How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs

How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.

And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.

12 Benefits of Co-Working Spaces

1. Low startup cost

If you’re just starting out, you’re probably looking for premises that won’t drain your budget. By moving to a co-working space, you’ll eliminate the costs of fire insurance, office equipment and various similar expenses.

Not only that this will help you save money, but less time and energy will be needed for sourcing things like this.

2. Increased flexibility

Another great reason to opt for a co-working space is increased flexibility.

This means that the more your business keeps growing, the easier it will be for you to expand your office space. Most of the experts who are running co-working spaces will allow you to tailor your contract according to how well you’re doing.

3. Less risk

improve networking skills

When moving into a traditional office, there’s always a chance you’ll lose the money you’ve invested in it if your business fails. And selling all the office equipment and furniture isn’t always going to be easy. But if you take your business to a co-working space, you won’t have to worry about risks like this.

4. Short setup time

One of the biggest problems small businesses face when moving into a traditional office is the long setup time.

For small businesses, time is an important asset and the last thing you want is to lose money while moving. Luckily, with co-working spaces, not too much time is needed in order to get everything in the right place.

5. Fast internet

Modern-day businesses in just any industry need internet and they need it to be fast. This is probably the case with your business as well and fast internet is another reason to join a co-working space. And even if there’s something wrong with the connection, you won’t be the one having to deal with the issue.

6. Collaborative atmosphere

Some people would have you believe that having people from other companies around your team makes them less productive. But the truth is, it’s easier to perform when you know there are other teams doing the same right next to you.

Another important thing to mention is that too much familiarity traditional offices offer makes your employees less productive.

7. More opportunities for networking

How to Grow Your Online Business by Hiring the Right Team

When running your own small business, you’ll have to put some extra effort into meeting as many businesspeople as possible. The more of them you meet, the better. If you decide to move into a co-working space, you’ll have all the networking opportunities you need.

8. Easier to get

Let’s face it, finding a perfect traditional office for your business is difficult. What’s even more difficult is actually obtaining that office.

With co-working spaces, you won’t have to worry about things like this. This is the case because there are plenty of these out there you’ll be able to choose from.

9. More flexible access

Most co-working spaces out there are run by its landlord and the building management. What this means is that your employees will be able to work whenever necessary, since the office will be open even during Sundays and public holidays.

Also, when working on a big project, your employees will be able to access the office 24/7.

10. Better design

letsreachsuccess.com action guides

Another issue many entrepreneurs face is designing their office. Not only that this can take money, but it also requires a lot of effort.

However, with most co-working spaces out there, what you’re going to get is a beautiful office you can move into. This means your new office might be equipped with things like a green wall and comfy furniture.

11. Premium brand imagery

In the business world, it’s very important that you give your brand a boost by using premium facilities. In fact, this is something that’ll help your business obtain more loyal brand followers. When working in a co-working space, you’ll be provided with all the nice-looking facilities your brand needs.

12. Happy hours

No matter how many employees you have, they’ll want to be surrounded by people they consider friends. If you join a co-working space, there will be plenty of opportunities for your employees to hang out with other people from the building. This translates to more drinks after work and more motivated employees.

Co-working spaces really are the way to have it all without having to break the bank. So, no matter if you’re moving from your garage or a traditional office, you’ll definitely want to think about joining one of these. Luckily, more and more co-working spaces are popping up all over the world.

***

This is a guest post by Derek Lotts.

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.  And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.

Get The Lifestyle Designer's Digest

Sharing my adventures in lifestyle design, building an online business, and growing this blog. Join me for weekly updates.

Previous ArticleNext Article

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income