus, creating a mutually beneficial environment for your business.
Availability of a business-friendly setting
Top co-working spaces are stocked with key facilities that can make life a lot easier for entrepreneurs. Apart from having access to reliable internet connection, you will also find comfortable work desks, chairs and suitable lighting for your comfort. There will likely be printers for everyone’s use, conference rooms to hold meetings with clients, as well as a leisure area for taking breaks or hanging out with your teammates.
Facilitates Work Balance
Co-working spaces often have recreational spaces for you to escape from work. Card and board games, a lounge area to relax and listen to music between working hours are some great features that accompanies co-working spaces. This promotes an optimum work-life balance for entrepreneurs.
Sometimes, it becomes really challenging for a business owner to be accountable for the time and money spent. When you have no one to answer to, it becomes difficult to find the motivation to meet high expectations.
However, when you are paying for space, you become more likely to keep the accounts and expenses up to date. Having other people and teams around who work hard to achieve optimal productivity can inspire people to do their best and stay enthusiastic in the face of entrepreneurial adversities.
Co-working spaces provide great opportunities for entrepreneurs who want to be in the middle of action with promptness and immediacy.
Due to its increasing popularity, even large organizations are increasingly turning towards co-working spaces to accommodate their traveling employees or excess staff, who need their own space to carry out important projects.Are you a budding entrepreneur in need of a conducive business ecosystem that can afford your business the opportunity to thrive? The CANs offers you this and much more. Visit thecans.ng to find out more our co-working space.