How does co-working benefit the local economy?
Co-Working is the new trend in business settings. That might be hard to believe to those that prefer a traditional working setting, but vital to know as we try to grow our communities.
Co-Working is certainly not for everyone but it serves as a model to boost our economy by enhancing the productivity and growth of many small business and startups. It is important to keep in mind that if you’re on the verge of joining the big co-working industry, here a few pointers to create a positive outlook.
Co-Working Brings the Best of the Local Talent
Co-working spaces are an affordable option for the small business owners, the individuals that want to start their own thing in a competitive economy. Think about it, without a co-working environment, it is impossible for the local accountant to afford an office setting, and therefore these people are pushed to go work in the big city for the big companies. Co-working helps these talented individuals stay in town, maintain and save their money, talent, and enthusiasm for use in the local economy.
Co-working Brings the Best of Small Businesses
Small Businesses are an important part of job creations, although you hear in the news that ABC Corp or XYZ Inc. create many jobs, that’s not entirely true. Big companies create jobs to create more services or products, but not because they want to boost the local economy. Small businesses on the other hand are the light of a local economy. A small businss owner lives, work and shops in the local town and do care about the personal lives of their employees.
We’ve learned through this co-working journey that 92% of the co-working spaces are usually occupied by small businesses. Anyone from a simple freelancer, to a tiny DBA or a mid-size LLC are the responsible parties for this co-working growing trend.
Co-working Boosts Collaboration and Networking
Since it’s a shared space, a co-working environment does allow you to interact with other tenants and share professional expertise and really get personal because each person sharing a space is not just a neighbor, he or she becomes part of your day to day. Versus a neighbor you may see every now and then. We’ve learned that when a co-working community exists, it stays connected and pushes to preserve and help each other’s businesses by learning new skills, saving money and reducing the need for unnecessary “things”. It is a true workforce.
- New Business Setting Trend
- Local Talent Exposed
- Fishes Out the Small Businesses
- Creates Network Opportunies