During times of economic disruption, savvy innovators and economic pioneers are needed more than ever before. Unfortunately, many potential business owners who could be leading the great companies of tomorrow never achieve their true potential because they don't know how to foray into a competitive marketplace without losing all their money. These days, though, it's easier than ever before for intelligent, dedicated entrepreneurs to successfully launch their startups, largely because finding affordable workspaces through co-working arrangements is so ideal.
There's no denying that coworking is the key to startup success. Here's a review of what makes coworking so ideal for new business owners, and why it's the secret ingredient to profitability your startup is currently lacking.
Think about the savings
By far and away the most important thing about coworking arrangements is that they save business owners huge sums of money. This can't be repeated often enough as it's the primary motivation for switching to a coworking arrangement. This should be of particular importance to entrepreneurs, as most small business owners fail because they can't adequately manage their finances while also juggling their responsibilities to their new customers and employees.
The ongoing COVID-19 pandemic has some worried that coworking arrangements are doomed, but the truth of the matter is that many coworking arrangements have already demonstrated a stunning ability to endure despite this contagion. If you review a list of Washington, D.C., coworking organizations and their response to COVID-19, you'll see that they've taken varying steps to prevent the transmission of the virus. Some high-risk areas have done the responsible thing and temporarily shut down, while others have implemented sanitary and safety measures to ensure essential employees can remain at work during these trying times.
Those who argue that COVID-19 will be the end of coworking for startups should thus realize that these savvy entrepreneurs and their budding business empires aren't going away anytime soon. Resilient business models can endure temporary financial losses, and clever coworking managers can ensure their essential employees maintain social distancing and sanitary procedures if they must remain at work to keep our economy afloat.
Tapping into the potential of your workers
Besides saving huge sums of money and remaining flexible during tenuous times, what else do coworking arrangements have to offer startup owners? Another ideal benefit of coworking arrangements is that they allow you to tap into the true potential of your workers. An extensive report from the Harvard Business Review has done an excellent job breaking down why workers feel so fulfilled and comfortable in coworking arrangements. Much of it has to do with the fact that coworkers see their work as being meaningful, which may have something to do with their near-proximity to other hard working professionals from a diverse array of fields.
The sense of community given by a coworking arrangement, too, can't be understated. Workers who may otherwise be stranded by themselves at home as freelancers can join coworking arrangements to gain a sense of social belonging, which is incredibly important to long-term wellbeing, especially when it comes to mental health. When people have previously explored the topic of why coworking arrangements make workers so happy, they've found that the open floor plans and shared equipment can make people feel as if they're in a modern, productive workspace.
There are many reasons to believe that COVID-19 will not be the downfall of coworking, and that entrepreneurs will keep turning to these arrangements for the foreseeable future when it comes to launching their startups. Those who are thinking about starting a business right now are thus well-advised to scout out coworking locations that could be the start of your commercial empire.