When starting a business one of the first things to consider is where you will work. With many entrepreneurs leading busy family lives and requiring a dedicated working space, launching a business at home isn’t always practical – and now, not always necessary. With many cities developing office space for start ups to share, Bivek Sharma, Head of Small Business Accounting at KPMG, takes a look at the benefits of crowd space and how it can help you get ahead in business:
Start by saving
Beginning a business isn’t cheap – juggling bills, investing in new equipment and forking out for office space presents overheads that eat into the cash flow of a new venture – and every penny counts when starting up.
Co-working can negate many of these costs, providing the savvy entrepreneur with a clean, professional environment that’s fully furnished at very low cost or, occasionally, rent-free. Many cities are now developing purpose built crowd spaces offering access to WiFi, meaning you’ll no longer feel obliged to splurge at the local coffee shop to grab an hour or two online.
Start with support
Aside from the financial benefits, sharing a working space with other entrepreneurs means you can network in a no pressure zone, expanding your personal and professional acquaintances. You’ll be working closely with like-minded people who are potential investors, clients and partners – and you’ll have an instant audience to bounce new ideas off or help with problem solving. This new support system can provide advice and recommendations, as it’s more than likely that someone around you will have experienced similar hurdles to you and can offer guidance based on their experience.
Working close to those with experiences in differing industries offers you a wide range of perspectives and feedback on your business and ideas too – you could come up with your next project as a result of their influences!
Start building your confidence
Many crowd spaces now offer workshops on topics such as pitching – teaching business owners valuable skills that can earn investment, as well as building confidence in public speaking and encouraging you to consider your business from an outsider’s perspective. The sense of community and trust fostered in crowd spaces can push you and your business into new avenues as co-working in this way encourages the growth of a company culture where sharing, feedback and insight are key to developing yourself and your business.
Start with the right guidance
There are many hidden costs and hurdles to face when setting up a new business. Co-working can provide an effective solution to renting, but professional guidance from a mentor can also be key in ensuring a new business is set up to succeed. KPMG Small Business Accounting can equip you with a Financial Adviser to deal with all your admin, 24 hours a day, seven days a week, so that you can concentrate on what’s important: growing your business.
In short, beginning a business in a co-working space is practical, cost-efficient and allows you access to a wealth of opportunities for personal and professional growth that you wouldn’t find in your office space at home.