5 Key Benefits of a Co-working Space

   

Co-working space must be one of the buzzwords of 2016. The question is, will it carry over to 2017?

Whilst the global economy is on a constant flip-flop with wave after wave of distressing global news, many are looking at how they can create their own value propositions. In Asia, in particular, the combination of government funding, particularly for startups and tech, has created a thriving ecosystem of entrepreneurs and creatives. Whilst the range of those involved; freelancers, startups, social enterprises and more, varies vastly, there is one thing they’re all looking for. Space to work.

Enter the co-working landscape. And for startups in particular, no matter what their field, the benefits are many.

Collaboration

A co-working space has one serious advantage over renting an office or working from home. You will meet people who can help you achieve your business goals. And they’re not random strangers, they’re connected through a trusted network. There’s limited room for mistakes in a startup world and finding people with similar motivations can be key to fulfilling your business objectives.

Reduced costs

Not many startups have the cash to throw at their own office. Co-working spaces offer a range of options to suit a growing business. You may begin in a co-working environment but as time goes on, you employ a couple of people and your business starts to grow, and you need more space. Many of the newer co-working offices include different space options. You can choose from co-working desks, permanent desks or team rooms in a range of sizes.

Access to funding

The key for many startups is access to funding. Whilst many entrepreneurs begin a business with their own funds, sooner or later they’ll be looking for a cash injection to keep them going whilst they ramp their business up. Many co-working spaces now work, directly and indirectly, with investment funds interested in cutting edge businesses. Getting introductions and learning how to approach these funds is a massive benefit for startups.

Access to peripheral services

co-working space benefits

Anyone who’s worked for themselves for a period of time knows how difficult it is to be the CEO, the COO, the CFO and the CMO all at the same time. Many co-working spaces offer access to corporate services like accounting, but also, crucially, to other entrepreneurs in the community who can offer, technical, marketing, design or management help where your small business needs it.

Support from a community

Life for an entrepreneur can be lonely. Those starting on their own are faced with a raft of daily decisions, jobs to do and money to make. Slogging away on your own at this can be a soul-destroying process. Working in a space where others are going about a similar process will automatically find you near someone you can connect with. Just a passing word or two can be all it takes to know you’re not the only one doing it tough. And there are those that can lend an ear when you need it.

About the Author

Victoria MillnerBased in Singapore since 2011, Victoria has built a writing portfolio centred on her love of food, travel and culture. Life in Asia has inspired musings on Singapore Foodie and Victoria has written about Singapore and beyond for a range of local and international publishers. When she’s not travelling, writing or eating, Victoria can be found training for a half marathon somewhere crazy. Check out Victoria’s portfolio on PeoplePerHour!

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1 Comment

  • Cowork Nomads

    The Co-working concept supports the five core values of collaboration, openness, knowledge sharing, innovation, and user experience. Benefits mentioned above are so true. Being a freelancer, it relate so much. I just came across another co-working office space here: http://www.coworknomads.com. Might help others

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