If you haven’t noticed the massive boom in co-working spaces in recent years, where have you been? Co-working spaces are everywhere. They’re popping up in towns and cities throughout the UK. Co-working space is big business. These businesses are serving the needs of start-ups the world over offering a range of benefits uniquely aligned to ambitious entrepreneurs looking for world domination.
And when you discover that mega-brands like Uber, Spotify and Indiegogo all started in one of these spaces you can understand their appeal.
Here in Manchester, home of the Enso team, barely a week goes by without an announcement of yet another co-working hub opening up. Brand leader WeWork has three sites in central Manchester with plans for yet more. Not to mention the many other independent co-working venues popping up like Whack-A-Moles on steroids!
So what’s the deal? Why is co-working so popular? Well, here’s my take on some of the critical reasons why co-working is so useful for a start-up and indeed why I base my business in one of these trendy facilities.
#1 Lower Costs
Keeping costs low is essential, especially for a start-up. Trust me I’m an accountant I know about these things. When money’s tight, co-working spaces offer all the benefits of a full-service office at a fraction of the cost. This leaves cash for marketing, R&D, a website and other, more important activities that start-ups need to prioritise. Many co-working spaces have different levels of membership so as you grow you can upgrade your office space without having to change your business address. That’s a win/win.
Networking is an important business skill. Indeed, many start-ups see it as one of their primary routes to market. What better then, than to be working in an office filled with a diverse range of businesses that may need your help? There’s many a lucrative commercial partnership forged in a co-working hub with no need to even leave the building.
Starting a business can be lonely, at least at first. But in a co-working hub, you’re in good company. Nearly everyone will be in the same or a similar boat. That’s psychologically powerful. Knowing others have the same worries and concerns offers both comfort and motivation. There’s a supportive community in place for advice, for wisdom or even tea and sympathy when needed. That’s always a help. And seeing these fellow businesses go from strength to strength shows with hard work success is possible. There’s no reason why you can’t do the same.
Imagine having to fill up an empty office space with ‘stuff’. Desks, filing cabinets, printers, Wi-Fi routers, to name just a few. What a hassle and not to mention the cost. Instead, you sign up for space in your favourite co-working space, have a brief orientation, and you’ve launched your business. It’s all there ready for you. All you need is a phone, a laptop and a thirst for success. Now that’s convenient!
#5 Free Stuff!
We all love a freebie, and your local co-working space is bound to have something on offer. Whether it’s coffee and biscuits, some fresh fruit or maybe a beer or two after a hard day’s graft; these are all welcome and free benefits to using these spaces. Make sure you take advantage!
If you’re thinking of joining one of these modern workplaces, let me end by commending them as great places for start-ups to set up quickly and begin to thrive. I hope that I’ll bump into a few of you on my travels in Manchester.
And if you’re a start-up based in a co-working space and need expert accountancy support call my team today on 07792 686479 or email me at email@example.com and let’s talk about your company’s co-working achievements.