10 October 2018
It’s estimated that we spend approximately 35% of our lives in the office. Today’s increasingly younger workforce doesn’t want to spend that time working hard, but instead, working SMART.
‘Working’ doesn’t typically translate anymore into having 9-5 desk job. More and more people are looking for ways to increase productivity, which many instances, can mean finding more individualized and creative ways to work, resulting in a workforce that feels more inspired, efficient and empowered.
This explains, in large part, the increasing popularity of co-working spaces worldwide but also particularly, in Dubai and the wider MENA region. The growing network of startups, entrepreneurs and small businesses, in recent years, has rendered this city an emerging hub for business innovation. Not to mention in our progressively digital world, the workforce is comprised more than ever of freelancers, online business owners and digital nomads. This dynamic regional business ecosystem lends itself perfectly to co-working communities.
Sure, there’s always the work-from-home option, which is great at first. But as your business begins to increase in size and reach, a certain degree of professionalism is necessary. In addition, creating an environment where employees can be feel creative and collaborative, fosters better company culture and results in increased employee happiness. Happy employees always lead to greater productivity, which will directly impact your bottom line.
So, if you’re thinking about joining the co-working revolution, how can you ensure you’re getting ROI?
1) Creative Culture
When choosing a co-working space, arguably, the most important aspect could be finding one that fits your company culture. The new nature of working increasingly puts focus on employee empowerment, this means inspiring and motivating employees to make independent decisions that will drive business. Company culture directly impacts employee engagement. In fact, 88% of employees believe that a distinct workspace culture is integral to business success. Find an environment that evokes creativity and gives employees a better chance to succeed, this will help to drive sales and improve the quality of business delivered. Investing in employees’ happiness tends to pay off and have increased benefits for the business as a whole.
2) Shared Services
Financially, joining a co-working space can be highly cost-effective, especially for new entrepreneurs and smaller businesses. Sharing business services such as printing, IT support and internet as well as general office facilities, for example, a shared reception, common kitchen and mutual breakout area, creates economies of scale that render these services cheaper for all businesses involved. The cost of renting, furnishing and acquiring an office space in Dubai, coupled with the stress of negotiating leases and interacting with landlords, can all be eliminated in joining a co-working community. For newer and smaller businesses, the acquisition of office space can be a great financial burden. With the uncertainty of a business’ future, joining a co-working spaces, where lease terms are much more flexible, seems like the savvier business decision.
3) Community Support
When starting a new business, one encounters many challenges. Navigating the complex business landscape of any industry can be difficult and can place significant mental and financial stress on entrepreneurs. Often, all it takes is surrounding oneself with the right kind of support that will allow a business to grow and thrive. This is a small investment, that many new businesses don’t give enough importance to. A community of like-minded individuals is highly motivating. It can help new business ventures to push past difficult periods and avoid giving up, increasing the possibility that their risks will eventually pay off.
4) Access to a Business Network
Leaving the ‘work-from-home’ domain and getting out into the business world, of course, directly increases the possibility of landing new clients. Co-working spaces are, in essence, communities of like-minded individuals. Increased interaction with such individuals not only gives insight into the diverse industries, which can directly add value to your business, but also significantly increases the chances of growing your network. Access to a larger network, especially if facilitated by a common connection, could result in discounts on services, access to specialized services and an ‘in’ into otherwise unavailable business opportunities.
5) Lifestyle Perks
Co-working communities are transforming. No longer does joining such spaces simply mean access to a physical realm but also to a larger community with added benefits. For instance, many co-working spaces have partners in dining, lifestyle and fitness. Co-working communities seek, at the end of the day, to improve work-life balance and employee wellness. In fact, 70% of co-working members reported feeling healthier than they did in a traditional work setting. Find a space that offers partnerships can help employees to be more well-rounded and balanced, which in turn, leads to increased productivity and better business!
Convinced to start co-working? Discover Unbox Inc. and learn about how co-working can transform your business.