As a new entrepreneur, you have enough outgoing expenses to handle right now. So, how can a co-working space deliver return on investment?
The Big 5
2: Networking Opportunities
3: Mutual Support
4: Focus Time
5: Meeting Space
1 – Professionalism
Most small startups use the owner’s home address for correspondence and their registered office. Although true, this gives the impression you’re a small operation and may not be trustworthy or established enough to win a big contract to allow you to grow. A co-working space with virtual office facility allows you to publish a more professional business address and mask the fact you are, in fact, a small startup.
2 – Networking Opportunities
Co-working space is used by people from all kinds of industries. If you’re starting out, what better way to quickly find and collaborate with all the service providers you might need to get trading and grow your business. You might even find some customers of your own which will help to kick-start your fledgling business. Even better, why not trade services with your fellow co-workers while you’re time-rich but cash-poor?
3 – Mutual Support
If you’re just starting out, you can guarantee that somebody else in the co-working office has run into the same challenges as you’re facing right now. A flexible office is the perfect place to find like-minded people, ask questions and learn from other successful entrepreneurs. Everybody loves to talk about their own business and offer advice from their own experience. Take advantage of this to avoid costly mistakes and make better strategic moves to grow your business.
4 – Focus Time
Every new entrepreneur has a never-ending pile of paperwork to complete and quotes to send out. We all must find time to focus and get the boring jobs done, so we can get on with the work that pays the bills. Having a flexible co-working space at your disposal makes it far easier to escape the distractions of home. It really does focus you on getting your admin done. Although you’re paying for the time, there’s no substitute for having that ticking clock to maintain focus. Time is money, and so a distraction-free workplace. Especially one with fast, reliable internet and printing facilities. It is usually a solid investment if it helps you to get your desk work done quicker.
5 – Meeting Space
When you get the opportunity to pitch for that first big contract, you might need to meet your client somewhere. Likewise, if you’re looking to recruit and take on your first members of staff, you’ll need an interview room. Usually, home is out of the question, especially if the kids are running around. Having the flexibility to hire a comfortable, professional meeting space for those crucial meetings is going to help you to keep up with established competitors. All at a fraction of the price of running your own office.