How does the coworking space benefit the local economy

By this time, you must have already known the benefits of working in a coworking space and the perks you get from the same.

Apart from the exchange of information and resources, and providing shelter to the talents, coworking space has a huge impact on the local economy. A bit fancy to hear, but, sure it has.

Giving back to the society that has provided a space to work efficiently for your own good is the best thing that you can do. Work more and give more. 

It is always a positive feeling when you know you can help the local economy grow and flourish on its own. Here’s how.

A coworking space helps you grow in your business, the positive effects reflect among the users to each other day to day and it doesn’t confine there too, but the effects are carried away into the local economy by means of the services that are rendered from the local business.

Are you the local boy who dreams to achieve your goals while in your hometown?

Most of the occupants in a coworking space consist of local workers- justifying the basic principle behind the coworking spaces.

Coworking spaces were built for helping people not travel long distances, working in their own pace and space, with more concentration and focus.

This helps the people stay in their own towns, not having to shift to big cities, to chase their dreams.

They can build their empires from within a coworking space in your locality itself. This avoids the brain drain, localising the economy to the towns itself. 

Coworking spaces encourage small businesses, SMEs etc as they are given various advantages while compared to the normal situation of building on their own. 

Don’t you have regular coffee on your way to the coworking space daily?

When an enterprise like a coworking space gets established in a town space, a lot of other businesses grow out of it.

Suppose you work at a co working space in Pune and you work there daily. You might not have a Starbucks there, but you surely would have a cafe where you would want to have a coffee from to start your day. There might also be a regular transport method that you rely on. 

With all the activities you do, you are actually making business for others too, making the social life a bit more colorful and the economy rising bit by bit by you and people like you.

Not just this, there might be a local vendor for all the services that the coworking space might require. There might be a local cafe from where you bring coffee and snacks for your cafeteria, you might have a local florist to bring you flowers, there might be a local regulator for anything that you have at a coworking space. It is BUSINESS for the local shop owners, again contributing generously to the coworking space.      

Today, there is coworking space in Hadapsar that provides special offers to the local gym, restaurants, etc for the coworking space users to promote the nearby workers too.  

Creates Job Opportunities for  Locals

Obviously, when you start your coworking space in a town, you would need a lot of employees for the managerial and operational side. There are skilled and unskilled jobs waiting in your coworking space. These can be sorted out by making use of the local talent itself.

It's a common myth that only companies who own an online store or website have work to be done in a coworking space. But, there are a lot of business makers who need space to hold meetings, who need to discuss strategies, who need to get the work done in space. Coworking spaces do that for them.

Sorry to break it to you, but not just the big corporations, local businesses and small enterprises to create great job opportunities for the people. 

Each business might hire from a range of 1-20 and at the end, the total number of employees hired by all the companies in coworking space might range to a relatively fair number of people. 

Now, think about the revenue!

With each of the small and local businesses sprouting at the coworking spaces, there are more job opportunities being created. 

With lesser unemployment, greater the workforce, better the revenue, better the channeling into the local economy! Simple.

Diversified Workforce

It is known that a diverse workforce is the backbone of a strong economy. This diversity in work type that one does can contribute to the stability of the economy.

Being at a coworking space, the flexible hours and the freedom to do jobs of your interest provide you with the facility to be diverse in your own workforce. This has a positive edge on the economy.

Likewise, the workers in a coworking space are out of different fields, diverse backgrounds to work with. Making a profit in all the fields from a single enterprise strengthens the economy.

Cut yourselves loose from the unwanted costs

For a beginner startup (if that’s you) or any other company that relies on the coworking space saves themselves from a lot of unwanted expenses, protecting the company from “the costs” that you can avoid in your annual financial report making your profit heavier.

You do not have to sign on a long term lease and give a heavy advance for your space, which is one great source of expense for the spaces.

You can evade from the setup cost of furniture, IT purchases, and many more like that that you would have done at the onset. 

No utility cost and no need to hire a receptionist. It all comes with these.

Making profit to the business = Better local economy

Coworking spaces are not just a desking solution.

This is probably what you might have heard from a lot of people who actually know the perks of coworking space and how powerful it is.

If you own a coworking space, you are doing much more than what could be done to the society and to the dreaming entrepreneurs, freelancers and anyone who makes use of your service.