How Can Co-working Space Boost Your Business Revenue

Fortune recently reported that SenseTime was the most valuable AI startup globally generating several billion Yuan in 2018. Isn’t this what every entrepreneur dreams of? A shocking majority of startups fail within the first year so a brand like SenseTime is one to look up to. Various revenue models have been suggested for startups but it all comes down to your unique position. Too much information may actually veer you off the right path. It never hurts to repeat the basics in your mind.

“Remind people that profit is the difference between revenue and expense. This makes you look smart.” -Scott Adams.

While “Old is gold” for a reason, innovation is essential to progress. New techniques like coworking are being quickly accepted by entrepreneurs. It’s important to look at the facts before coming to a decision. Consider the ways coworking regularly contributes to your revenue.

Budget allocation

Dividing up your capital is a tough task. Many startups don’t have an official physical address but most cannot function without a proper office. Coworking saves you money on rent and bills.

This allows you to put aside money to spend on other aspects of your business. A shared office space is definitely cheaper as compared to a permanent office address. Sometimes, you get extra features at a low cost along with the coworking space.

Time selection

Any rented space has to be paid for 24 hours x 7 days a week. Coworking is not like that. Many shared office spaces are offered on a daily, weekly or monthly basis. Some contracts extend for a couple of months depending on the owner. You can pick days you wish to work especially as a startup that doesn’t operate daily. It takes time for the business to stabilize so renting a space 24×7 is not ideal in terms of economy.

Saving losses

As a startup owner, you cannot to afford to waste a single Rupee. This is why smart resource allocation is vital. Coworking helps you save money on rent, utility bills, furnishing, equipment, manpower, etc. You only pay for the days you use the shared office. It’s a good idea to pay employees on a daily basis or by the hour.

No need to buy any furniture, lighting, kitchen appliances or computer systems. Many coworking spaces provide backup generators and printers.

Customization

Too many startups have to make difficult choices and end up compromising. This means that you might be paying for things you hardly use if ever. Empty seats in a coworking setup are offered to freelancers. You may select the location best suited to you or your business and employees. The number of shared office spaces is increasing every month so the chances of finding the perfect one are high. You may create the desired environment for your brand. Remember that, ”Happy employees equal more productivity”.

Networking

Coworking has developed a community where you may meet clients and investors. Even your competitors may be turned into allies for fantastic collaborations. Every business looks for the ideal candidate to fill certain spots. Coworking connects you with potential employees as well. It’s an uplifting community of startups that can help each other grow together. You don’t have to spend money on events to meet all these people.

Marketing

The coworking community exposes your brand to clients and investors. Word of mouth is a powerful tool if used right. You may build a strong brand image and impressive reputation via coworking. You can save money on marketing in this manner. It’s an opportunity to show your company’s inner working to others and gain their trust.

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