You may have heard of the concept Co-working. What you haven’t heard is: The concept is more than just setting up your laptop and working amongst people from other companies. Benefits of coworking are easily proclaimed to individual entrepreneurs but what about the benefits of coworking to the economy? A coworking space hosts different businesses in one space. This in turn makes coworking systems beneficial to the local business around them, as members are able to use their resources to support businesses outside their ecosystem.
The existence of coworking is based on encouraging and supporting other businesses; members root for one another when they come in for work, but that doesn’t just stay in-house– members continue with the trend at local stores, coffee shops, restaurants, banks, clinics, apartments, name it. Many people have an idea of what a shared office space looks like. However, it’s harder to comprehend the larger economic benefits of participating in one until you experience it first-hand. If you have doubts about joining a shared space, here is how you will contribute to the local economy once you join one:
You help reduce brain drain
People in coworking spaces have it in them to create their own jobs in a not very booming economy. An accessible coworking space for instance saves many people the time they would have otherwise used to commute or shift their families to places with more opportunities. Coworking gives people an affordable corporate sense while preserving intellectual capital in the town. As a result, talent, money and enthusiasm circulate for use in the local economy.
You help reduce unemployment rates
Many shared spaces are occupied by companies owned by individuals. For example, private advocates, a fintech start-up or a digital marketer. How can a co-worker offer support to other members of the space, apart from say sharing intellectual resources? By either introducing new connections likely to use their products or services. Further, coworking spaces are surrounded by other business like chemists, kiosks, restaurants, hotels, where members can spend their money on should they need a product. Small businesses lower local unemployment rates. When you join a shared space, you support small businesses in launching and scaling.
You promote collaborative consumption
Collaborative consumption is where people reuse, grow, rent, barter or make instead of buying. A sharing ecosystem needs a network of trustworthy and friendly people and who better than the people working next to you in the coworking space, to create this network. Coworking allows you to share your expertise and network with other businesses daily. You may think, this could happen once a month even without a coworking space, but what makes coworking unique is that the sharing that happens, happens on a more personal level over lunch or coffee breaks or at community events which are oftentimes free for members. When a community is open to collaborations, people in the community benefit by saving money, learning new skills and reducing their impact on the environment. Collaborations birth new ideas from cross-pollination of people from different professions.
New restaurants and malls are desirable for economic development, but local shared spaces are the attraction that cities should be seeking. Why local coworking spaces? Because if a company is started locally, it’s going to spend its resources locally while organically supporting other local businesses as well.
So are you coworking yet? If not, what are you waiting for? If you want to know more about Workstyle Africa? call 0798 936 651 and one of our experts will be happy to assist you.