There are 582 million entrepreneurs in the world; some of them work alongside others, some of them work independently. But one thing is consistent: the need for office space for entrepreneurs. Are co-working spaces the answer?
Coworking spaces exist for one major reason: there is a significant number of businesses and individuals who find that it is too expensive and often unreasonable to rent or own office space in some of the world’s largest and most central metropoles.
These individuals create room for a unique demand: space that they can rent on much shorter terms, with far less setup and overhead required. As we continue to forge ahead into a future that emphasizes a fast paced approach to everything, many startups and new entrepreneurs desperately need a space they can call their own within minutes.
The traditional office isn’t dead, its era hasn’t passed – but it seems there’s room for more than just one type of space, and co-working office space for entrepreneurs is evidently here to stay.
Should you pay it any mind? If you hope to be successful, the answer is yes. Here are the 4 main reasons to consider co-working or flexible space as an entrepreneur.
1. Having Your Own Space Can Be Expensive
- First, it’s easier today than ever to start a business.
- Second, it’s easier than ever to have a business crash and burn.
Becoming an entrepreneur and launching a startup business carries with it a considerable amount of risk and requires a serious amount of committed capital. It’s important to know when and where to cut costs, and where to invest.
For startups, one of the biggest initial investments is in space. Startups need space to flourish – they need a place to grow, a place where people can come to work and deliver to their market. Co-working office spaces for entrepreneurs exists to fulfill a critical demand in a time of economic instability, especially among young entrepreneurs, who are much more likely to struggle with student debt and financial stability.
These shared, flexible spaces provide room for potential startups to flourish and innovate, rather than die much earlier on. But the fact that we are seeing more startups despite seeing fewer entrepreneurs also leads us back to that crucial second point: it’s easier than ever to crash and burn.
This means that entrepreneurs today cannot afford to make serious long-term decisions without a backup plan, and a way out. Coworking office spaces for entrepreneurs provide a little less stress of a security deposit and the mandatory long-term lease – instead, startups today can rent space on a monthly basis, and cancel their membership whenever necessary.
A lower initial cost, and far less risk: these are things that are highly attractive to individuals who know that 9 out of 10 startups fail, and most successful entrepreneurs are the serial kind.
2. Why Not Work from Home?
Entrepreneurs are not just self-employed, but they’re monetizing an idea. They’re commanding a business, and in many cases, work with teams to get their idea off the ground and into the realm of reality – and onto the market. When organizing and running a business, it helps to have a team to physically interact with and oversee. A coworking space lends itself as the perfect initial spot for small startups to work without investing massively into office space.
However, not every startup needs an office. There are plenty of businesses that can operate just fine virtually, and many business models can survive and thrive with each individual member of the team telecommuting and working from home. That being said, there are substantial benefits to being an entrepreneur (or even a freelancer) at a coworking space, rather than restricting yourself to your own four walls.
For one, the co-working space can help you thrive. For many, it’s better to work with others than to be stuck at home alone. It can make you: more productive, help stave off the feeling that things aren’t moving in the direction you want them to and can even help you avoid loneliness.
Not everyone feels this way. There are plenty of freelancers who do much better simply working from home, where they can prioritize their work, manage their time more efficiently, avoid unnecessary costs and commute, and spend more time doing the things they want to do after hours, like exploring the city or grabbing a drink with friends. Which type are you?
3. Networking is Critical
Coworking spaces provide a spot for more productivity, more innovation, and better chances at thriving. Why? Partially because it is a communal experience. Members of a shared workspace do not feel disconnected or disjointed but feel as though they are part of something greater, despite not being connected to a single company.
There is no hierarchy, no single boss or upper management for the whole office, and no one’s tasks are dictated by any one individual or committee. Instead, small groups and industrious individuals can coexist and work on separate projects, while sharing a space together, becoming colleagues and coworkers, and even exchanging information.
Networks are created organically, projects begin and come to fruition, and all this happens without a sense of internal politics or the friction of direct competition. Joining a coworking space specifically to seek out clients and business prospects is a no-no. But these networking connections can happen, and they’re a definite plus.
Should You Go for It?
Ultimately, there are many arguments for co-working office spaces for entrepreneurs – and some against one. It bears mentioning that there can be good reasons not to opt for such a space, including the fact that some businesses need the space to truly function, and for entrepreneurs working purely from home operating a much smaller, more virtual enterprise, it may be a good idea to cut the time and financial costs of showing up to a coworking space and just getting organized within your own four walls.
But for thousands of potential and current startups across the country, and hundreds of thousands of businesses, entrepreneurs, and freelancers around the world, these office spaces represent a godsend in a market that otherwise requires immense capital and serious financial commitment, potentially with unfavorable conditions, no equipment, poor amenities, and no utilities.
Flexible office spaces for entrepreneurs come with their own amenities, a unique work culture, an environment tailored towards productivity and cooperation, and the freedom to move from space to space without being made to settle on a single spot.