2017-03-01 00:00:00OfficeEnglishDiscover why a co-working space may benefit your new small business. Explore four advantages that this working environment could provide.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Business-Owners-Can-Reduce-Cost-By-Working-In-A-Co-Working-Space.jpg4 Benefits of Working in a Co-Working Space

4 Benefits of Working in a Co-Working Space

2 min read

If you operate as an independent contractor or own a small business, conducting your operations from a co-working space could bring benefits that add value to your startup. Being aware of these advantages helps you determine if this working environment is suitable for your business.

Networking

Co-working spaces attract entrepreneurs from many industries, making them a great place to network. Working in a collaborative environment encourages you to talk with other small business owners about ideas you have and challenges you face. You may discover individuals from other businesses who can provide solutions to your challenges. For example, you may sell cloud accounting software and work near a computer programmer who can fix several bugs reported by your users. A co-working space is ideal for connecting with entrepreneurs who could introduce you to venture capitalists or angel investors if you need additional capital.

Reduced Overhead Costs

You may want to work in a professional environment but lack the resources to rent or lease a commercial office when starting your business; a co-working space could provide a perfect solution. Working in a shared environment reduces costs. Co-working spaces have meeting rooms to conduct client meetings, lounge areas for networking, receptions areas, and the latest technology to help you stay connected. Pricing is typically flexible and allows you to tailor a plan that suits your business. For instance, you may have started a graphic design business and decide to sign up for a one-month contract until you determine your specific needs. You may even find co-working spaces that offer a daily rate.

Sense of Community

Working with like-minded people in co-working spaces creates a sense of community. If you are an independent contractor who works from a home office and feel isolated, locating to a co-working space and feeling part of a community may rejuvenate you and provide inspiration. Interaction with other entrepreneurs fosters a culture of teamwork, cohesion, and a can-do attitude that helps you achieve your goals. Co-working spaces provide you with a supportive environment to discuss your successes and failures, and give insight from other people’s perspective that may result in your business discovering new opportunities.

Attracts Millennial Workers

Millennial workers comprised roughly 37% of the Canadian workforce in 2015 and are expected to account for 50% of the global workforce by 2020. Therefore, you may want to consider offering this cohort a working environment where it can thrive. Co-working spaces, with their open floor plan, access to the latest technology, and ability to collaborate with other entrepreneurs, appeal to this generation’s unique characteristics. Many co-working spaces offer 24-hour access, providing freedom and flexibility that fits millennials’ busy lifestyles. Co-working spaces have become increasingly popular as entrepreneurs look to reap the benefits of an office environment while running an independent business. Benefits to your small business include improved networking opportunities, reduced overhead costs, feeling part of a community, and the ability to attract millennials.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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