Business

Is Coworking Space The Right Fit For Your New Business?

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Updated on September 16th, 2019

Coworking spaces have changed the entire landscape of how people work. Coworking spaces such as SOMAcentral have revolutionized the entire working industry. Startups and new entrepreneurs can be found setting up their first office at a Coworking space.

 

Why You Need To Consider Working At A Coworking Space?

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As mentioned earlier, new entrepreneurs and startups are increasingly shifting their mind towards starting their work from a coworking space. These spaces have become highly popular in startup hubs such as San Francisco and aspiring cities such as Kuala Lumpur have also capitalized on the new idea of working space.

New businesses have it easy when they work at a coworking space as they would not need to relocate their office as they can set up their first office at a coworking space. Coworking spaces are easy to work in and provide new businesses with the right place for taking off their millionaire ideas.

 

1. Low Costs

The main reason why businesses are increasingly shifting to the coworking space model is due to the fact they offer an amazing working space for low costs. No more having to deal with the leasing company, paying rent for many months in advance or finding someone to sign off as a guarantor for you.

 

2. Few to Zero Formalities

Getting a working space can be a troublesome process such as by finding the right location for the perfect price that is in the center of it all. Furthermore, if a new business wants to secure an office space, they would need plenty of evidence for being trusted to rent or buy the space. Whereas, on the other hand if a new business sets up their office at a coworking space, they would not have to deal with such gruesome tasks, it can be a huge relief for new businesses to work from a coworking space.

 

3. Perfect Working Space Model For New Businesses

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Increasingly more and more new businesses have realized the potential of working from a coworking space and hence, have set up a footing at such spaces. A coworking space is the perfect working space model for new businesses.

 

4. Offers Plenty Of Facilities

Businesses in general would have to spend thousands of dollars in order to buy facilities for their offices. However, when they work at a coworking space, there is no need to pay for facilities as facilities are already provided by the coworking space and are included in the monthly payment.

 

5. Various Options

Coworking spaces provide new businesses with various options for things such as for payment. New businesses can either pay a daily fee for working at a coworking space, or pay a weekly fee, monthly fee or a yearly fee. As a rule of thumb if you book a coworking space for an entire year, you will get amazing discounts such as up to 30% off on monthly fees which could help save a lot of money for the business.

 

6. Innovation

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The main goal of coworking spaces is to nurture a space for the sharing of ideas. This results in innovation. Many unicorn companies have started out in this way. The collaborative aspect of coworking spaces allows for businesses to collaborate with one another and come up with innovative ideas.

 

7. Focus on Core Competencies

A new business should focus on its core competencies instead of finding an office space, and maintaining it. When new businesses work at a coworking space, it lets them focus on their core competencies, which is vital for businesses starting out in a field. It will help a business improve its quality of work and figure out new ways to do things.

 

8. Find Investors

New businesses have a tough time raising capital which is why working at a coworking space could be the best thing for a business. There are many entrepreneurs and venture capitalists at coworking space which is why a new business should capitalize on this opportunity. Who knows maybe the person you have lunch next to could be the person funding your product. There are endless opportunities for new businesses at a coworking space.

 

Conclusion

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There is no doubt that a coworking space is the right fit for a new business. Coworking spaces provide an alternative to the traditional working space model. If you want to be competitive then you need to always be on the lookout for new ways to do things which is why a coworking space is the perfect model for a new business. It is believed that coworking spaces will change the way people work and that is why you should start early.