Coworker spaces are not that new idea, but it has been an increasingly a great way for entrepreneurs to start getting their business booming before moving to a single-occupant location. Then again, if you have a company that is designed in a way that you do not need a brick-and-mortar location, it is a great idea to keep sharing the rent for one building. It will cost you less but still give you the space to do your thing.
Becoming an entrepreneur is not an easy task, so all the options that are available to use need to be considered. With that in mind, let’s take a quick look at what makes coworker spaces ideal for entrepreneurs.
- Networking – Part of owning a business depends upon whom you know and whom you conduct business with (not including your customers.) Networking is the best way to make solid friends within the industry or outside your chosen niche. The more people you know, the more people you will get introduced to until you get connected with that one person that can help you push your business over the top.
- Learning – You never truly know how things can work out when taking advantage of a coworker’s space. The people that you are in the same building with may be able to teach you new things that you were not aware of, and vice versa. There is never anything wrong with taking the time to learn something that could help your business grow. Or, for that matter, just to learn something that may help you in the future.
- Costs – When you take steps to get into a good coworking space, you can see how much money you can save. For example, if your rent is $5,000 a month, and you have five companies with you, it cuts your rent costs down to $1,000. That is a pretty good amount of savings, especially when you add all the utilities and supplies you will need to pay for. The more money you save, the better off you are.
- Improved Productivity – One of the main ways that an entrepreneur can get a name out in their industry is to work from home. That is not always the best solution, even if you live alone. There are simply too many distractions that can grab your attention. Working in a space away from your home will improve your productivity by a substantial amount. So much so that you will easily be able to meet your goals and probably surpass them.
- Work/Life Balance – It can be challenging to obtain a good work/life balance when you are your own boss. It has been shown that time and time again, the people that work for themselves are going to be the ones that are hardest on themselves. The ones that push until there is simply no energy left in your body. This situation makes for a bad home life, which is why it is so important to have a separate workspace. When you have a coworking space to go to, when it is time to go home, you can hang your work hat on the door as you walk out.
An entrepreneur needs to put a substantial amount of time into the business, but it is easy to burn yourself out. You need to draw a line between home and work, which is the most significant advantage of using a coworking space. Once you leave the location and get home, you can enjoy your life outside of work. You just need to remember that you must limit your work hours to ensure that the business does not go downhill due to lack of sleep. Take advantage of a space to share to work on your business rather than setting up shop at home.