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Coworking Spaces Are Bringing Down the Costs for Starting A Business Venture

Published on September 19, 2019 by Qasim Naqvi

“The spirit of coworking allows you to find coworkers who are worth working with”Cynthia Chiam

The spirit of entrepreneurship is rising with many people jumping on the bandwagon year after year. There are a number of challenges that these budding businessmen face and resource constraints are the biggest of them. Many companies are addressing these needs with coworking spaces being at the forefront. Here we discuss some benefits of these offices for startups and how they help in cutting initial operational costs: 

Reduction in operational expenses

Renting or buying a space to house your team or just yourself at the start can sometimes be an expensive proposition. It is also not something that is recommended because, in the beginning, it is all about creating revenue streams rather than building up expenses. Coworking spaces are available at a fraction of the rent that a normal place would cost and it provides all the facilities that your team would need. 

Coworking environments allow potential relationship building

A space that you rent is an isolated corner where you work alone. At a time when you are trying to get the word out for your product or service, you need networking. Coworking spaces bring a lot of like-minded people together. The buzz and word of mouth that you can create in such an environment is difficult to replicate elsewhere. 

Require substantially fewer resources to get started

Many people confuse the term resources with money. The word with reference to businesses can describe almost everything that the venture requires to begin their journey. From team members to facilities, from office space to of course money, coworking saves you a considerable amount which can become useful in other places. It is all about finding people who are worth working with. 

Flexibility and focus

Coworking spaces offer surroundings where entrepreneurs and their teams can have greater focus. Being in the midst of other diligent workers is always a great motivation for people to step up their game. Another benefit here is the flexibility in terms of working hours, usage of facilities, etc. Not only does your office remain mobile, but it is also much more productive and cost-efficient. 

Ideal for freelancers

Coming back to the point where we discussed resource optimization, coworking spaces are also becoming hubs for freelancers. These professionals find it more efficient to work from these offices. As an entrepreneur, this is an ideal opportunity to go out searching for easy ways to get a job done. 

Hiring a freelancer to provide a service like content writing or designing a website is way cheaper than hiring a full-time employee for the same task. Good networking can pay off big time here. Interacting with a freelancer face to face also eliminates the lack of trust that usually masks such work relationships. 

Conclusion 

Just as Airbnb revolutionized travel through co-living, entrepreneurship is being transformed through coworking by companies like Startupbnb. There is nothing more than “cost savings” that a business requires during the first few years and Startupbnb coworking spaces help provide just that. 

Category: Coworking