One of the positive fallouts of the recent economic crisis has been the insurgence of entrepreneurism among those who would have otherwise worked for others. Along side this trend has been the emergence of a new phenomenon called “co-working.” For those who are unfamiliar with the term, co-working refers to an arrangement where budding entrepreneurs and current small business owners share a common workplace in exchange for a monthly fee.
What are the benefits of co-working for entrepreneurs? According to co-working small businessmen, the advantages are many. Here are several benefits to consider:
Save on overhead expenses. Co-working members pay a monthly membership fee and work in a communal office space. The deal includes the work space as well as all the equipment required to run a business- from wireless Internet and faxes, to conference rooms. Savings on rent and other overhead costs are significant.
Collaboration and partnerships. Many small business owners are forced to spend a lot of time on areas in their business that may not be their expertise, such as web site development or marketing. The co-working community is often based on the principle of barter. So, for example, an accountant may cooperate with marketers who are able to promote his services, while the former will handle the marketer’s accounts. This kind of interaction provides fertile ground for partnerships and greater chances of success for all the parties involved.
Mutual feedback. Bouncing ideas off other people and brainstorming are highly effective ways to develop in new directions. Even if only part of the community is active in your particular field, you still stand to benefit and you can pick up new ideas and areas for development. You can even create a unique business agreement in which each party chooses to deal with a different side of a particular business.
Business/Home Separation – Many businessmen who work from their home find that the business encroaches on their private lives. Often, no line is drawn between business life and home life. By joining a co-working community you can get your private life back and put your work where it belongs – at the office.
Co-working communities are rapidly gaining in popularity mainly due to the empowerment they offer each individual member. At a time of financial uncertainty, few businesses can afford to turn their backs on this kind of stability.